Ronaldo's relationship with Sir Alex Ferguson could help bring the Portuguese back to Manchester United; according to Calderon.
Ronaldo reportedly wants to quit the Bernabeu and leave Spain after he was accused of tax fraud.
That has led to intense speculation as to where he could go next, with a return to Manchester United mooted while Paris Saint-Germain and the Chinese Super League have also been mentioned.
Calderon was in charge at the Bernabeu when Real broke the world record to sign Ronaldo for £80million in 2009 and has been discussing the possibility of an Old Trafford return - and why Ronaldo's relationship with his former manager could be key.
"He delayed his move to Madrid for a year because Ferguson was like a father to him," Calderon told BBC Radio 5 Live. "He loved the club, the fans, the city and I don't rule out a move back.
"Very few clubs can meet his expectations. Not because they can't pay the money but because they need to offer him the possibility of winning titles and personal awards," he added.
"The relationship (with Mourinho) in Madrid wasn't the best but that doesn't mean he doesn't want to go back to Manchester where he is very grateful of what happened," the 66-year-old added.
"I am sure he will stay in Europe. I don't see him playing in China or the Middle East. He is not that type of player.
He has three or four more years to be a top, top player and he would like to keep winning titles, anywhere he goes."
Calderon also insisted that Ronaldo's future will not have an effect on Alvaro Morata's future, with the Italian striker being strongly linked with a move to Old Trafford.
"Alvaro Morata is not happy at Real Madrid," he told the Sun.
"He hasn’t played and it’s the kind of deal and agreement which is great for all sides. The player, Manchester United and Real Madrid.
“All parties will be very happy with the deal.”
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