Thiago followed Pep Guardiola from FC Barcelona to Bayern Munich in 2013 and has developed into one of the best midfielders in European football but injuries have curtailed his progression this season.
With only 12 starts in another title-winning campaign, club legend Lothar Matthaus claimed the club should consider parting ways with the Spain international - as his performances don't merit a starting berth.
"Thiago has not made the difference in the big games so far," he told SportBild. "I actually like him, but he was a shadow of himself. Thiago has disappointed me in recent weeks.
"I do not know where he is with his head. With these issues, he is not a player for Bayern Munich
"If there is an appropriate offer, you can think about it. Especially since Bayern have Thomas Müller, James Rodríguez and Leon Goretzka for the same position "