Thiago has just one year remaining on his contract in Bavaria and has been linked with Liverpool in recent weeks.
The 29-year-old Spain international joined Bayern Munich from Barcelona in the summer of 2013 and has won the Bundesliga title in each of his seven seasons at the club.
Despite enjoying enormous success in Germany, it looks like Thiago’s time at the Allianz Arena might be coming to an end.
With his contract expiring in 12 months’ time, the German champions are not prepared to lose Thiago for free and would rather cash in on him.
“He is a top boy on and off the pitch,” Rummenigge told Bild.
“We had serious negotiations with him and fulfilled all of his wishes. But it looks like he might want to do something new again at the end of his career.
“We have never had any contact with Liverpool. If he wants to do that, we have to deal with it.
“We don’t want to lose a player for free next year. I say that very clearly.”
Thiago made 24 Bundesliga appearances and scored three goals as Bayern retained their league crown this season.
Hansi Flick’s men could add another trophy to their cabinet when they take on Bayer Leverkusen in the DFB-Pokal final later on Saturday.
