Speaking to Goal.com, Cerezo was emphatic.
"They treat me like a god, and he won't leave until I tell him to."
He then turned the question back on the interviewer.
"You're the one who doesn't close any doors. Let me be clear — he has a contract with Atlético Madrid."
That contract runs until the summer of 2030. Cerezo's words are a direct response to months of mounting speculation around one of European football's most coveted forwards.
Álvarez, 26, joined Atlético from Manchester City in the summer of 2024 and has been outstanding in Madrid. He has scored 46 goals and contributed 17 assists in 101 competitive appearances — numbers that have made him a transfer target for some of the biggest clubs in the world.
Barcelona have been most persistent. Reports in Spain suggest Álvarez has a personal preference for Camp Nou, with his agent making contact and Lionel Messi's influence cited as a potential factor in any negotiations. Atlético, however, have made it known they will not sell to their La Liga rivals under any circumstances, regardless of the fee offered.
Arsenal have also been heavily linked, with sporting director Andrea Berta reportedly exploring a deal. Chelsea have entered the picture too, with their representatives said to have attended Atlético's Champions League matches to run the rule over him.
An Argentine transfer insider claimed on Radio La Red that Álvarez's time at Atlético is "over" and that he will move to "one of the best clubs in the world."
Álvarez himself has done little to shut the rumours down.
"Maybe yes, maybe no — you never know," he told reporters when asked if he would still be at Atlético next season. "I'm happy here, but it's a question that keeps coming up."
Atlético's asking price is reported to be between €150 and €200 million. That has not stopped the queue forming.
Cerezo's message, for now, is simple: he is not interested in selling.