I would doubt James would be a bargain when you factor in what a club would have to pay him, I just don't rate him that highly, and more importantly, when you look at our squad we just don't need a player like him.
Personally I think Madrid's best chance of this happening is if we miss out on CL, it will weaken our hand with DDG, and almost certainly put a stop on any Griezmann deal, but United been United (or Woodward been Woodward at least) will still want a 'big name', which is where this guy could come in, but it certainly wouldn't be a deal I'd be celebrating.