The ex-Fulham boss was confirmed as Rafael Benitez's replacement on a three-year contract this morning after the finer details of his severance from Craven Cottage were finalised.
Thompson, a European Cup-winning captain with the Reds, now hopes new owners can also be found so the club can move forward after a period of stagnation under co-owners Tom Hicks and George Gillett.
"We need the sale of the club sorted to enable us to really go forward," he said. "I just hope it won't be too long before that's done. With a new boss and new owners it really would be the dawn of a new era."
Thompson, who was assistant manager during Frenchman Gerard Houllier's reign, believes Hodgson will help bring stability to Liverpool.
"After having foreign managers in Gerard Houllier and Rafa Benitez, it seems there was a thought process of going back to British," he added.
"The club needs a steadying influence and Roy will provide that. He's done a fantastic job at Fulham and has a wealth of experience having managed all over Europe.
"This is one of those jobs Roy had hoped and prayed for and it's a fantastic opportunity for him."
Thompson, a European Cup-winning captain with the Reds, now hopes new owners can also be found so the club can move forward after a period of stagnation under co-owners Tom Hicks and George Gillett.
"We need the sale of the club sorted to enable us to really go forward," he said. "I just hope it won't be too long before that's done. With a new boss and new owners it really would be the dawn of a new era."
Thompson, who was assistant manager during Frenchman Gerard Houllier's reign, believes Hodgson will help bring stability to Liverpool.
"After having foreign managers in Gerard Houllier and Rafa Benitez, it seems there was a thought process of going back to British," he added.
"The club needs a steadying influence and Roy will provide that. He's done a fantastic job at Fulham and has a wealth of experience having managed all over Europe.
"This is one of those jobs Roy had hoped and prayed for and it's a fantastic opportunity for him."