According to Spanish newspaper AS, the Gunners have expressed an interest in the Russia international, and could be prepared to go head-to-head with Premier League rivals Liverpool and Spanish outfit Villarreal.
The 24-year-old appears to have no future at the Santiago Bernabeu having spent the past two seasons on loan at Sevilla and Villarreal – and looks unlikely to feature often during Rafael Benitez’s first season in charge in Madrid.
AS claim that despite a promising pre-season with Real, if Cheryshev remains with the club, he is likely to be sent out on loan for a third consecutive campaign.
Los Blancos are said to be willing to listen to offers for his signature, which has recently alerted Arsenal.
With the Gunners already boasting a plethora of options in a wide role at the Emirates – including Alexis Sanchez, Theo Walcott, Alex Oxlade-Chamberlain and Danny Welbeck – the north London giants would surely be better invested in signing an established centre-forward.
They have been heavily linked to Cheryshev’s team-mate Karim Benzema.