The former Real Madrid star is available after being released from his contract at Sao Paulo.
Advertisement
Advertisement
The midfielder is keen on a return to Europe and has emerged as a target for Rayo.
Rayo are celebrating their 100-year birthday this season and president Martín Presa wants to celebrate with the signing of James.
However, Presa knows they face a battle to land the playmaker, with Lazio also keen.