Amidst heavy media speculation linking him with a potential move to Liverpool, Thiago played for Bayern in the Champions League quarter-final against his former team Barcelona, participating in an 8–2 demolition of the Catalan outfit. Thiago started for Bayern in the 2020 Champions League final against Paris Saint-Germain, playing 86 minutes before being substituted, as Bayern won their sixth Champions League, and completed a treble, having earlier clinched that season's Bundesliga and defeated Bayer Leverkusen in the DFB-Pokal final.