The signing from Barcelona is the LaLiga's leading scorer with Atleti clear at the top of the table.
Cerezo said, "We have always thought that Luis Suárez was the best centre-forward in Europe. We have been fortunate that he is with us and therefore everyone is happy. If every Sunday he scores a goal then it's phenomenal."
The president also insisted there remains great confidence in Portuguese youngster Joao Felix.
He added: "Joao, no one doubts that he is a great player. As for what he offers, if the coach takes him off it will be for something, but I don't think he has to be bothered or offended."