The Colombian has been out of action since the start of February, when he broke his metatarsal against Sevilla.
“James provided the main news of the session,” a statement on the club’s website said.
“The Colombian joined up with the group for a training session in which Carlo Ancelotti was accompanied by the reserve players Aleix Febas, Benjamin Kuscevic and Lazio.”
The news is a big boost to Madrid, who have won just one of their last five games in all competitions and lost 2-1 to Barcelona as they fell four points behind in the La Liga title race.
Rodriguez could make his return in Real’s next league game against Granada on April 5 or three days later against Rayo Vallecano.