The 19-year-old broke onto the scene last season under Simon Grayson and has since made 11 appearance for the first team. In recent times Thompson has been captaining the reserve side as he looks to persuade Warnock to use him in and around the first team.
After being sent-off in his first game under Neil Warnock against Reading, Thompson has managed to impress the boss and Warnock was full of praise when he spoke to the club's official site.
"We've got high hopes for Zac. He is a young lad who will have to go out on loan and get some games and see how the real world is. He's had the taste of the first team at the end of last season, now we need to get some games lower down and some experience.
"I always remember when I first signed Paddy Kenny I loaned him to Whitby Town and it makes you a bit more aware of this situation. We've got every faith in Zac and that's why we offered him the contract.
"With Green coming back after the international break and Norris back now, this is a good time for Zac to get some games."
Thompson spoke to LUTV about the move, and he was delighted to be given the opportunity.
"I'm over the moon to know I've got a future here and I'll keeping working hard and try get in the squad. I'm still a young lad and got a long way to go. I'm looking to go out on loan and get some more experience and that's what they're looking for and it will be good to get some games under my belt."