The Colombian disappointed once again in the 3-1 win at Levante and with Los Blancos banned from transfers for two windows, he has little time to show he should be kept by Real .
His has been a dramatic decline. James Rodriguez was hailed as a superb signing as he impressed in his debut season at Real Madrid, but little has gone right recently for the Colombian and after another disappointing display on Wednesday, he is now playing for his long-term future at the club.
James spent time on the sidelines through injury earlier on in the season and was criticised by coach Rafa Benitez. The former Monaco and Porto playmaker was left on the bench for the Spaniard's final game in charge, a 2-2 draw at Valencia in January, and it was widely assumed he would be back to his best fairly soon under Zinedine Zidane.
Almost two months on, however, and that is clearly not the case. Away to Levante on Wednesday, the Colombian looked off the pace, out of shape, lacking in confidence and offered little of note in his 80 minutes on the pitch other than an impressive curler from the edge of the area that went inches wide.
The technique is there, but physically there is clearly an issue. Zidane kept repeating in the early weeks of his reign that the team needed to improve their fitness, yet it seemingly has not happened with James and the Colombian has completed 90 minutes only once since the Frenchman took over.
James drew jeers from a frustrated faithful at the Santiago Bernabeu in Madrid's derby defeat against Atletico on Saturday, but Zidane defended the 24-year-old ahead of the game against Levante.
"I have spoken with James, but it's not about that," he said. "James is doing his work, training well, trying his best for the team. I was a player and sometimes things do not go for you. What he must do is have more consistency in his game, not just him, but the whole team. It is easy to pick out James, or Isco, but we are all in the same boat, and nobody is jumping out of that boat. What I want from the players is to give 100 per cent. I know anything can happen in a game.
"When I am coach we will always fight, in each game. Now we are just thinking about tomorrow's game: to win, and just that. I need to find solutions so that James plays better, the same as with Pepe, Isco or [Cristiano] Ronaldo."
In the aftermath of the Atletico loss, the Portuguese complained of how his team-mates Gareth Bale and Karim Benzema have suffered so many injuries this term. But he may also be concerned at James' fitness issues several months after he returned from injury.
Zidane has said that James and all of the other members of his squad are important, but Real now face a two-window transfer ban and this summer is almost certain to be their last chance to sign players until January 2018.
That means Madrid must plan for their future in the next window, just as Barca did ahead of their own ban in 2015 by bringing in a host of players (including Luis Suarez, Ivan Rakitic, Claudio Bravo and Marc-Andre ter Stegen) the previous summer. And if they are to make expensive signings to boost their squad in July and August, they will need to offload at least one of their stars to raise some cash and also to make some room for new arrivals.
At the moment, James is a prime candidate. Shown up by the excellent Lucas Vazquez on Wednesday, the Colombian has hit a low in his time at Madrid and the club now have a decision to make on his future. Indispensable just a few months ago, the 24-year-old now has until the end of the season to convince Zidane and the club's hierarchy that he can be an important part of an exciting and successful future at the Bernabeu.