Ittihad lost patience with the 49-year-old following the team's 2-1 home defeat by Al Nasr at the weekend, according to the AFC's website.
Calderon had been under pressure since Ittihad were beaten 2-1 by South Korea's Pohang Steelers in the final of the Asian Champions League final last November.
Saudi Arabia's top club are currently third in the domestic league standings with 29 points from 15 matches. Al Hilal are top with 41 points.
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