James, 21, joined Rennes from boyhood club Birmingham in the summer of 2024, but struggled to adapt to French football.
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The midfielder was then shipped out on loan to Leicester, where he was a rare bright spark for the relegated side, scoring 11 goals and providing four assists in his 34 games.
According to Sky Sports, James’ fine form for Leicester has caught the attention of Spanish side Villarreal, who have made an offer.
The amount is as yet undisclosed with Premier League clubs understood to also be monitoring the situation.