Calderon, who was president between 2006-09, thinks the Covid-hit finances at Real will mean they are unable to prise the Egyptian from Anfield.
Salah sparked fresh transfer speculation about a move to LaLiga in a bizzarely-timed interview with AS earlier in the season in which he praised Real and Barcelona as ‘two top clubs’, adding ‘who knows what will happen in the future.’
Mo Salah’s transfer fee will be too much for Real Madrid to afford, says Ramon Calderon
Liverpool have insisted the prolific winger is not for sale and he still has two years remaining on his current deal with Jurgen Klopp’s side.
Real are understood to be interested but could well be priced out and Calderon told ON Time Sports: ‘He is a great player and a goalscorer. He helped Liverpool by giving his best, but I don’t think they will let him go.
‘It is expected that, if they were to think about it, they would only let him go for a lot of money.
Jurgen Klopp will try to fend off interest from elsewhere and Salah has two years on his deal
‘Salah is wanted, of course, by Real Madrid, but Liverpool would ask for a lot of money and, if that deal were to be completed, it would be crucial.
‘Salah is a great player with fantastic potential, and any club wishes to acquire such talents, but for Real Madrid I do not think they have the financial means to sign Salah.’
Real are in desperate need of replenishing their forward line. Karim Benzema is now 33 and Eden Hazard has not delivered what many expected of the Belgian at the Bernabeu, although injuries have dogged him.
Salah, 28, is enjoying another remarkable season with Liverpool, despite the Premier League champions enduring a disappointing campaign.
Calderon, pictured last year, believes Salah is a transfer target for Real but is out of reach
He has scored 24 goals in 36 games and 17 of those have come in the Premier League, where he leads the race for the golden boot.
Klopp is understandably desperate for the Egyptian to stay and recently said: ‘It’s just a bit awkward when I have to praise my own players, which I like to do to be honest, but especially in Mo’s case, the numbers speak for themselves.
‘Mo is not only a goalscorer, he has developed as a footballer as well. He is a very, very important player for us and hopefully he will be that for a very long time of course.’