The Old Trafford side is in the market for a new manager following the sacking of David Moyes earlier this week and Ancelotti has been mentioned as one of the candidates, although Louis van Gaal appears to be sitting in pole position to take the United job.
However, Calderon expects the Italian to stay with Madrid even if last season's Premier League champion makes him an offer.
"I believe Carlo Ancelotti will be with Real Madrid next season,” Calderon told talkSPORT. "He’s got a contract.
"We don’t know what’s happening with Manchester United."
Calderon then went on to stress that United had no other choice but to part ways with Moyes following the club's poor performances this term.
"It’s always a pity when you have to sack a coach. I had that problem with Fabio Capello," he said. "Sometimes you have to take those decisions though. Manchester United’s results have not been normal so it’s a decision they had to take."