The 19-year-old has impressed this season while on loan at Alaves, sparking talk that his €24m release clause could be triggered in the summer transfer window.
No formal approach has been made as yet, though, with Atletico reluctant to part with a player they consider to be destined for a bright future.
"Theo is an Atletico Madrid player and until now, as far as I know, nobody has asked us about him," Cerezo told El Larguero.
"We cannot talk about hypothetical things. There is a code, with all clubs. When we want a player, we talk to the club first, and then with the player.
“We have no intention to sell any player, but if another club comes with an offer which could be interesting to a player, they should talk to us.
"Things happen as they have to happen, I always say that players will play where they want to play. If a player is ready to be transferred, then they can look for whatever club they want.
“Theo is an Atletico Madrid player. If he is not tomorrow then we will find out why. But leave him and Real Madrid alone."
France U20 international Theo has made 35 appearances for Alaves this season but is yet to make his competitive debut for Atletico.