Zinedine Zidane has used Rodriguez sparingly this campaign, as he generally favours Isco as an attacking midfield player.
Rodriguez has only managed 422 minutes of action for Real Madrid so far this season - scoring one goal and assisting another.
He is now sidelined with injury and may struggle to win the Zidane's favour upon his return.
Club president Florentino Perez has reportedly come to an agreement with Rodriguez's agent Jorge Mendes regarding what to do with the player next.
According to El Desmarque, one of the options is to use the 28-year-old to broker a deal for Manchester United midfielder Paul Pogba.
Pogba has been a long-standing target of Real Madrid's and both Zidane and the player himself have expressed a desire to see the transfer happen.
Injury has kept Pogba out of the United squad for over half the Premier League season so far - with the Frenchman only featuring in 5 games.
After a summer saga of speculation surrounding the 26-year-old's future, it could be the winter that bears fruit for his departure.
Los Blancos are reportedly keen to get a deal done in January and will attempt to use the out-of-favour James to lower Pogba's price-tag.
If a move for Pogba, which is thought to be very complicated, fails then Madrid could turn to Tottenham Hotspur and focus their efforts on Christian Eriksen.
The Dane was another linked to Madrid in the summer, after expressing his readiness for a new challenge, but no offer was forthcoming.
Eriksen is available on a free transfer come summer, but Real are confident that Tottenham would let him go in January if it meant James coming the other way.
Finally, it's reported that James could be offloaded to Wolverhampton Wanderers if it meant Ruben Neves signing for Real Madrid.
The Portuguese midfielder has been a star player for Wolves since their promotion-winning season in the Championship.
Neves' agent is also Mendes, who has a strong foothold in the club after brokering many deals for Portuguese players to make the move to Wolverhampton.
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