Cerezo was caught on camera in a heated exchange with a number of Rayo fans in front of the corporate box where he was seated.
The video shows the president and fans throwing verbal abuse and obscene hand gestures each other's way at half-time of Atletico's 2-0 win over Rayo at the Campo de Fútbol de Vallecas.
Cerezo apologised for his actions during the game and said he is looking forward to returning to the same stadium when the two teams face-off in the Copa del Rey on Wednesday.
"I would like to offer my sincere apologies," he told Radio Marca.
"It was an incident I did not think about, and it is something that is rare for me.
"Nor I or the fans that usually go to football games have to discuss these things.
"I am happy to be able to return to the Vallecas stadium".