Simeone, 55, has won eight trophies with Atletico over 15 years.
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Cerezo told Marca: "It has proven that the decision we made then was magnificent. Diego is a great professional, a man who loves football, who loves Atlético Madrid, and who loves winning.
"I believe we have everything in our hands to continue on the same path."
He continued: "Atlético Madrid has been fortunate to have Simeone with them, and I hope he continues for many years. This means we have the ability to compete and do it well.
"If we look at history, no Atlético Madrid coach has won as many titles as Simeone."
Simeone's deal with Atletico runs to 2027.