Hibs are today expected to announce the signing of MK Dons defender Sean O'Hanlon.
The Hibees tried to sign the stopper in January, but failed with a loan bid, but Calderwood has swooped to snap the player up on a permanent deal.
The 6ft 3in scouser is a product of the Everton youth system, he then moved on to Swindon on loan, then on a permanent basis, playing over 90 games for the club.
He moved to MK Dons in 2006 and made over 140 appearances before his release last week.
Hibs have snapped up the powerful 28-year-old stopper on a two-year-deal, and an official announcement is expected soon.