On-loan at Bayern Munich, should the Germans decide against buying the midfielder outright then Florentino will seek to sell.
El Confidencial says the president is confident he can raise €60m from cashing in on James this summer.
The attacker never saw eye to eye with Zinedine Zidane and isn't expected to be in the Frenchman's plans should he be forced to return.
James' ex-wife, Daniela Ospina, said only last night: "There were no moments of anger [at Real Madrid], but ones of sadness or impotence, which make you stronger.
"I never understood [Zinedine Zidane's] decision, but it's part of football and it's difficult to choose from a squad where everyone is a superstar."