The Cats are through to their first preliminary final since 1995 after ending Essendon's season for the third successive year at the semi-final stage with a hard-fought 10.14 (74) to 9.10 (64) victory on Saturday night.
And while Thompson knows his side will go in rank underdogs next week against a side aiming for a record-equalling fourth successive premierships - he believes the Cats have several factors in their favour for the MCG preliminary final.
"It would be tougher if we had to meet them in Brisbane (where the Lions are unbeaten in 11 finals) and it's a huge advantage to play them in Melbourne," Thompson said.
And he was also quick to remind doubters that his team beat Brisbane in their only clash this year - at a wet and wintry Skilled Stadium in round 13.
"I certainly believe we are a chance to beat them," he said.
"Every time we have been beaten by them in the past (the Cats had lost their past ten matches against Brisbane before their win against them this year) we had played well in patches but just broken down for a quarter."
"But over time we have got closer and closer to them and it was a significant step in the development of our team when we beat them last time."
Thompson said he would tell his player to ignore the doomsayers in the build-up to next week's preliminary final, a game in which virtually every football fan will be expecting the Lions to win.
"We can't be worried about what people will say," he said.
"All we can do is be encouraging and give our players instructions on how to play them."
"And if they follow those instructions we think we have got a game to beat Brisbane."
"But we will have to do everything right, we can’t just do it for three quarters - we will have to do it for the whole game."
Thompson also admitted he would loved to have faced Brisbane without Jonathan Brown and the normally mild-mannered Cats' coach expressed his disgust that the Lions' powerhouse did not even have to front the tribunal for his altercation with St Kilda's Jason Blake in the qualifying final due to a legal technicality.
"What it would be like to play Brisbane without him in the team," Thompson pondered when asked about Brown after the win over the Bombers.
"I think it has been widely recognised as a bit of a joke that he hasn’t been forced to face the tribunal."
