But Calderwood has just three wins from 18 games in charge of Hibs.
Former Toon boss Chris Hughton is also being linked with the West Brom job.
Colin Calderwood: "I haven't really thought about it.
"I'm thoroughly enjoying my time. I'm looking forward to really getting my teeth in to what I think is a terrific opportunity for myself, the same as it was when I joined."