The 61-year-old claims his former club are in a healthy economic situation and would be able to match Tottenham's valuation of the in-form winger this summer
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The 23-year-old has been linked with a move to a host of top European sides this summer and Calderon, who resigned as president of Madrid in January 2009, maintains the Spanish club would be able to match Spurs' valuation for the winger.
"I think he is a fantastic player. He is one of those players you would always like to have in your team," Calderon told talkSPORT.
"It's true we have spent a lot of money in the last three or four years but I think we are in a position to pay the money they are going to ask for.
"There is always a limit but Real Madrid is in a very healthy situation, economically speaking, so it would be in the position to sign him.
"I'm sure it will be a high amount of money because he is a fantastic player. A lot of clubs would like to have him."
Spurs and Real Madrid agreed a groundbreaking "special relationship" last summer following the protracted sale of Luka Modric to the Spanish giants, for a fee that could eventually rise to £34 million.