Rotherham are aiming to climb into an automatic promotion spot with victory while Bradford, who currently occupy the final play-off place, hope to open up a four-point gap between themselves and eighth-placed Exeter.
The Bantams were trounced 4-0 at Rotherham in September and Thompson wants to put that right.
"It's a massive game," the former Scunthorpe winger told Press Association Sport. "They're just above us in the league, but we can beat these teams, especially on our own turf.
"We kind of owe them one, it's a local derby and we didn't show up when we played at their ground at the start of the season and it would be nice to rectify that with a win on Tuesday night."
Bradford have lost only once since their humbling Capital One Cup final defeat by Swansea at Wembley in February, with four wins and two draws in their last six matches thrusting them into the top seven.
"We want to get back to Wembley," Thompson added. "Everybody wants to play there. It's the best stadium in the country.
"If we can get back there it would be nice to put things right after the Capital One Cup disappointment.
"I know a lot of fans went home that day upset with how that game went, but it was a great achievement by the lads and we didn't want the Capital One Cup to be the only thing talked about in seasons to come.
"We want to have the Capital One Cup final and promotion and that starts on Tuesday night against Rotherham."
- Sports & Recreation