Dons boss Calderwood told the Evening Express that Lovell should be the first to return from the Pittodrie injury list, which also includes Scott Severin and Michael Hart.
Severin may be in line for a return to first-team action on the 31st of December against Caley Thistle.
The 26-year-old Scotland international is back in training after suffering a broken foot in the CIS Cup defeat at Motherwell in early November.
Calderwood told the Evening Express: "Scott started running in training on Monday. It is just a case of trying to build up his fitness again."
Defender Hart and striker Lovell have also been missing for most of the season and the Dons have struggled without them.
Calderwood added: "Michael still has a long way to go and, of the three, Steve will probably be back first."