James will land on injured reserve if he goes unclaimed through waivers. He suffered an unannounced injury earlier this preseason.
James was originally selected by the Bucs in the sixth round of the 2013 draft. He spent the majority of last season on Tampa Bay's practice squad.
In three seasons with the Buccaneers, James played in 20 games (three starts), rushing 79 times for 332 yards and catching 11 passes for 38 yards.