Simeone led the Spanish side to Copa del Rey victory last season for the first time since 1996, after Joao Miranda’s extra time winner helped them beat city rivals Real Madrid 2-1 in the final.
The coach, who took over at the club in 2011, also led the side to third place in La Liga which assured Champions League football at the Estadio Vicente Calderon this season.
Cerezo has said he is "disappointed” by the list, which includes the likes of Chelsea’s Jose Mourinho, Borussia Dortmund’s Jurgen Klopp and Juventus’ Antonio Conte.
“He [Simeone] should have been nominated, but unfortunately for us we’re not the kind of club who makes the list,” Cerezo is quoted as saying by Spanish newspaper AS.
“He deserved it. He’s one of those who most deserve it. He’s one of the coaches who have won the most trophies in the past few years. I’m more disappointed than annoyed. Simeone is the sensation of Europe.”
The president has also had his say on who deserves to win the prestigious Ballon d’Or award: "[Lionel] Messi. He is the best in the world."
Atletico, who have dropped just three points this season, are currently sat second in the Primera Division and a win against fifth place Athletic Bilbao on Sunday could see them overtake Barcelona to go top of the league.