The Argentina international said this summer it would be best if he was allowed to leave, with Barcelona and Real Madrid making bids for the forward, which Atletico rejected.
Alvarez is not part of Diego Simeone's squad for their LaLiga opener on Wednesday against promoted side Malaga as he builds fitness following post-World Cup holidays.
"I don't know if he will say sorry, but Julian is an excellent person and I am absolutely sure that he will win over the fans in two games," Cerezo told reporters.
Simeone said on Tuesday he was planning on building the team around the 26-year-old, who has also been linked with Arsenal.
"I said he wouldn't be sold, he's our player and an important part of our team," added Cerezo ahead of the team's first game of the season.
"We like that he's with us and think he will have a magnificent season."
Barcelona had hoped to replace Robert Lewandowski and Ferran Torres with Alvarez, with both forwards leaving this summer.
Atletico fans were critical of French forward Antoine Griezmann for joining Barca in 2019 after he returned to the capital in 2021.
However Griezmann's performances gradually won them back over, and he went on to become Atletico's all-time leading scorer before departing for MLS Orlando City at the end of last season.