James, who is currently promoting BBC Two police thriller Line of Duty, starred in the Walking Dead pilot in 2010, when he played Morgan James.
Morgan James and his son Duane (Adrian Kali Turner) were two survivors in the post-apocalyptic world and they parted ways with Andrew Lincoln's Rick Grimes at the end of the first episode.
James said that he would be open to a return to the AMC series and admitted that there had been talks. However, so far he has been unable to match up dates in his schedule with the show's filming.
"It remains a possibility I could return. The character I played is away for a long time, so it's kind of up to them whether I stay away or if I come back," James told Digital Spy.
"There have been a few back and forth conversations and they check up on me every now and then. I had a fantastic time working on the pilot with Andy Lincoln and especially Frank Darabont. He's somebody that I'd directorially always wanted to work with and I'm glad I got the opportunity.
"Shooting the Walking Dead pilot was like making a movie. For a large part of it there was just me, Andy and Adrian, who played my son. We got Frank all to ourselves, which was fantastic."
He added: "There's a possibility I might go back. It just depends on timing-wise if I'm free. At least one of the times they contacted me about it, I was busy doing something else, which I think was actually Line of Duty."
Line of Duty starts on Tuesday, June 26 at 9pm on BBC Two.
The Walking Dead returns for a third season on AMC in the US, and on FX in the UK, later this year.