The former Spain international made his debut for the La Liga champions as a 17-year-old, but after a successful spell at Liverpool he failed to make the required impact upon transferring to Chelsea for £50 million.
With just one goal to his name since joining Milan on a two-year loan deal in August, Torres is now being linked with a return to the club where he originally made his name, and Cerezo has revealed it could come to fruition.
"The signing of Torres is not [completed], but, that does not mean it will not be," Cerezo told TVE.
"We have a great team, but we can bring in a signing until the last hour of the transfer market.
"We will fight for La Liga, the Champions League and the Copa del Rey in 2015."
Assistant coach German Burgos also offered his opinion that seeing the the 30-year-old return to the Vicente Calderon would be fantastic.
"A return for Torres? I don't want to create misunderstandings, I'm just stating my opinion, but it would be wonderful," Burgos said in an interview with Cope.
Torres has fallen behind Jeremy Menez in the pecking order at San Siro and has made just seven starts in the current Serie A campaign.
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