Thompson, 53, is considered among the elite sportspeople that Britain has produced after claiming decathlon gold in the 1980 Games in Moscow and 1984 edition in Los Angeles.
And he says he cannot wait for London 2012, to be staged in July and August.
"I just want it to start – I’ve been waiting for seven years. I wish it was tomorrow! The anticipation is killing me," he told Eurosport.
"The Games will be successful no matter how well we do. We always put on great events: look at the Jubilee last week.
"But the whole point is the competition: we need to show that as well as putting on a great Games, we can also perform and make it the greatest Olympics ever."
So how does he think Team GB will do at the home Games?
"I think we’ll do better than in Beijing. The gold medals will come in the usual: cycling, triathlon, rowing, sailing – and we might even get a few in athletics.
"Jess Ennis and Mo Farah you have got to fancy, haven’t you? I wouldn’t second-guess whether Mo should run one or both of the 5,000m and 10,000m - he knows his own body and he’s well-trained.
"[Hurdler] Dai Greene and [triple jumper] Phillips Odowu are also contenders, and Robbie Grabarz has talent in the high jump and is a good competitor."
Despite his position as the king of multi-discipline events, Thompson has not offered heptathlete hope Ennis any special advice in the approach to the Olympics.
"I was shopping with Jess a couple of weeks ago in John Lewis. She was taking a few days off after the heptathlon. She said she was just thinking about what she could improve.
"I imagine that is her high jump and long jump, and she has more to give in the hurdles. But I wouldn’t presume to give her advice – she knows what she’s doing."
Director Danny Boyle this week revealed that one segment of his opening ceremony will showcase the British countryside, with a multitude of farm animals called upon to star (see separate story in related content above).
And Thomson has high hopes that the Trainspotting director can pull off an inspiring and appropriate spectacle.
"The opening ceremony is an opportunity for the host nation to tell the world about itself," Thompson said. "I’m hoping that Danny Boyle has the balls to show everyone why this is the best country in the world.
"Britain has 500 years of contributing a lot to world culture - in television and radio, for example – yet we’re embarrassed when we’re successful at something! Not me, though!
"I saw the farmyard section they announced this week, and I’m intrigued by the rainclouds they are looking to create, which will even rain."