The 32-year-old joined from arch-rivals Borussia Dortmund as a free agent back in the summer of 2023.
Guerreiro was largely a bit part player for the Bavarians, making 89 appearances across all competitions so far.
Bayern Munich’s sporting director, Max Eberl, spoke highly of the left back’s contribution to the squad both on and off the pitch.
In the announcement, Eberl said: “We want to thank Rapha for the time we shared together: he could always be counted on on the pitch, and furthermore, people with his character enrich any dressing room.
“The conversations with him were good, based on trust and understanding. Now we are focusing together on our goals until the summer; together we want to achieve much more.”
