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The 28-year-old spent two seasons on loan with Bayern Munich between 2017 and 2019 before returning to Madrid, where he has made nine appearances during the 2019-20 campaign.
The Colombia international will see his current deal at the Bernabeu expire in June 2021, though, and a number of clubs are currently being linked with his services.
Juventus, Arsenal, Manchester United and Tottenham Hotspur are all said to be interested in the versatile attacker, but according to El Desmarque, Wolves are also very much in the hunt.
The report claims that the influence of super-agent Jorge Mendes could see the deal go through, although Ruben Neves would allegedly have to be allowed to join Madrid in order for James to move to Molineux.
The South American, who is currently battling to overcome a muscular injury, has scored 37 times in 120 appearances for Los Blancos since arriving from Monaco in 2014.body check tags ::
The Brazil international joined the Premier League giants from Monaco in the summer of 2018 and has made 57 appearances for the Reds in all competitions, scoring once and providing four assists.
Perez is allegedly now considering sanctioning a bid for the South American, though, as Madrid currently lack competition for Casemiro in the holding midfield position.
Fabinho, who has featured in all but one of Liverpool's 11 Premier League matches this season, has a contract at Anfield until the end of the 2022-23 campaign.body check tags ::
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