Also chosen as 2005 inductees were designer William Ivey Long, director Peter Hall, director/choreographer Graciela Daniele and playwright William Gibson, Playbill reported. Actress Dorothy Loudon and designer Ben Edwards will be inducted posthumously.
The American Theater Critics Association and members of the Theater Hall of Fame choose the inductees.
The ceremony will be Jan. 30, 2006, at New York's Gershwin Theatre and the Grand Salon of the Essex House.
Lithgow, currently starring in "Dirty Rotten Scoundrels," won Tony Awards for "Sweet Smell of Success" and "The Changing Room." He was nominated for "Requiem for a Heavyweight," "M. Butterfly" and "Scoundrels."
Thompson has a Tony for "Twigs." Her other Broadway credits include "Juno," "Tartuffe," "Johnny No-Trump," "Happy Days" and "Any Given Day."