The Rojiblancos president believes that he has pulled off a sensational piece of business by offloading the Brazil-born attacker for €40 million after signing the Croat for €13m
Costa played an integral role in the Rojiblancos' Liga triumph last season, as well as their run to the Champions League final, by netting 36 times in 52 appearances in all competitions.
However, Atletico sold the Brazil-born attacker to Chelsea for £32 million this month having already wrapped up a £17m deal with Bayern Munich for Mario Mandzukic, who had been deemed surplus to requirements following the arrival of Robert Lewandowski at the Allianz Arena.
Cerezo does not view the Croat as a like-for-like replacement for Costa but he does feel that Atletico have pulled off a major coup.
"We are talking about two different styles," the Rojiblancos supremo told reporters at the club's pre-season training camp.
"Costa is a fantastic striker but Mandzukic is a player we really like and who we will adjust our game to.
"Mario wanted to play for Atletico and Bayern had another option and that is why he is here with us today.
"For me, Mandzukic is the best centre-forward in Europe."