The Colombia captain has been offered to Atletico, but Cerezo doubts a deal can be struck.
"I don't think James falls into Atlético de Madrid's plans," he stated.
"We have an excellent and young squad. However, if the coach considers that something is missing, we will try to bring what we have within our reach because it has been an economically difficult season.
"And thank goodness that what was left of the Liga could be played, if it had not, it would've been a catastrophe."
Cerezo also shut down talk of selling Jan Oblak.
He added: "With Oblak we have a contract and, although he is of interest to the biggest teams in the world, we do not think there is a problem."