The 27 year-old back row joined Wasps this season from Jersey after an outstanding campaign where he was shortlisted for Championship Player of the Year.
Thompson has made 24 appearances for the Club, scoring 9 tries, and has become an influential member of the squad.
Guy Thompson said: “I’m really excited about re-signing and am incredibly proud to represent the Club. All the boys are really buying into Dai’s vision and it feels like we are all moving forwards. If we can get the result on Saturday we know we can push on and get Wasps back to where we all want to be.
“Growing up, watching Wasps was like going to watch England play. To be a part of the Club now and to work with the boys to try to create our own bit of history is something I could never have dreamed of. I feel my game is developing so much under the leadership of Dai, on and off the pitch, and through Stephen’s help in attack and Brad’s help in defence. Brad has worked tirelessly with me behind the scenes to help me become a more complete player. There’s still work to do, but I’m really pleased with the progress I’m making here.”
Wasps’ Director of Rugby Dai Young said: “Guy has really impressed me in his first season in the Aviva Premiership. Back row is an extremely competitive area for us and we are lucky to have so much talent at our disposal.
“Guy’s pace and handling skills make him a dangerous attacking threat and I am sure his game will continue to improve playing alongside James Haskell, Ashley Johnson, Nathan Hughes, Sam Jones and Ed Jackson."
“It’s positive to see so many players re-signing with the Club. Consistency is important as we continue to build and develop as a squad, complemented by a number of international new signings.”
The following players have also re-signed or extended their contracts with the Club: Chris Bell, Jake Cooper-Woolley, Elliot Daly, Charlie Davies, Carlo Festuccia, Will Helu, Nathan Hughes, Ashley Johnson, Tom Lindsay, Andrea Masi, Kearnan Myall, Phil Swainston, Tom Varndell and Christian Wade.