As of today, Bayern Munich has not made any record breaking transfer this summer. However, not a single day has passed without a Bayern Munich transfer rumor taking root on the internet. The blowups are, most of the time, slow-witted. Marca recently reported that James wants to return to his former club. In an interview given to La Cadena SER, James Rodriguez's adoptive father said that the Colombian international is still interested in returning to Santiago Bernabéu. The reason why James came to Germany is because the midfielder didn't have much playing time in the Spanish capital. Whether or not James will have the same playing time in Madrid as he had in Munich is something would need to be considered:
I think it would be ok, it’s a professional decision and I imagine that he would be very honored if Madrid think he has a place in next year’s squad. You’d have to think about whether he will have as many minutes in Madrid as he had in Bayern.
With Zinedine Zidane and Cristiano Ronaldo leaving Real Madrid, James' stepfather thinks that things will be different for Rodriguez if he chooses to go back to Madrid. According to him, Lopetegui and James had a long talk two weeks back:
Changes are coming for Madrid with Ronaldo’s departure and the arrival of coach Lopetegui. We have done some research into what Lopetegui tries to implement on the field of play and I believe that his style suits James’ strengths as a player. Zidane had a system which didn’t look as good but was very efficient, which isn’t the same as playing good football. In our opinion, we believe James could have more minutes with Lopetegui’s style. I do know that both James and Lopetegui had a talk around 15 or 20 days ago.
With Bayern Munich looking forward to permanently signing Rodriguez when his loan expires, it will be hard for Los Blancos -- if they, indeed, really want him -- to bring Rodriguez back to Madrid. And as of now, there is no legit information about James' opinion on the matter. He previously told the press that he is not interested in leaving Munich whatsoever. Therefore, the ball is still in Bayern's court.