The 20-year-old reportedly has a buy-out clause of £47.6million in his contract.
But Cerezo insists even if a club meets the player's buy-out clause, 'El Kun' would have no interest in leaving the Spanish capital.
"The truth is they told me they were looking for Cristiano Ronaldo, but I don't know if they found him.
"What should I know? City haven't even asked about 'El Kun' so how do I know what they want?
"What I do know and what I can guarantee is that Kun Aguero wants to be in Madrid, he wants to play for Atletico Madrid and he wants to live here in Madrid."
"We're used to stories of this nature and I suppose they won't stop here today, they'll keep coming out," he said.
"But here we have the sun, good weather, a great team, phenomenal supporters and a marvelous coach."