The 26-year-old joined Bayern from Barcelona in the summer of 2013, and has won four Bundesliga titles during his time at the Allianz Arena.
Thiago recently signed a new contract extension with Bayern, meaning that he is committed to the German champions until the summer of 2021.
The Spain international, however, has claimed that 'Barcelona will always be his home', and has refused to rule out a return to Camp Nou in the future.
"Barcelona will always be my home, not just because I love the club, but also the city," Thiago told Catalunya Radio.
"I will always look at it with affection. You never know if I will return because I am really happy at Bayern, but football changes a lot. Anything can happen.
"I renewed [my deal] last year with the intention of staying for more years. But as the seasons pass, you can become more or less comfortable. The club could be going one way, my ideas could be [taking me] in another direction.
"Whether you're playing or not can change your ideas. I'm very happy here now, thinking about the season ahead. The season's so long, you can only think about [the current season]."
Thiago scored 11 times in 101 appearances for Barcelona before joining Bayern.