James moved to Real in 2014 from AS Monaco after starring at the World Cup for Colombia, however, the Spanish source note that the South American is unhappy with life in Madrid under current coach Rafael Benitez, who has led something of a troubled regime since replacing Carlo Ancelotti during the summer.
Should the Colombia international leave the Bernabeu, Real are considering replacing him with Ozil, according to Don Balon.
The Germany international previously represented Los Blancos between 2010 and 2013, winning the Spanish title in 2012, but was cast off to Arsenal in 2013.
However, Real have been attracted by Ozil’s fine form in the Premier League—he has contributed 12 assists and scored two goals in the EPL so far this season—and are considering a move to bring the World Cup winner back to the Bernabeu.
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Ozil featured for Schalke and then Werder Bremen in his homeland before moving to Real in 2010. Arsenal spent £42.5 million to bring him to North London [Mirror], and while he took his time to get going, he has certainly started demonstrating that he is worth the fee.