While still unbeaten in LaLiga ahead of the Madrid derby on November 18, Simeone's Atletico have struggled to score goals in a season that has been dominated by disappointing draws.
Atletico have found the net just 16 times in 11 league games so far, while their failure to beat Qarabag in back-to-back UEFA Champions League meetings leaves the 2016 finalists in serious danger of missing out on the knockout stages of the competition.
Yet Simeone - who was recently linked with the vacant job at Premier League club Everton - continues to have the complete backing of everyone at the club, according to Cerezo.
"I want to say this in a loud voice: Simeone is untouchable at Atletico Madrid, for the players, for the directors and for the supporters," Cerezo announced in an interview with Marca.
"Having doubts about Cholo Simeone is not allowed here."
Simeone could have a possible solution to his side's scoring problems arriving soon, as former striker Diego Costa will begin his second spell with the club in January.
The arrival of winger Vitolo - who agreed a five-year deal to join from Sevilla in July but was loaned to Las Palmas in the first half of the season due to Atleti's transfer ban - should also help ease the burden on Antoine Griezmann.
"This season we were unable to make signings. We have great players and many of those we wanted to sign are performing at a great level in important European leagues," Cerezo said.
"Fortunately, the two who had to be announced will arrive in January and with them we'll have a great second half to the season, with some phenomenal conditions."
While Costa and Vitolo will be coming in, Cerezo admits it is likely there will be departures in the next transfer window to trim down the first-team squad.
"There will be some because there has to be. It'll be good for the player because he wouldn't be playing much and it'll be fantastic for the club because others will come in," he added.