The Colombian is currently on a two-year loan with Bayern Munich.
However, Rodriguez has made just nine Bundesligaappearances this season, scoring two goals and providing three assists.
Betstars Director of Trading Ian Marmion said: "Following a difficult spell at Real Madrid, James Rodriguez moved to Bayern Munich on a two-year loan deal in the summer, however the Colombian playmaker could be set for a shock move to the Premier League!
"The Blues are valued at 3/1 to complete a deal for Rodriguez, whereas the Red Devils are just behind at 7/2.
"Arsenal are the other Premier League side interested in acquiring the Colombian, however their odds of 12/1 make them outsiders for his signature.
"Rodriguez's former side, Monaco, are another possible destination and we make them 6/1 to bring the midfielder back to Stade Louis II.
"Italian Champions Juventus are also in contention at 9/1 to sign Rodriguez."