Thompson gave the green light following discussion with his partner Seona Hood, who owns the champion sprinter.
There had been speculation that El Galo would retire after the G1 Golden Easter Egg series in Sydney, where he finished third in the final on April 11.
But El Galo ($491,340) will now chase the all-time stakes record. Currently he is second on the list behind Rapid Journey ($530,995), a NSW great of the late '90s.
“We had a good think about it (retirement), but he's just so fit and well… I don't think he's ready to retire; he's entitled to keep racing on,” Hood said.
El Galo will next Wednesday night contest a heat of the G2 Warrnambool Cup – an event he won last year. Race plans beyond this series are yet to be made.
In an era where many megastars in the racing codes are prematurely retired due to the lure of massive dollars on the breeding scene, El Galo's stakes chase is a breath of fresh air for greyhound racing.
El Galo, worth an estimated $4-5 million as a stud prospect, is the sport's biggest drawcard – a people's champion.