The 60-year-old was a founder member of the Valiant 2001 set-up, which brought the club out of administration in 2003. But he resigned from the board in December 2010. The Stone-born businessman will use his stake, worth £14,000, to vote in favour of removing the board – Perry Deakin, Mike Lloyd, Peter Miller and Glenn Oliver – at an Extraordinary General Meeting, which is expected to be called in the near future.
Thompstone has also put himself forward for a place on the interim board, which would require a minimum of four people, after holding talks with Port Vale Supporters' Club chairman Pete Williams.
"I would go on an interim board if the supporters' club need me to perform the role," said Thompstone.
"There are still a lot of things to discuss, such as what an interim board will do if the club has no money.
"But Vale will need interim directors if the current board are removed because otherwise the club wouldn't be able to trade.
"But this board have also made some awful decisions as they haven't taken the fans with them. In fact, they've shown a total disregard for them.
"I will use my shares to vote in favour of removing all of the directors.
"I don't want to go back on the board permanently, I would just help the supporters' club facilitate new investment."
Thompstone may make a second tilt at joining an interim board after shareholders rejected his candidacy for the same role at June's EGM.
It is also unclear whether Thompstone would be able to resume his old board role without gaining the required £50,000 sponsorship share backing.
Fans had until 5pm yesterday to contact the supporters' club to put themselves forward for an interim board role.
And it is believed there had been around 25 serious expressions of interest in the position.
Williams said: "We're delighted to have Mike's support and he could be a candidate for the interim board.
"It's important to have someone like him available because he has the required experience with regard to the workings of the club to help facilitate us in assessing how we can take Vale forward."
Meanwhile, at least one of Vale's directors approached Thompstone and former Valiants vice-chairman Dave Smith to ask them if they would consider selling their shares to potential new investors.
But Smith, who has pledged to use his £25,000 stake to vote in favour of removing the board, told The Sentinel he has no plans to sell.
"There was a very preliminary inquiry as to whether I would be interested in selling my shares to potential investors," said Smith.
"But I would only sell them if I felt it was in the best interests of the Vale."