Although the Scotland international has enjoyed an impressive stay at Highfield Road, he looks certain to become a victim of the Sky Blues' financial problems.
City boss Gary McAllister has been told that he must offload the highest paid members of his squad (the likes of Julian Joachim and Dean Holdsworth) and stop playing his loan stars in order to save cash.
That means that Caldwell, together with Juan Sara of Dundee and Richie Partridge of Liverpool have almost certainly played their last games for the club.
Matt Jansen though will stay in first team contention as Blackburn have agreed to pay his wages.