Those at the Santiago Bernabeu are being linked with several star names ahead of the summer transfer window.
Club president Florentino Perez is expected to go back to his famed ‘Galacticos’ recruitment policy amid links to world-class talent in France, England and Germany.
A number of the moves reportedly being lined up have been mooted for some time, with the likes of Neymar and Pogba long-standing targets for the Blancos.
Calderon believes efforts will be made to make marquee additions, but feels a raid on Old Trafford would be preferable to one on the books at Paris Saint-Germain.
The former Real president told Sky Sports: “Neymar is a top player but I don’t see him - his behaviour in the last games he has played – as being the best reference for coming to Real Madrid.
“Pogba? Maybe. He is one of the players that [Zinedine] Zidane has said he really likes.
“It would be a problem of money. Our president has decided to invest a ridiculous amount of money in the new stadium because we already have a fantastic stadium.”
While expecting incoming movement at the Bernabeu, Calderon also sees high-profile departures being made.
Zidane needs to freshen up a squad that underperformed badly in the 2018-19 campaign.
Gareth Bale is among those expected to head for the exits, with the Wales international having fallen out of favour with those on the bench and in the stands.
Calderon added on a proven performer who has been linked with a return to the Premier League at either Manchester United or Tottenham: “It’s a pity what is happening with Gareth Bale. I like him.
“He came here with the great handicap that we paid for him more money than we did for Cristiano [Ronaldo].
“It’s not fair but fans think that he will be scoring more goals than Cristiano, playing better, helping the team much more than Cristiano. That’s impossible.
“They have perceived some lack of commitment. He doesn’t speak Spanish so he couldn’t communicate.
“Maybe that’s the best destination for him, a loan to a British club, and try to recover the confidence and try to again be the player that he has been for the last 10 years.”