The Russian wide-man spent last season on loan at Villarreal, netting four goals for the Yellow Submarine across the campaign.
He’s now heading back to Real, but with the 24-year-old yet to make a senior Los Blancos appearance his future at the Bernabeu appears unclear.
Reports suggest that Liverpool are looking at the starlet, with his price-tag set between €15-€20m (£10.9m-£14.5m).
The Madrid-based star could be a potential replacement for Raheem Sterling, with the 20-year-old’s Reds future looking unclear amid claims he wants to leave Anfield.
Cheryshev moved away from his homeland as a youngster and graduated from Real’s youth set-up following spells with Sporting Gijon and Burgos.
He’s since made over 100 appearances for their ‘B’ team, notching 22 goals in the lower tiers of Spanish game.