James appeared 39 times in all competitions for Bayern last season.
Colombia star won't cut short his loan deal to return to Madrid this summer.
James Rodriguez has quashed rumours about his future by saying he is 'very happy' at Bayern Munich.
The 27-year-old currently has a season (out of his two-year loan agreement) left to spend at Bayern, who have the option to purchase James permanently for a reported EUR42million in 2019.
"So far, I'm still here and I've had a spectacular first season so I'm very happy there," James told Colombian TV program The Suso Show.
"I feel like the club and the fans love me very much."