Real Madrid would want a replacement secured before allowing the Russian to leave, potentially scuppering any Anfield move.
However, a deal now seems increasingly unlikely as new Madrid boss Rafa Benitez will refuse to sanction a sale unless he can find an adequate replacement for the player, who is likely to play a back up role at the Bernabeu at best.
The player spent last season on loan at Villareal and impressed, scoring seven goals and registering eight assists in his 26 La Liga games. Manager Brendan Rodgers was thought to be keen on him as a replacement for Raheem Sterling, with the England man still seeking an exit from Anfield.
In fact, perhaps Sterling could be the key to the deal happening. If Madrid would seek a replacement for Cheryshev first, they could look to Sterling as that man. A cash plus player deal including the Russian would be ideal for both clubs.
Indeed, it would also suit Liverpool who would get good money for Sterling, his replacement, and avoid selling one of their star players to a Premier League rival all in one swoop.