With an 11-point gap between themselves and the Premier League top four, Moyesâ€™ flops look certain to miss out on Champions League competition in 2014-15.
That, according to Calderon, who was Real supremo from 2006 to 2009, would automatically get a boss bullet if he was at the Bernabeu.
The Spaniard, 62, said: â€œIâ€™d change the manager if Real Madrid finished sixth and failed to reach the Champions League the next season. Of course I would.
â€œItâ€™s a real disaster in every sense not to be in Europe. Not only in terms of the money you get from playing in the competition but from all your club sponsors.
â€œSponsorship deals are linked to the Champions League because of the exposure it has on TV. All deals are affected by being in or out of it of Europe. No question.
â€œThey will have to deal with losing as much as Â£100million - both in lost television rights and the reductions in sponsorship money."
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