The new deal caps a meteoric rise in 2021 for the fly-half, who only made his professional debut for the club against Edinburgh at BT Murrayfield back in January.
It was on his first start in Glasgow colours that Thompson really made the Scottish rugby public sit up and take notice, however; a composed display in the number 10 jersey saw him kick 13 points and provide a calming influence at fly-half, as he took home Player of the Match honours in a 23-22 victory over Edinburgh at Scotstoun.
Thompson's performances saw him quickly become an integral part of Danny Wilson's playing group, crossing for his first try for the Warriors away to Zebre in March 2021.
Indeed, such was the level of his impact that the 22-year-old walked away with a brace of honours from the club's 2020/21 Awards celebrations, picking up the Land Rover Young Player of the Season and McCrea Financial Services Player of the Season prizes.
The former Ayrshire Bull has picked up where he left off at the end of last season, beginning the current campaign in fine form; he currently sits fifth in the URC points-scoring charts, whilst also crossing for a try in the home win over the Cell C Sharks earlier this season.
In total, he has scored 135 points from his 19 appearances in Glasgow colours to date, with only club legend Tommy Hayes having taken fewer matches to reach a century of points for the Warriors.
Thompson's impeccable club form saw him rewarded with a first senior Scotland call-up ahead of the 2021 summer tour, having previously represented his country at U16, U18 and U20 level.
He earned his first Scotland cap in last month's 60-14 victory over Tonga at BT Murrayfield, coming off the bench to set up club-mate Kyle Steyn for the final try of the match.
Thompson's sporting pedigree is well-established; his grandfather was a Scotland cricket international and his uncle capped in rugby league, whilst cousin Kirsty Gilmour is a two-time Commonwealth Games medallist in badminton.
"It was a pretty easy decision really," Thompson told glasgowwarriors.org following his re-signing.
"I've really enjoyed my time with Glasgow over the last 12 months or so, getting to know the boys and getting out and playing for this club.
"It's been so good to have the fans back in the stands - the older boys had talked a lot about the impact they make, and having only played in front of empty stadia until this season it's been such a great atmosphere at Scotstoun with everyone back in. You can see how much of a boost they give everyone on the pitch.
"It's also been really great to be able to represent this club with a lot of guys I've come through the age-grades with. I've played a lot of rugby with guys like Rufus [McLean], Ollie [Smith], Jamie [Dobie] and Rory [Darge] over the last couple of years in particular, and to be able to step out onto the pitch with some of your closest mates makes everything that much more enjoyable.
"I'm just looking to kick on and build now. I really enjoyed being in the Scotland environment and that's definitely something I want to experience more of, but my primary focus is giving my all for Glasgow and helping this club challenge at the top of the table."
Glasgow Warriors Head Coach Danny Wilson added: "Ross is an outstanding individual who has really impressed us this last year.
"He's taken his chances both at club and international level well and is maturing into a quality number 10.
"We're pleased he has committed himself to the club for the future and I'm sure he will continue to develop with the attitude he's shown so far."