The Colombian was pivotal to his side's Europa League and Super Cup successes but suitors are circling the 26-year-old with Chelsea, Manchester City and Real Madrid among those believed to be interested.
However, Cerezo is keen to hold on to the former Porto striker as they look to break the Liga monopoly of Barcelona and Real.
"I hope to be here another 25 years with Falcao. With his father, I do not know, but with him I hope so," he told AS.
"I am excited and very happy about this, because to be a leader of a football club for 25 years is very difficult. I have the desire and enthusiasm to continue longer.
"There have been ups and downs, but I'll stick with the first, with the times that we had fun. There have been many and in 20 years we have won eight titles.
"Football is a matter of stages and hopefully both teams (Barca and Real) will weaken, they have to. I, for my part, want to continue in football."
Cerezo's predecessor Jesus Gil died in May 2004, having led the club through one of its most successful eras, and the 64-year-old was quick to pay tribute to the former president.
"I can say many things about him, but above all, I will say that he was a great friend."
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