Warrick Dunn was the other candidate.
The Seahawks announced to reporters gathered at the press conference coach Jim Mora would not comment on James until Tuesday.
James will provide depth and stability to a group of runners who have been prone to injuries.
Seattle plans to rest much weight on their running game version of the West Coast offense and James could have the chance to play a vital role.
Julius Jones is the alleged owner and T.J. Duckett substitute, but the Seahawks had been contemplating the possibility of adding another runner in recent weeks.
They contacted Warrick Dunn, who had three of his best seasons playing for Mora in Atlanta, but they preferred to James.
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