Messi left Newell's for Barca at the age of 13 and has gone on to become one of the greatest players of all time, winning the Ballon d'Or on five occasions.
The 29-year-old has previously indicated a desire to end his career in Catalonia, but he appeared drawn to a Newell's return during an interview with Telefe's Polemica en el Bar in his homeland.
"I would love to [return]," he said. "It is something I have kept an eye on because it was my dream as a child.
"Obviously my life started to change and went another way, but I have no regrets.
"It's something I have kept an eye on. I want to play in Argentine football and Newell's, where I grew up."
Messi recently announced his return to international football having initially said he would retire from Argentina duty following their Copa America Centenario final defeat to Chile.
"It's what I felt at that time," he added. "At that time everything collapsed around me because we all felt that was the moment, because of how the team were and how we played each game.
"We all want to win. I have been fighting with the Seleccion and my dream is to win something.
"To get so close and not make it was a huge frustration for all of us."