In an interview with Spanish publication 'AS', Cerezo said: "Costa is a Chelsea player at the moment, and you know for a long time now that we cannot sign anyone."
"[Costa's Instagram] shows that shirts come in all different colours. Everyone can put on whichever ones they want."
"Diego is a magnificent player, a great player, he was in Spain for many years. He has had a good spell in England, learned English, English customs. "
"He will return to Spain someday... on holiday. Madrid is a lovely place to visit, if you have the money to enjoy it."
The 28-year-old has been heavily linked with a return to his former stomping ground and fresh rumours surfaced that a move was imminent after he was left out of Chelsea's pre-season tour squad.
Though, for now, it seems that Costa will not be heading back to the Spanish capital any time soon.