James Rodriguez (R) and Radamel Falcao (Getty Images)
The South American side take on England in Moscow on Tuesday, but the status of James is unclear after he hurt his calf during the 1-0 win over Senegal last week.
"We had good news after his medical tests. After his MRI (scan) we knew that he doesn't have a serious injury," Pekerman told reporters on Monday.
"We still have one-and-a-half days to see how he feels, and as always we hope that he will be able to play in the following games."
The 26-year-old was the leading scorer at the 2014 World Cup, with six goals, but was limited to a substitute appearance in Colombia's opening match in Russia.
He then played the full 90 minutes in a 3-0 win over Poland, but hobbled off in the first half of Colombia's final group game.
If James is unable to play, Pekerman suggested he would again turn to Sevilla's Luis Muriel.
"Muriel is an option. He was great during the match against Senegal. He was able to change the pace, he's technically gifted and really fast. He works well with the team."