Spanish radio station Cadena SER says that James is on Atlético's summer wishlist, and that the Colombian would be open to continuing his career in Madrid.
Atlético Madrid are considering a swoop for Real Madrid's surplus-to-requirements attacking midfielder James Rodríguez, according to a report on Spanish radio.
James open to idea of staying in Madrid
Cadena SER says that the Colombian international, who has spent the last two seasons on loan in Germany at Bayern Munich, has emerged as a summer target for Los Rojiblancos and would be open to a move that would allow him to continue his career back in the Spanish capital.
However, a deal for James would be dependent on Atlético offloading the likes of Ángel Correa or Vitolo during the close-season transfer window.
Ancelotti's Napoli have been leading race for James
In the wake of Bayern's decision not to take up a 42-million-euro purchase option on the 27-year-old, he has been most heavily linked with Serie A club Napoli, whose coach, Carlo Ancelotti, oversaw the player's best season at Madrid and is eager for the Partenopei to snap up the star.
Speaking earlier this month, Napoli president Aurelio di Laurentiis confirmed that the Italians were trying to take James to the Stadio San Paolo, where it is believed that the famous number 10 shirt worn by club legend Diego Maradona has been set aside for him.
Would be second Real player signed by Atleti this summer
Were James to sign for Atlético, he would be the second player this summer to swap the Bernabéu for the Wanda Metropolitano. Last week, midfielder Marcos Llorente joined Los Colchoneros on a five-year deal, becoming the first Real Madrid footballer to make such a switch since José Manuel Jurado in 2006.