Real, who clinched the UEFA Champions League crown with an extra-time victory over Atletico Madrid on Saturday, have long been linked with a move for the Uruguay international.
Suarez scored 31 times in just 33 Premier League matches to finish as the division's top scorer this season, earning him the PFA Player of the Year award.
Calderon, who was responsible for signing the likes of Cristiano Ronaldo, Ruud van Nistelrooy and Arjen Robben during his time at the Bernabeu, claims the club could make Liverpool an offer for their star striker.
"Of course Real Madrid could bid for him," he told The Daily Star.
"With Real Madrid, you have to expect anything – that's for sure."
Calderon suggested that Suarez could serve as a replacement for France international Karim Benzema.
"Benzema is a good player but it's true he didn't score as many goals as people thought he should," he added.
Suarez has fitness concerns ahead of the FIFA World Cup in Brazil after undergoing surgery on a knee injury.
