Calderwood, who has been operating on a short-term contract as assistant manager at St James Park, has been targeted by Rovers following their decision to sack John Barnes on October 9.
Tranmere had been looking to bring in the former Nottingham Forest manager, who enjoyed a successful stint in charge of Northampton Town in League One.
But after learning that Chris Hughton is to be handed the managerial role on a more long-term contract at Newcastle, Calderwood is ready to commit himself to the Magpies too.
The pair have overseen a run of early season form which has taken them to the top of the Championship, despite going four matches without a win before Saturdays last-gasp success over Doncaster Rovers.
Owner Mike Ashley has been informed Seymour Pierce - the investment group fronting the sale - have already ended discussions with American organisation the Star Foundation.
North-East businessman Geoff Sheard, who once failed to buy Sheffield Wednesday, has been leading Stars push but they have been unable to come up with the funds required to tempt Ashley into selling up.
Newcastle have confirmed they have lodged an appeal with the Football Association against Zurab Khizanishvilis red card he received in the Doncaster win. The defender is due to miss the next three matches and the appeal will be held today.