Due to continuing financial problems, the Spanish club may have to sell their star striker, who has been linked with a move to Manchester City, Chelsea and Real Madrid in recent months.
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Cerezo was forced to concede Atleti cannot keep the former Porto man from leaving should the fee be triggered.
“If they come along with his release clause; if they bring the money, they pay it and the player agrees, he doesn't even have to say goodbye,” Cerezo told a Madrid television channel.
“The issue is there, but I think that Falcao is a responsible person, a man who understands what a contract is, what his situation is and that he's in the team he wants to be in.”
Cerezo however, believes Falcao will remain at Los Rojiblancos as he is content with life at Vicente Calderon and stated he does not think the Europa League holders will add to their squad when the transfer window opens in January.
He added: “He's very happy here and whilst that remains the case he will be an Atletico Madrid player. I don't think we'll sign anyone, because we have a small but very complete squad.”
Diego Simeone’s side are currently joint top of La Liga with Barcelona after picking up 19 points from seven games.