The 31-year-old has enjoyed an illustrious career in the Spanish capital, playing a pivotal role in four Champions League triumphs, while scoring 105 goals and providing 68 assists in 251 matches.
The Welshman has more recently dropped to the periphery of Zinedine Zidane’s squad - particularly following the restart - where he started just one of Madrid’s 13 matches, alongside another 29-minute cameo.
Madrid played their final game of the season on Friday as they exited the Champions League with defeat to Manchester City, of which Bale was not included in the squad.
And while Zidane revealed the forward has asked not to travel to Manchester, Standard Sport understands he did so in the knowledge he would not feature.
Calderon believes now is the time to move on, with Bale completely out of the picture while Zidane is in charge.
"It's very sad. It's a pity to see a player like him in the stands... his skill and talent has not gone, he's still a good player who could be playing at a high level in any team," Calderon told the BBC.
"I think they'll have to find a solution to end this agony for the sake of both sides. If he doesn't want to reduce his salary, which would be understandable, they'll have to find another way.
"The coach does not rely on him. If Zidane stays with Real, which I think is certain, then he (Bale) will have to find a new way... It wouldn't surprise me if they let him go on loan and pay part of the salary.”
While Bale has been linked with a return to the Premier League, his agent Jonathan Barnett last month insisted he was “going nowhere” and would honour the remainder of his two-year contract.