We studied the luminescence of CdTe layers with a nominal thickness of one, two, four, and eight monolayers (MLs) grown by atomic layer deposition in a ZnTe matrix. The layers with a thickness of one and two monolayers exhibit the properties of homogeneous layers, while the layers with a thickness of four and eight monolayers are planar arrays of quantum dots (QDs). The sizes of QDs and their size dispersion increase with an increase in the nominal thickness of the CdTe layer. The shape of the luminescence excitation spectra of the CdTe layer in these samples varies greatly. Depending on the energy distance between the exciton levels of the CdTe layers and the ZnTe matrix, the ratio of the contributions of the ZnTe exciton and charge carriers unbound to the exciton to the energy transfer varies significantly.