The Rojiblanco supremo blasted the striker's silence towards his former club, while saying that he expects Atletico to go through in the Europa League
The 23-year-old player had become a fans' favourite at the Vicente Calderon, but he aired his wish to leave Atletico at the end of 2010-11 before joining City in a €45 million deal.
Cerezo has always said that he lamented Aguero's attitude during his transfer saga, which lasted almost two months, and he has now indicated that the Argentine owed an explanation to the club and supporters.
"We have a great affection for him, he was the fans' favourite player of all time," Cerezo is quoted by AS as saying.
"He did not leave Atletico the right way and it was his fault that this did not happen.
"He could have left perfectly well and with the support of the fans, but up to this day, we have not heard anything from him."
Atletico have taken a big step towards reaching the Europa League quarter finals after a 3-1 victory against Besiktas in the first leg of their tie, and Cerezo is confident his side will go through in the competition.
"I am convinced that we will progress," Cerezo added. "We must take precautions, though, just like we would against any club who play in Europe, because they have great players and anything can happen.
"But if we play like we have been doing we will not have any problem."