The Colombia international has found his first-team opportunities limited under Zinedine Zidane since the France legend replaced Rafael Benitez in the Spanish capital earlier this season.
Rodriguez has a contract until 2020 but the former Monaco and Porto playmaker isn’t though to be part of Zidane’s long-term plans, providing encouragement to suitors in the Premier League.
According to the report in El Confidencial, James’s agent Jorge Mendes has held discussions with Madrid president Florentino Perez about the midfielder’s situation.
Arsenal and City are thought to be heading the interest from the Premier League, with Arsene Wenger reportedly set to spend some of his huge transfer war-chest in the summer window.
Manchester United have also been previously linked with a move for the South American, who was one of the stars of the 2014 World Cup.
Real Madrid paid £65m to sign Rodriguez from Monaco two years ago.
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