Thompson probably has more value than Batum does. They would have to really want to get rid of either Bogut, Jefferson, or Biedrins in order to make a deal like that, and since all three of those will be expiring contracts next year, I doubt that they would want to do so.
Sure a younger player would be great, but can you actually name me a younger player that is starter-caliber that another team would want to trade Batum for? If we're looking at trading Batum--with his contract--it's going to have to be a potential-for-production kind of deal, where the other team sees Batum as a young guy who can still develop, and we're getting an older, possibly overpaid, player in return, who is better suited to help us win now.
That's really the only reason you trade Batum, IMO--for a win-now deal.