Calderón played in several teams including Argentine Racing Club de Avellaneda and Club Atlético Independiente, Spanish Real Betis and French Paris Saint-Germain. He was part of the Argentina Under-20 team that won the 1979 FIFA World Youth Championship, and also played in the 1982 FIFA World Cup in Spain and in the 1990 FIFA World Cup in Italy.
After his retirement and a short period working as TV commentator, Calderón moved to coaching. He coached former teams of Caen (1997~2000) and Lausanne (2002~2003).
Calderón then took over as the coach for the Saudi Arabia national football team at the end of 2004, and successfully guided the Saudi team to qualification for the Football World Cup 2006 in Germany by beating Uzbekistan 3-0 in Riyadh. Calderón said "Qualifying to the World Cup is the dream of every coach and I'm more than satisfied with our campaign in the qualifiers." "I'm very happy with the qualification since that was the goal I was aiming at when I first arrived in the Kingdom," he added.
However, in December 2005, Calderón was fired by the Saudi Arabia Football Federation as they were dissatisfied by the team's poor showing in the West Asian Games, and was replaced by Marcos Paqueta.
On the 9th of April 2007, Calderón signed as the coach of the Oman national football team. In June 2008 he was hired by Al-Ittihad and eventually won the Saudi Premier League by beating Al-Hilal 2-1 in the final match of the league played on King Fahad Stadium in Riyadh.
On November 5, 2010, Calderón was announced as the new head coach of 2009/2010 Saudi champions Al-Hilal. Calderón would succeed Eric Gerets who departed to take charge of the Moroccan national team. He led the club to 2010-11 league champions and Crown Prince Cup winners. However, despite his achievement, he was dismissed on 19 July 2011 following the club's 3-0 defeat to league rivals Al Ittihad in the first leg of 2011 King Cup of Champions.