Bombers coach Brad Scott was at the Kangaroos when Thomas joined the club and made his debut, with the pair potentially reuniting if the young midfielder pursues a move away from Arden Street.
Thomas joined the Kangaroos as a top 10 draft pick in the 2018 count as a Next Generation Academy graduate from the club's junior pathways, with the flashy onballer playing 69 games over his five seasons in the blue and white so far.
After returning to the senior action for the second half of the year, Thomas' value to the Roos has sky-rocketed as the 23-year-old managed to put forward some of the best football of his young career.
His strong campaign will likely see the Kangaroos demand a high-valued trade package if the two parties are to part ways, with Essendon reportedly keen on acquiring the Roo, who is signed until the end of 2024.
"Essendon tonight is among the clubs exploring interest in Thomas. He is canvassing the market despite a year to run on his Kangaroos contract," 7 News Melbourne's Mitch Cleary revealed on Wednesday night.
"Bombers coach Brad Scott is a big fan from their time together. The Bombers have ample salary cap room and are expected to meet with Thomas in the coming days.
"Should anything eventuate the Roos would likely drive a hard bargain given his strong end to 2023.”
Essendon firms as one of the busier clubs in this year's trade space, while Scott flagged after his side's disappointing season conclusion that the club will be prepared to make ruthless list calls to improve for the 2024 season.
The Dons are expected to look toward adding support to their defence, while free agent and star midfielder Darcy Parish is yet to confirm his future.
Essendon are set to enter this year's draft with Pick 8.