Bayern Munich chairman Karl-Heinz Rummenigge confirmed Liverpool target Thiago Alcantara will leave the Bundesliga champions.

Thiago is out of contract at Bayern next year and the 29-year-old Spanish star is reportedly ready to depart Bavaria after opting against a renewal.

Jurgen Klopp is believed to be keen on bringing Thiago to Anfield, where Liverpool won their first league title since 1990 this season.

Amid growing speculation over Thiago's future, Rummenigge said the former Barcelona midfielder is ready for a new challenge.

"Actually, the conversations [sporting director] Hasan [Salihamidzic] had with him were always very productive. And at some point it actually seemed that [a deal would be reached]. But then Thiago informed Hasan that he would like to do something new again, and so it is," Rummenigge told Sky Sport Germany.

"We will have to accept that. We have a contract that is still valid for one year and if he agrees with any club and that club should pay a transfer of a certain amount.

"I don't want to make any public comment about the amount that we have in mind. Then we will deal with it, but we will not, as I have already said, hold a summer sale. 

"I'm not angry at all, I like him. I think he's a great footballer, a fine footballer and he's a good character too. And one shouldn't forget either: At 29, he is at an age where, if he wants to do something new, he has to do it now because if you are in your 30s, it will be more difficult to make transfers."

Thiago has claimed seven successive Bundesliga crowns, four DFB-Pokal titles, two DFL-Supercup honours and the Club World Cup trophy since arriving from Barca in 2013.

After helping Bayern to an eighth consecutive Bundesliga triumph, Thiago and the German giants are preparing for next month's second leg of their Champions League last-16 tie against Chelsea.

Bayern won the opening leg 3-0 in London before the Champions League was postponed in March due to the coronavirus pandemic.