Zidane is reported to be a target for Chelsea if they part ways with Maurizio Sarri, who has struggled since taking over at Stamford Bridge in the summer.
Zidane only left the Spanish giants at the end of last season after guiding them to a third Champions League crown in succession.
The Frenchman, 46, has made no secret of his desire to return to management and Juventus are also said to be monitoring his situation.
Calderon is reportedly keen to return to the role and is said to have enough support to force a presidential election.
Zidane’s strained relationship with Perez was one of the main reason’s for his departure and a change at the top could convince him to come back.
Jose Mourinho was thought to be the leading candidate to replace under-pressure Santiago Solari.
And Calderon believes the former Manchester United boss is current president Florentino Perez’ first choice.
However, he expressed some reservations about a second spell under Mourinho given the way he left in 2013.
“I have no doubt Mourinho is the first option for the president,” he said.
“He’s been called in the last few weeks. I think there will be many chances that he will be on the bench next season.”
He added: ”I’ve already mentioned the amount of damage he caused here. His style of play is not what the Bernabeu wants.
“What the fans want is what we’ve just seen from Ajax; bravery, aggression with a lot of speed and boldness. Mourinho doesn’t do this.
“I believe that he will be here next year as he’s the only manager who the president respects and it’s because he puts the dressing room in order and he demands the players to work hard.”