Thompson, 28, has played his entire career with the Kings since being drafted with the No. 12 pick in 2008. He has started 47 of the team's 51 games this season, but is averaging just 24.7 minutes per game. He is averaging 8.2 points and 9.2 rebounds while shooting a career-low 46.8% from the field.
He is in the third season of a five-year, $30 million contract he signed with the Kings in 2012.
Sacramento replaced head coach Ty Corbin with George Karl last week. Karl, 63, signed a four-year, $15 million contract to coach the team.
The Kings are 18-34 and the No. 13 seed in the Western Conference. They are 10 games behind the Phoenix Suns for the final playoff spot.
Sacramento plays its first game after the All-Star break on Friday at home against the Boston Celtics.
- Paul Palladino