The Colombian’s agent, Jorge Mendes, has been searching for a new club for weeks, with James desperate to quit the Bernabeu.
And Arsenal are currently the ‘most interested’ in 29-year-old Rodriguez, it is claimed.
Despite that, their interest has not yet led to an official approach.
Atletico tried to sign James last year but could not strike a deal with rivals Real Madrid.
James asked coach Zinedine Zidane to exclude him from the match against Athletic Bilbao on July 5th.
Zidane accepted and super-agent Mendes is now trying to find a good option for the playmaker.
Madrid paid €80m for James coming off an outstanding 2014 World Cup. He has played 125 games for Los Blancos, scoring 37 goals and providing 42 assists.