Phoenix no longer interested in Thompson
Thompson, 36, is out of contract with the champions, although he may yet return for an 11th season with the club.
A reunion with former Victory coach Ernie Merrick in Wellington was mooted, but the Scotland-born has ruled out any chance of that happening.
"I really believe that Archie, who started his A-League career at the Victory in season one and has been there 10 years and become the highest goal scorer ever in the competition, should stay there and end his career there," Merrick was quoted as saying by Stuff.
"Although it would be nice to have him at Wellington Phoenix, I'm not sure it would really work.
"He's no doubt still a tremendous player but, being a legend at the club he started with, he should end his playing days there and I'm sure he can come to some sort of terms with the Melbourne Victory.
"Wellington Phoenix fans can rest assured that we'll be working hard to find another striker for next season."
Thompson has scored a record 89 A-League goals, including 11 this season despite several appearances off the bench.
Victory are reportedly relying on salary cap changes to offer Thompson an improved deal, with a potential veterans allowance part of the new collective bargaining agreement.