Toffees made surprise move for Bernabeu ace.
The Russian international is not guaranteed regular playing time at the Bernabeu this season, but was kept on by manager Rafael Benitez in a somewhat surprise decision.
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It remains to be seen if a move can be revived in the January transfer window, but the Daily Star report that Everton failed in their approach for Cheryshev just before the transfer window closed for the summer.
Impressing on loan at Villarreal last season, the 24-year-old looks like he could be a good signing for a number of Premier League clubs.