Call the center point $(c_x, c_y)$. The function $d(p_x,p_y) = \sqrt{(p_x-c_x)^2+(p_y-c_y)^2}$ computes the distance from the point $(p_x,p_y)$ to the center of the circle.
For each edge of the polygon create its line equation from its two endpoints. If the two endpoints are $(a,b)$ and $(c,d)$ then this line is $y = (\frac{d-b}{c-a})\cdot(x-a) + b$. Solve for, $x$ and $y$ and plug this into the distance equation above, $d(x,y)$. Find the critical points by setting the partial derivatives equal to zero. Check that the critical points are further than the radius of the circle from the center of the circle.
If all critical points for all edges are more than the radius away from the center then the circle fits.