Earlier this summer, the right-back was handed the club captaincy, reward for his progress through the academy ranks and impact in the first team.
A total of 11 goals and 20 assists have come from his 148 appearances in all competitions, 10 of those outings coming during Chelsea's 2020-21 Champions League triumph.
However, the 23-year-old has suffered constant injury issues over the past two months, generally related to his hamstring or knee, and he has not featured since the opening weekend of the season.
With a contract until 2028, the West Londoners will not necessarily be in any rush to cash in on such an influential player on and off the pitch.
Nevertheless, there was a suggestion earlier this month that Todd Boehly and Clearlake Capital may become more receptive of any realistic offers should James not shake off his frequent fitness problems.
At the time, it was claimed that Real Madrid were continuing to monitoring the situation, Los Blancos eventually requiring an alternative to Dani Carvajal and Lucas Vazquez.
According to Fichajes, Bayern would also be interested in signing James if he became available on the market.
The Bundesliga champions are managed by former Chelsea boss Thomas Tuchel, who has already been linked with other players plying their trade at Stamford Bridge.
During the summer transfer window, Benjamin Pavard — a player who can play at right-back and centre-back — was allowed to leave for Inter Milan — and a like-for-like replacement was not signed.
Noussair Mazraoui has started three of Bayern's four league fixtures this campaign, yet he may not be viewed as a long-term first-choice option byRead on sportsmole.co.uk