It was recently reported that Netflix is in talks to bring back the cult drama, which originally ran on CBS between 2006 and 2008.
"At the moment it's just rumours and talks," James told Digital Spy. "It is certainly something I would never dismiss. I had too much fun on the show, I have too much loyalty to that show.
"The cast, crews and creators were very good to me and looked after me while I've been over in the US, so it would always be very hard for me to say no."
The English actor - who played Robert Hawkins - also praised the show's "incredibly loyal" fans.
"I've got a lot of good feelings about Jericho," he continued. "It's the show that brought me over to America, I made friends for life on it and if they manage to find a way to make it work or make it viable to return, I would definitely be interested. I'd love to hang out with all those guys again and get back into that character."
James's new show Line of Duty starts on Tuesday, June 26 at 9pm on BBC Two.
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Watch a clip from Jericho below: