However, speaking to the media ahead of Ajax's Champions League fixture against Chelsea on Tuesday, the 49-year-old ruled out heading back to Bavaria - for now at least.
When asked if he plans to stay with his current employers, he replied: "I can confirm that. I feel a strong connection with my team, with everyone with Ajax. I can confirm I will stay in Ajax this season."
Ten Hag did admit he retains a love for Bayern but is "not a dreamer", instead choosing to focus on Ajax getting a positive result at Stamford Bridge.
"Bayern is a fantastic club – I felt really comfortable and really enjoyed working there. They are still in my heart, but now I am with Ajax," he said.
"I'm not a dreamer – I focus on Ajax and that's important. I live for today, my only focus is on Ajax and tomorrow's game with Chelsea."
Surprise semi-finalists last season, Ajax are level with Chelsea on six points in Group H, though they lost at home to the Blues in the previous round of fixtures.
Ten Hag understands his players face a tall order to prevail against their Premier League hosts, believing Frank Lampard's squad can go all the way in the competition.
"They are one of the favourites," he said. "It's going to be difficult, but every game is going to be difficult. We trust in ourselves.
"We know we have to play perfectly, give our best performance. Then we will have a chance."