James has been sidelined since January 7 after suffering successive calf injuries, while a similar muscle problem has kept centre-back Pepe out of action since December.
However, both players were able to complete an outdoor session with the rest of the first-team squad and are therefore in the running to be available for Sunday’s LaLiga trip to Celta Vigo.
The news will come as welcome relief to Zidane, whose squad has been blighted by injuries in recent weeks.
Gareth Bale, Marcelo, Dani Carvajal and Luka Modric are still undergoing recovery work, while Raphael Varane has also been struggling for full fitness and was forced to train indoors on Tuesday.
Madrid take on Celta at Balaidos looking to avenge their 3-2 Copa del Rey aggregate defeat this month.