The Spanish outfit is expected to launch a title assault of its own this year with Fabio Leimer, who has been tipped by 2012 champion Davide Valsecchi to be his successor.
Racing Engineering team boss Alfonso de Orleans-Borbon said that the team is not focusing on its potential rivals, but he expects Calado to be a threat.
"I think the main competitor for us will be James Calado, but then again there are always a couple of surprises every year," he said.
"It's too early to tell at the moment. Our main focus is on our drivers and making sure we get the best results.
"I would be lying if I didn't say that we are obviously going for both the driver and team championships, but our main focus is on race by race.
"If we do our work properly and stay out of trouble, it should not be difficult to achieve."
Calado, who goes into his second year in GP2 with ART, told this week's AUTOSPORT magazine that he is well-prepared for the new season.
"In terms of building up a relationship with the team, getting used to the car, the increase in power and the tyres, it all went pretty well," he said of his rookie season.
"Now I can take that into this year. The aim is to win the championship."