Colombia international James, 32, left Olympiakos last April.
Three months later, the attacking midfielder signed for Brazilians So Paulo.
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James has managed to score two goals and four assists in 22 competitive matches for So Paulo, half of them from the start.
Now Globo Esporte says he can return to LaLiga during the upcoming transfer window.
Celta Vigo is showing serious interest in the 32-year-old. The Spanish club is said to have contacted So Paulo to discuss a transfer.