But if rumours are to be believed, he is just looking to spend this cash on the dregs of Berti Vogts-era Scotland - namely Steven Thompson or Kevin Kyle.
Lovell seems to be getting the boot in the January transfer window, as the most expensive signing of Calderwood's tenure has fallen to sixth choice forward behind Lee Miller, Darren Mackie, Chris Maguire, Jamie Smith and Sone Aluko.
However, with Aluko unlikely to hang around after his loan deal runs out in January, Calderwood is looking for more striking options.
And it seems he has turned to former Rangers bench-warmer Thompson and a statue of Sloth from The Goonies.
Cardiff striker Thompson is being linked with a January switch from Wales to Scotland as Aberdeen have been linked.
Thompson has been on the transfer list at Cardiff since summer, but nobody has moved for him (shurely shome mishtake).
However he is still seen as a bit of a fans favourite, with many of the Cardiff support delighted with the form of their trio of Scots - Alexander, McNaughton and Thompson - as they briefly topped the Championship last season.
But with goal-poacher Lovell set to depart, surely the priority is for another six-yard box 'sniffer' - perhaps even one who can stay fit for the majority of the season.
Stand Free Ed