Juan Carlos Restrepo has said that Bayern 'have treated James very well', but the attacker's stepfather has backed him to thrive under Lopetegui at a new-look Real.
"Bayern have treated him very well, he had an excellent season with them and played regularly," Restrepo told Cadena SER. "I think, unless there's a decision at the last minute, he has a contract to fulfil, but he's a person who's had Real Madrid in his heart since he was a child.
"He's feeling very good and calm, he's continuing with his recovery and he's already feeling very good. He's recharging his batteries for what's going to be a season of hard work in Europe. Back at Madrid? I'd see him well there. I'd expect him to feel very flattered if Real Madrid considered him for their squad.
"We'd have to see if the possibility of having continuity in Madrid is as valuable as it has been at Bayern, but I think most people could see him back there. There have been some changes, with the departure of Cristiano [Ronaldo] and arrival of coach Lopetegui, so these are moments of transition for Madrid.
"We've followed what Lopetegui tries to capture on the pitch, and I think his is a style of play that benefits players who prioritise the good art of football like James. [Zinedine] Zidane had a model where Madrid didn't look so good on the eye, but it was efficient, although it's not the same as playing good football.
"From that perspective, we believe James could, within Lopetegui's structure, have more minutes at Madrid. I know they had a quick chat around 15-20 days ago."
James scored 36 times in 110 appearances for Real Madrid ahead of his move to Bayern last summer.