The 17-year-old is considered as one of the Merseyside outfit’s brightest young prospects after having broken into the first team last season under Jurgen Klopp.
Woodburn hit the headlines during the recent international break as he scored on his debut for Wales to help his country beat Austria in World Cup qualifying.
The teenager will be hoping to prove himself as worthy of a spot in the Liverpool first team to Klopp in the coming weeks and months.
He came on at half-time and made his first appearance of the season for Liverpool during their 2-0 League Cup loss to Leicester City on Tuesday night.
However, former Liverpool man Thompson believes that Woodburn must stay patient as he bids to earn a regular spot in the first team under Klopp.
Thompson told Sky Sports: “I think he’s got a really big future but he’s got to be patient. He is only 17 and it’s no good getting upset because he’s not getting games.
“He seems a grounded lad and he needs to be aware that it is just part of his process.
“Liverpool needed Michael Owen when he was 17 because they didn’t really have anyone else but Klopp has Roberto Firmino, Sturridge and Dominic Solanke, but I think giving Woodburn a chance is one of the reasons they let Divock Origi go [out on loan].”
Liverpool will look to gain revenge on Leicester when the Reds once again travel to the King Power Stadium on Saturday night to take on the Foxes in the Premier League.
The Reds are aiming to bounce back to winning ways in the Premier League, after being held to a 1-1 draw by Burnley at Anfield last weekend.
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