The 45-year-old actor is preparing to step behind the camera to helm 'California Schemin'' - which is based on the true story of two Scottish friends, Gavin Bain and Billy Boyd, who pretended to be an American rap duo - and he is looking forward to getting started on the project.
He told The Hollywood Reporter: "It's a whole new world for me to do this.
"I've got experience with everything else after we start rehearsals. This whole period of prep, I've never been a part of it, so I'm excited."
James will also appear in a supporting role in the film, with Seamus McLean Ross and Samuel Bottomley cast as the leads, and he's currently "building a little army" of other actors to appear in the project.
Asked for a progress update, he said: "It's going.
"We're working on the script; we're casting actors, and we're just gearing up, building a little army, which is what you do."
The 'Speak No Evil' actor previously explained 'California Schemin'' - which is based on Gavin's memoir - was "the right piece of material" to be his directorial debut.
He told The Hollywood Reporter: "I've always wanted to tell stories about people from working-class backgrounds who don't have the opportunity that's afforded to other people.
"I've wanted to tell stories that are entertaining and aspirational. They've got humour, and they are movies, not just gritty black-and-white films. So when 'California Schemin'' came my way, it was exactly that.
"It gave me the opportunity to tell those stories about people from backgrounds like mine, but also entertain and shock and surprise, while having so much aspirational hope in it, as well."