The Colombia international is nearly midway through an initial two-year deal at the Allianz Arena, which the Bavarians can extend for the long term for a fee of £40m.
James, who has seven goals and 11 Bundesliga assists to his name in his maiden campaign in Bavaria, does not intend to return to his parent club once his initial terms expire in a year's time.
"I'm doing very well. It's a good league here in Germany, the stadiums are full," he told reporters. "I came here with a different perception. I'm fine, I hope I stay here. I feel very good."