The Dutch defender is Liverpool's top transfer target with Jurgen Klopp seeking Premier League glory. Van Dijk has told Southampton officials that he wants to leave the club and is currently training by himself with Saints boss Mauricio Pellegrino not wanting his other senior players to become unsettled by Van Dijk's demands.
Liverpool were reported by the south coast club in June for making an illegal approach to the player although no action was taken. However, Klopp remains determined to land Van Dijk and play him alongside the likes of Dejan Lovren and Joel Matip.
Former England international Thompson told Sky Sports that he remains confident Liverpool can mount a title challenge despite the Reds struggling to land some of their top targets, saying: "I think the Van Dijk deal will still happen and I think Dominic Solanke was a fantastic steal from Chelsea. I hope he gets the game time he's joined for."
"I think he (Klopp) can deliver a trophy, even without the remaining signings that he wants to make. I know a lot of Liverpool fans are nervous about a lack of activity but I think the squad is big enough – the aim is just to add players who are going to make the starting line-up.
"Mohamed Salah, Virgil van Dijk and Naby Keita were the players he was willing to pay big money for. Everybody is panicking because players are coming in from abroad or from lower Premier League clubs, but I think the team showed they were good enough to compete for a trophy.
"Up until New Year's Day we were realistically in contention for the title."