The Colombian playmaker was close to joining Atleti last summer, but Madrid pulled the plug on a deal after their 7-3 loss to Diego Simeone's side in pre-season.
James ended up staying, but made minimal impact and asked to be left out of Real's squad for the final few games in LaLiga.
"We have an excellent and young squad," Cerezo told Radio Marca. "However, if the coach considers it necessary, we will do everything in our reach to bring a player in."
Last summer, the interest in James was understood to be as much because of his brand potential as his quality on the pitch.
Asked specifically about the Colombian, Cerezo said: "I have no idea whether he will end up coming."
And the 72-year-old, who has often sent out mixed messages to the press in the past, added: "I don't think he is in Atletico Madrid's plans."