The season was regarded a success with the team gaining promotion back to the Championship at the third attempt.
Calderwood signed five players in summer 2007, most notably former Celtic captain Neil Lennon on a free transfer.
Also captured were left-back Matt Lockwood from Leyton Orient, Preston North End defender Kelvin Wilson and Yeovil Town duo midfielder Chris Cohen and attacking winger Arron Davies all signing for undisclosed fees.
However, Forest then hit an eight-game unbeaten run in the league (including five wins), scoring seventeen goals in the process.
But they lost top spot as they failed to win away from home, in a run lasting seven games.