Ronaldo, 37, held talks at United's training ground on Tuesday -- accompanied by agent Jorge Mendes -- after missing the club's preseason tour of Thailand and Australia, citing personal reasons.
"I've said it many times. I don't know who invented the story about Cristiano. But I'll tell you, it's practically impossible for him to come to Atletico Madrid," Cerezo told reporters on Tuesday.
Last month Cerezo said Atletico would need to bring in €40 million from player departures to be able to register new signings under LaLiga's squad spending limits.
The club's finances have since been boosted by signing two significant new sponsorship agreements, including selling the naming rights to their Metropolitano stadium to the real estate firm Civitas.
The arrival of Ronaldo would be controversial among some fans, given his longtime association with fierce local rivals Real Madrid.
He is Real's all-time record goal scorer, and won four Champions Leagues and two LaLiga titles in a nine-year stint before leaving for Juventus in 2018.