Costa has been frozen out at Stamford Bridge and is expected to rejoin Atleti ahead of or during the January transfer window.
The striker arrived in Madrid with his family from Brazil on Tuesday and Spain's AS says he intends to remain there until a move to Los Colchoneros can be completed in the new year.
There have been claims Atletico and Chelsea will have a deal in place by the end of the week but Cerezo insists those reports are wide of the mark.
"If his family is moving [to Madrid], I do not know," he told reporters. "What I know is that Costa is a Chelsea player and, until January, there is time to talk to his club and with whoever else. We are not going to do anything until January."