The 27-year-old left the Vicente Calderon to join Chelsea for a reported £32m in the summer of 2014, but there are believed to be doubts over his future at Stamford Bridge.
Recent reports have claimed that Costa wants to leave the Blues in the summer following a season that will end without silverware and potentially without Champions League football.
"I think it's difficult but as far as we are concerned we would love it if he came back here," Cerezo told the Daily Mail. "It's the Atleti way. We have a magnificent relationship with all ex-coaches and players. I went to see [Diego] Simeone in Argentina when he was at River Plate, that is the way it is with Costa.
"Whether he can come back or not is another thing but the relationship has always been fantastic. He is okay because he is at a good club. I don't know whether they will be in the Champions League this year."
Costa has scored 15 goals in all competitions this season.