Aluko has been a standout for Aberdeen this season, scoring spectacular goals against Dundee Utd and Bayern Munich.
And the youngster opened the scoring and put in a man of the match performance in last Saturday's exhilarating 4-3 win over Inverness Caley Thistle.
Calderwood managed to extend Aluko's initial six-month loan deal until the end of the season and says further discussions about the teenager will take place again this week.
Calderwood told setantasports.com: "I was down last week to watch him play in the Under-19 game for England against Russia and he was head and shoulders above everybody, he was absolutely fabulous.
"He started on the left wing, then went into centre midfield and he was absolutely brilliant.
"He's just a joy to watch, it depends upon what is happening with Birmingham you know, the thing that might go against them a little bit is obviously whether it is the Championship or the Premiership and then it is up to Alex [McLeish], is he going to give him another six months or are we going to take him down?
"We're all in the hands of Alex and I will give him a phone and he will decide.
"I think he said in the paper the other week that Sone would be coming back, so we have just got to adhere to that and see how it goes.
"The thing is the lad has hunger now and he only played one game for Birmingham in the Carling Cup before he came but he's got the taste of big games at Ibrox, Celtic Park and at Bayern and the home games and it has been wonderful for him.
"He's loved that and it would be hard for him now to go back and maybe be a substitute and possibly not even be on the bench, but that's football."