Correct spelling, explanation: the noun sorcerer comes from the other noun sorcery. It’s an agent noun, which means that is derived from another word denoting an action. The suffix -er means someone or something performing a particular action. The suffix -or also creates an agent noun, but not in this case. Sorcerer is the only correct form and sorceror is just a mistake.

Definition of sorcerer:
noun, a man who has magical powers and who uses them to harm other people
Alladin’s looks changed from the spell of a sorcerer.
Once upon a time, a young boy lived with a sorcerer.

Collocations with sorcerer:
Some most commonly used collocations include: great sorcerer and sorcerer’s apprentice.
If you want to become a great sorcerer, you have to learn a lot.
“The Sorcerer‘s Apprentice” is a 2010 American action-adventure fantasy film.

Incorrect spelling, explanation: sorceror is a non-existent word, so you should be careful not to use it in any sentence. The only correct version of this noun is sorcerer. It consists of two elements: a root and a suffix -er, a very common ending that is used to name someone or something performing an action. It’s easy to make a mistake because the suffix -or usually denotes a profession or a performer as well.