By FOX Sports Staff
Diego enjoyed a successful season at Atletico in the 2011-2012 season and was frequently linked with a move back to the club ever since.
However, Cerezo has revealed that Atletico's interest in Diego will not come to fruit barring extraordinary circumstances.
"I said a while ago that it was difficult to have Diego playing for Atletico next season," Cerezo told reporters.
"And now I say that it is impossible."
"We do not have any plans for his signing, but a lot of time remains until the end of August. If there is a need or a problem with a player, it will be taken into account.
"Today, the squad today is closed. If anything happens, it will be under exceptional circumstances."
Cerezo also expressed his delight over the signing of David Villa, who joined the club from Barcelona despite interest from several big clubs.
"Villa has been a great deal for Barca, Atletico Madrid and for the player," he said.
"He is a great player and I hope he is with us for many years. I have always said that players should play where they want to.
"He had offers from England and Italy and he has opted to play in Spain."