The serial killer, who murdered the wife and daughter of Patrick Jane (Baker), has remained unseen throughout the CBS drama's three-year run.
"I love all that speculation," Baker told What's on TV. "It seems all TV these days has to be something that people want to chat, argue and communicate about, which is good."
The actor added that he will often discuss the villain's secret identity with series creator Bruno Heller.
"I love... setting out different possible scenarios and playing little hypothetical games," he revealed. "But he never lets on how it will play out. He's a cagey character."
Baker also argued that the reveal of Red John's identity could mark the end of Jane's career with the California Bureau of Investigation.
"That's a good one to debate," he suggested. "Is that the thing that drives him? I never watched the original TV series of The Fugitive. Did Richard Kimble ever catch the one-armed man?"
The Mentalist airs on Thursdays at 10/9c on CBS in the US, and on Fridays at 9pm on Channel 5 in the UK.