The 29-year-old has already told the treble-winners that he wants a new challenge, and he looks set to leave with one year remaining on his current deal at the Allianz Arena.
Negotiations are ongoing over a fee for the midfielder, and the latest reports suggest that Bayern have set a deadline for Liverpool to make their move.
Here, Sports Mole looks at which shirt numbers would be available to the Spain international should he complete the move to Anfield.
Thiago's choice of shirt number on Merseyside could be very straightforward, with his favoured number six now vacant following Dejan Lovren's departure earlier this summer.
Thiago has worn the number six throughout his seven-year stay with Bayern and would be in pole position to inherit a jersey previously bestowed on the likes of Emlyn Hughes and Alan Hansen at Anfield.
Thiago wore the number 11 shirt for a couple of years at Barcelona before joining Bayern, but that is firmly in the possession of Mohamed Salah at Liverpool.
The only other notable shirt number currently vacant is the '2' which was previously taken by Nathaniel Clyne prior to his exit.