The Australian actor, who is best known for his parts in Australia and December Boys, has been added to the cast list for Baz Luhrmann's new adaptation of the F Scott Fitzgerald novel alongside Leonardo DiCaprio, Tobey Maguire and Carey Mulligan.
According to The Daily Telegraph, it is not yet known what character Thompson will play in the 3D movie. A source recently said that Luhrmann continues to "put the piece of the puzzle together" before filming begins.
There have previously been rumours that the project will be a musical, but Mulligan has said: "There is no singing."
Underbelly: Razor star Kim Knuckey has allegedly been cast as a senator in The Great Gatsby.
Joel Edgerton, who plays Tom Buchanan in the upcoming picture, recently praised director Luhrmann's commitment to The Great Gatsby, saying: "[He] is the right man for this job, he's got a visual poetry to the way he makes movies... there needs to be a maestro at the helm."
DiCaprio and other cast members are expected to fly into Sydney this weekend to start filming in two weeks' time. The Great Gatsby is due to be released in November 2012.
Watch Carey Mulligan discuss The Great Gatsby with Empire at Comic-Con below: