Colombian schemer James moved to Bayern earlier this month, on a two-year loan deal with an option to buy, per BBC Sport.
However, James didn't slam the door on returning to the Spanish capital, per Goal's Rahul Bali: "I don’t really know what the future will be. For the time being, I just want to be focused on Bayern Munich. The idea is to play as much as I can, win as many titles as I can. When the time comes, I will see what will happen."
He may not have officially said he won't return to Los Merengues, but James having a second go at making his career with Real work still seems unlikely.
For one thing, the 26-year-old barely featured last season, making just 13 starts in La Liga, according to Bali. The lack of game time was a reflection of James' struggles since Zinedine Zidane became manager.
Zidane hasn't exactly warmed to the former Porto and AS Monaco star. The Frenchman defended his attitude toward the player after substituting the South American during a league win over Leganes back in May, per Javier Martin of AS: "I'm smiling because you always ask me the same question. And I'll tell you straight - I don't have any problem with James - I have nothing against him, quite the opposite."
With Zidane continuing in the dugout after winning both La Liga and the retaining the UEFA Champions League last season, it's difficult to see a future for James in the Spanish capital.
He may not want one after two seasons working at Bayern with Carlo Ancelotti. The Italian coach brought the mercurial No. 10 to Real in 2014 and helped him flourish.
James scored 13 times and assisted as many goals in the league, during his debut season in Madrid, per WhoScored.com. If Ancelotti can coax similar production from the player in Munich, it's likely Bayern will want to keep the Colombian permanently, a move James would no doubt welcome if he's can get his career back on track away from Real.
James may not return to Madrid, but Ajax striker Kasper Dolberg has welcomed a move to Real. The prolific 19-year-old has talked up the possibility of following a similar career path to ex-Ajax centre-forward Klaas-Jan Huntelaar, who joined Los Blancos from Ajax in 2009.
For now, though, Dolberg said he won't be leaving Amsterdam just yet, which is in line with Ajax's policy on the player: "It might be somewhat strange in modern day football, where everyone appears to be for sale, but (director of football Marc) Overmars made a statement with his comment that I am not for sale. And I am fine with it. I want to stay and will not be leaving."
Dolberg has been linked with Real in the event Los Blancos can't sign AC Monaco's 18-year-old striker Kylian Mbappe this summer, per a report from Marca.
Another report from Marca (h/t Football-Espana.net) revealed Real have agreed to pay a world-record fee of €180 million for Mbappe. However, French source Nice-Matin report Monaco have denied any such deal is in place (h/t Get French Football News).
Dolberg could still be on Real's radar, but the free-scoring Swede's development would be best served by continuing at Ajax. He is the focal point of a fluid, attacking team, a role he would be unlikely to get in Zidane's squad where Cristiano Ronaldo and Gareth Bale lead the way up front.
Real don't need to bring James back nor do they do need to pursue Dolberg until a deal for Mbappe is officially out of reach.