Wenger has only one more season left on his contract at Arsenal and his future at the Emirates is still uncertain.
Gunners chairman Peter Hill-Wood recently admitted he has no idea if Wenger will agree to extend his stay at the club.
Madrid are set to name their new coach next week after sacking Capello despite his success in winning La Liga title.
Schuster is the strong favourite to get the job and has reportedly freed himself from his current deal in order to take the Real job.
"Once we decided that Capello would not continue, Madrid sporting director Predrag Mijatovic underwent talks with Schuster, Ronald Koeman, Michael Laudrup and Wenger.
"It appears logical that Schuster will be the next coach," said Calderon.
"I think he has sorted out his contract and has to pay the compensation.
"We will have to discuss the contractual issues like the length of the deal and the salary but it shouldn't be a problem."