The Wales international has been put on the market after falling out of coach Zinedine Zidane’s plans, but the high costs involved have made a sale look unlikely.
Reports this week said that Manchester United are no longer interested in the forward, who joined the La Liga giants from Tottenham Hotspur for £85 million in 2013.
Calderon, who was president of the Bernabeu club between 2006 and 2009, believes that a temporary move away from the Spanish capital could suit both parties.
"His situation here is very difficult," he told Sky Sports News.
"It is clear Zidane has discarded him in his mind. He showed that last season by not having him in the starting line-up. It is very disappointing for a player like him.
“Also the problem is the transfer fee. Real Madrid want to get a lot of money for him but I find that difficult.
"Maybe the best thing for everyone would be a loan. The player could recover his confidence on the field and Real Madrid could see his value rise.
"He wasn't successful here for many reasons - injuries, also the handicap of the money. When he came we paid more than we did for Cristiano (Ronaldo).
"People thought he should be better than Cristiano but that is very difficult."
Read more...
Targets 8 Copa America players looking to put themselves in the shop window for a Premier League move
Quiz! Name the winning managers from Europe's Big Five leagues + Europe since 2008/09
‘Maybe I’ll be signed by Wrexham, who knows? English football would suit me – if an offer came, I wouldn’t think twice, I’d go immediately’ Euro 2024 cult hero reveals his UK dream
‘Managing Leeds? It was an option that appeared, but it wasn’t the right timing. I decided it wasn’t a good idea to leave the club I was at mid-season’: Premier League boss admits to turning down opportunity to replace Jesse Marsch in 2023
