The 27-year-old Colombia international playmaker joined Bayern on a two-year loan deal from Los Blancos in summer 2017 and, after scoring eight goals in 39 appearances in all competitions last term, he has found game time tougher to come by under current coach Niko Kovac so far this season.
James, who has also been hampered by a knee injury, has made just 11 outings for the reigning Bundesliga champions, seven of those were starts.
It has resulted in reports suggesting that he will rebuff the chance to pen a permanent deal at Allianz-Arena in the summer and move back to the Spanish capital.
However, James was remaining tight-lipped about that possibility, while he also stressed that he has no problems with Kovac.
"My present is with Bayern Munich, I have a contract with them until June," James said. "I'm fine there, I'm calm. In June we will see what happens but right now I am only thinking about Bayern.
"I'm recovering well and I'm really looking forward to start the year."
He added: "Bayern have a healthy squad that are good [together], and there is no issue at all with Kovac."