The 26-year-old Spain international playmaker enjoyed a successful spell at the Camp Nou, where he won four La Liga titles and the Champions League in 100 appearances, before joining his former Barca boss Pep Guardiola at Bayern in 2013.
Despite Guardiola departing for Manchester City in summer 2016, Thiago has stayed on at the Allianz Arena and penned a new deal to keep him at the club until the summer of 2021.
However, he remains open about making a return to Barcelona at some point before the end of his career.
"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."