The Colombian fell out of favour last season after impressing in his first year at the Bernabeu.
Zidane previously said this summer that James Rodriguez would stay, but Madrid have seen youth product Marco Asensio start the season in fine form and Lucas Vasquez is also highly-rated by the Madrid boss, meaning James Rodriguez is likely to spend another season on the peripheries of the Real Madrid squad.
"James is a Real Madrid player and he has a contract with us but it's true that he has played less than others and that could prove a problem," Zidane said at a news conference yesterday.
"I always try to make my players feel important and James is no different than the rest.
"Anything could happen between now and Aug. 31 (when the transfer window closes),' Zidane added.
"I'm sure no-one else is going to arrive but players could leave. I have a squad now and I'm happy with it and some players are going to return (from injury)".
Most recently, James was linked with a move to Chelsea and Antonio Conte has said that his side will spend big money on the right players.