James has emerged as a potential target for Spurs in the event of the departure of young winger Bryan Gil, who is set to sign for Valencia on loan.
The Whites hope to hang on to the versatile winger but if Tottenham come in with a lucrative offer for the Wales international, they may find it hard to refuse.
Leeds boss Jesse Marsch is a big fan of James, but coached Hwang at both Red Bull Salzburg and RB Leipzig.
In the event Spurs come in with a substantial cash offer that cannot be rebuffed, Leeds will look to sign Hwang as a replacement for James.
Hwang is currently under contract with Wolves until the summer of 2026, after a season-long loan from RB Leipzig was made permanent this summer.
The South Korea international is an attractive prospect for the Whites due to his versatility, as he is capable of playing all across the frontline.
It is believed that Hwang would cost Leeds up to £15m in the event of a transfer but they might have to battle other interested clubs for his signature.
Hwang recorded five goals and a single assist from 31 appearances for Wolves in all competitions during the 2021/22 season.
