Mourinho has suffered a devastating start to the season, with the Blues sitting in 15th in the Premier League after picking up just three wins from their opening 10 matches.
The coach experienced mixed success during a three-year spell with Madrid but left amidst great controversy before re-joining Chelsea in 2013.
However, former chairman Calderon believes the club would be eager to reappoint him should things go sour this season under Rafael Benitez, insisting they even tried to bring him back during the summer before adding that they are interested in Hazard.
"If Mourinho is not at Chelsea anymore, I think Florentino Perez would be willing to bring him back to Real Madrid," he told BeInSport.
"They tried last summer but it was not possible because he stayed at Chelsea. They tried for Joachim Low, Jurgen Klopp, Mourinho and then Benitez.
"If things do not work out for Benitez and they do not work out for Mourinho at Chelsea then I think Perez will look to bring him back.
"They are also looking at Hazard and, as far as I know, he has not said no. We will wait and see."
Mourinho's time in the Spanish capital was plagued by several personal disputes with key players Iker Casillas and Sergio Ramos, and Calderon believes the Portuguese finds himself in a similar situation this term.
"It is similar to what happened at Madrid," he added. "The problems with referees, rivalries, falling out with players. They still talk about the finger he stuck in Tito Villanova's eye."
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