Thompson joined Shrewsbury on a season-long-loan on 16 August, making his first appearance in the 3–2 away win at Accrington Stanley just days later.
He featured 14 times for Shrewsbury, scoring his first and only goal against Macclesfield in the EFL Trophy before being sidelined with injury.
McCormick joined Shrewsbury in July, after signing a new three-year deal at Chelsea.
However, the 20-year-old has failed to establish himself in Shropshire, making only seven first team appearances.
Midfielder Ousmane Fané has also had his contract cancelled for personal reasons and has returned to France in order to be close to his family.
Fané signed for Shrewsbury on 3 December on a deal until the end of the season, but failed to make a first team appearance at the club.