Calderwood parted company with Forest at Christmas last year having guided the club back into the second tier of English football but without ever convincing fans that he was the man to keep them there or take them higher.
After working with Newcastle in the second-half of last season, his return to Tyneside in the summer was expected to be only temporary as he and Hughton minded the ship until a big-name managerial appointment.
However a solid start to the season and a lack of progress on a takeover of the club mean Hughton and Calderwood remain firmly in charge ahead of the next run of fixtures.