"I don't believe Diego Costa is leaving the club next season, we won't sell him next season, but that won't stop other clubs from wanting him," he said.
Costa has been linked to a possible swap deal with Chelsea, who could possibly offer current Atletico number one Thibaut Courtois - on loan from the London club - or Rojiblancos legend Fernando Torres.
But Cerezo insists that they would not entertain swapping him either.
"Undoubtedly we don't want to use any player as a bargaining chip for some other player. You can see this in that we never sell but other teams come for our players," he added.
"Diego wants to play with the Spanish national team and that has been an important decision.
"He likes Spain, lives here, and believes it is better for him."
Atletico Madrid's technical director Andrea Berta added: "We are a company and in order to keep functioning properly, must sell each year.
"However, we believe we can keep our players for at least one more season."
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