James returns to the Matchday squad after serving a two-match suspension for stamping on Nigeria's Michelle Alozie in the last 16.
While James has registered three goals and three assists in her four appearances at the tournament, Wiegman may be reluctant to drop Toone, who scored the opener in the semi-final win over tournament co-hosts Australia.
The England boss is not expected to make any tweaks to her formation, having utilised a back three for England's last four matches.
As a result, Mary Earps will be shielded by the familiar backline of Jess Carter, Millie Bright and Alex Greenwood, who will all be looking to help England record their fourth clean sheet of the competition.
Lucy Bronze, one of two Barcelona players in the England squad, will balance her attacking and defensive duties on the right wing, while Aston Villa's Rachel Daly will continue to operate from the left flank.
Keira Walsh will look to stamp her authority in a midfield battle against Barcelona teammate Aitana Bonmati when she features in the middle of the park alongside Georgia Stanway.
One of Toone or James will be given the license to roam in the number 10 position, where they will look to link up with the forward pairing of Lauren Hemp and Alessia Russo, who have scored three goals apiece in the tournament.
England Women possible starting lineup:
Earps; Carter, Bright, Greenwood; Bronze, Stanway, Walsh, Daly; Toone; Russo, Hemp