That means he will be free to negotiate with other clubs in January and the former England captain has already been linked with a move to Major League Soccer in the United States.

But Calderon insists Beckham, who penned a four-year deal when joining Real from Manchester United in 2003, is still a vital part of the Real machine.

“I think Beckham, from the point of view of the fan, is one of the most important players at Real Madrid,” Calderon said in an interview on Realmadrid TV to mark his 100th day in charge.

“I speak as a fan and as the president of Real Madrid.

“For many reasons – commercial and sporting. But Beckham would be nothing commercially if he wasn’t for his sporting ability.”

Beckham has started the last four Real matches on the bench – the first time he has been a substitute for successive games since joining Real.

Capello, who took over in the summer, has preferred recent signing Jose Antonio Reyes and Raul as his two wide men in midfield, but Calderon insists the Italian coach still values Beckham highly.

“I have spoken with Capello about Beckham, because it is in my interest as the president regarding hiring and contract renewals.

“And Capello said to me that he counts on Beckham. Therefore he has requested that I renew his contract, and that is what we are doing.”

However, Calderon is well aware of the challenge he faces in keeping Beckham, one of the most famous sportsmen on the planet, at the club.

“Beckham has many offers because he is a key player in many senses but, as I said before, fundamentally on the sporting side,” the president added.

“I think that he is going to renew his contract for another two years, but we will have to wait see if he wants to continue or not.”

Real play local rivals Getafe this weekend as the Primera Liga returns to action following the international break.