The youth team player has been used frequently by Carlo Ancelotti this pre-season, earning him a contract extension until June 2017
Cheryshev, 22, spent last season with Real Madrid Castilla, scoring 11 goals and providing eight assists but has featured prominently in pre-season for the first team, with coach Carlo Ancelotti playing him at full-back.
The Italian coach has been impressed enough with Cheryshev to hand him a new deal and the Russia Under-21 international took to Twitter to express his excitement.
“I am very happy to have renewed with the best club in the world! Thank you very much for your support! I will give my best ever effort! #HalaMadrid.”
Cheryshev has featured at every level internationally for Russia, including under-15, under-17, under-18 and under-21, while earning one cap for the senior team in November of 2012 in a 2-2 draw with the United States.
The Russian attacker follows Jese Rodriguez in extending his stay at Santiago Bernabeu.