In spite of rumours last year that Thompson would leave the show at the end of season 40, he will in fact remain in the cast for his 13th year running, reported Digital Spy.
"Well they said that at the beginning of the season for some reason. People I guess thought they had some info and just threw that story out," Thompson said.
"And we denied it immediately, but the only thing people remember is that people said I'm leaving."
Thompson has been in the cast of "Saturday Night Live" longer than even Fred Armisen, who departed the series in 2013 after an 11-year stint.
"Saturday Night Live" ends its 40th season this week with host Louis CK and musical guest Rihanna.
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