But the Russian, who played on loan at Villarreal last season, says he wants to battle for a place in the Real first team.
“It is a privilege to be here, with the best players in the world,” he said.
“We are here to help, when the manager creates opportunities for us to play, we will do so full of enthusiasm because being here is a real privilege.“
Cheryshev, a youth product of Real, is yet to make a first-team appearance for the Bernabeu club.
Before his loan spell at Villarreal he spent a season at Sevilla but made only one league start.
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But it appears as though Cheryshev will fight for a place in new manager Rafael Benitez's squad - despite the boss signing Mateo Kovacic from Inter this summer.