Despite doubts over James' status at Bayern following the dismissal of Carlo Ancelotti, the Colombia international is now thriving under Jupp Heynckes.
James is impressing for the German giants and his form has pleased Florentino.
Diario Gol says the president never wanted to release James at the beginning of the season, but backed coach Zinedine Zidane as he went with Isco over the Colombian.
However, Florentino has now informed James he is prepared to cut short his two-year loan at Bayern and bring him back to Madrid - if Zidane leaves next year.
Everything will depend on results, but should Zidane be forced out, Florentino has assured James he will be recalled.