Regrets hero but I'm not clear...do you mean a farang matriculating to get a degree from a Thai university in Thailand?
If so, I do know of only a handful, such as one farang from UK who's saving up to earn a magister degree in education from RU (but hasn't begun yet). He's about the only one I know who's even contemplating such, so I wouldn't say it's unheard of or unthinkable, but after ten consecutive years here I'd say it's rare indeed.
I have an M.A. earned in the USA along with teacher cert earned there, so I haven't ever seen the need for me to think of enrolling in a Thai university, but I seriously doubt I'd do it anyway. I have a couple of dozen books about Thailand written in English by Thais with farang collaborators or by farangs, such as the late David Wyatt of the Siam Society, all of which pertain to my subject areas and serve me fine. Also, how many university profs in Thailand are capable of lecturing in English to native speakers? Brian, perhaps you could speak to this matter?
I do know universities in the US have been raiding the best universities globally for the past 25 years to lure away their best faculty for the big bucks the university in the native country can't even remotely afford to match or surpass. The UK is a favorite target of and source of solicitations to universities in the US. I got the M.A. at The American University in Washington DC, which has as many if not more (superb) foreign faculty as it has highly qualified and experienced American profs.
Where and who are the globally notable or widely respected Thai faculty at Thai universities? What big bucks and huge impact research projects are Thai uny faculty involved in? How many decades away is Thailand from the beginnings of such??
What's the old saying...once you've seen the kitchen of your favorite restaurant you won't ever want to eat there again. It's in this sense that a lot of us have been in several kitchens in Thailand.