British and Commonwealth Heavyweight champion Price suffered the first loss of his professional career in February when Thompson felled him with a second-round knockout.
But Price remains determined to make an impact on the world heavyweight scene and is chomping at the bit to have another crack at Thompson.
He'll get his chance at the Liverpool Echo Arena on July 6 and Price told Ringside that this time he would not be complacent.
"Every boxer I've spoken to who has had a defeat to somebody in their career that they shouldn't really have beaten them would have jumped at the chance of an instant re-match and they've never been in the position to have it - they haven't been as fortunate as me," he said.
"I'm in a very, very fortunate position where I can get the re-match straight away. When I was in that ring with Thompson for as short a fight as it was, I never for any period felt out of my depth - feeling outclassed or beaten up.
"I'm not soft. If I was I would have gone a different route and dropped down to a different level and had a few fights, but I know in my heart of hearts that if I keep my discipline and stick to the game-plan and use what I've got, I can make it an easy fight.
"It was a massive lesson. The complacency did set in and it's time to eradicate that. I can't say it now because you are only as good as your last fight and I lost my last fight, but 12 months down the line I want to be saying 'that was the best thing that happened to me'.
"I've got to win - it's a must-win fight. It's make-or-break for me and it will make or break my career but I'm convinced 100 per cent that it's going to make me."
Former European super-bantamweight champion Spencer Oliver believes Price has what it takes to outclass Thompson in July and is encouraged that the Liverpudlian has taken advice from former undisputed world heavyweight champion Lennox Lewis.
"Lennox went through similar things after losing to Oliver McCall and Hasim Rahman, and had to bounce back so Lennox is probably the best man to give him advice about those sort of situations," said Oliver.
"It's a massive setback but it has come early in his career and he can rebound because he's very grounded, very sensible and very realistic."
However Sky Sports pundit Jim Watt admits that he remains concerned about the manner of Thompson's victory over Price.
"There's a slight difference in that Lennox was knocked out a couple of times by blinding punches - the punch from McCall was a terrific shot.
"The problem with big David is that he was caught by a punch that wasn't a great shot; it was more about where it caught him rather than the power of the shot.
"That's the big worry, particularly when you look at the state that his legs were in.
"But he has to take the re-match because there is nowhere else to go. He's very fortunate to be in a position where he gets an immediate re-match.
"It's a fight he should be winning; he should have won the first fight and he should certainly win the return."