The Scot has talked about how he might have ended up Swindon Town manager, had he been sacked sooner.
Calderwood played over 350 games for the Wiltshire club in his playing career and in December 2008 he was looking set for the exit at Forest. Despite getting them promoted from League One in his first season at the club they were struggling to survive in the championship the next season.
Swindon had just sacked Maurice Malpas and had Calderwood top of their wanted list.
But a win against Southampton gave Calderwood a stay of execution, which did not last long. Calderwood told the Swindon Advertiser:
"The impression was Swindon were waiting for our result to be a negative one.
“Then the week before Christmas we went to Southampton and won 2-0 – which seemed to be the sort of result we got in crunch games. There was upturn in our results which prolonged my time at Forest.
“Then on Boxing Day we were three down against Doncaster at half-time, we lost that game 4-1. On the morning of that game Danny was given the Swindon job. At some point they had to make that decision.
“I was thinking we would beat Doncaster and move out of the bottom three. We didn’t and the (Forest) chairman made a decision to have a change."
The late Nigel Doughty removed Calderwood after that game but the former boss admits that he would not have left Forest, even if Swindon had come calling:
"On reflection, I still wouldn’t have left Forest even if I had been offered that job.
“With the interest, if something had happened at Forest it would have been a very nice fall-back position, but there certainly wasn’t any offer.
“Of course I would have been interested in taking the Swindon job had I lost the job at Forest earlier."
Since the Scot departed Forest the club has had a number of other managers at the helm. Since his sacking they have had seven permanent managers, Billy Davies (twice), Steve McClaren, Steve Cotterill, Sean O'Driscoll, Alex McLeish, Stuart Pearce and now Dougie Freedman - all with varying degrees of success and, mostly, failure.
Interestingly, Calderwood has the best win percentage of any Forest manager to have managed over 20 games for the club, even more so than the legendary Brian Clough.
Dougie Freedman however is currently just ahead of him after 14 games. Forest fans will hope he can lead them to promotion, just as Calderwood once did.