The Russian winger, 22, has decided to leave los Blancos in search of first team football and it appears that Germany will be his next destination.
Cheryshev believes he can continue his development in the Bundesliga, with a number of Germany’s top clubs showing interest in his services.
Real Madrid are prepared to cash in on the youngster for €5 million, but they will not let him go without inserting a buy-back clause in the deal.
Such a clause allowed los Blancos to re-sign defender Daniel Carvajal after he largely impressed in his first season at Bayer Leverkusen.
Denis Cheryshev, who was recently handed his international debut by Russia boss Fabio Capello, has made 34 league appearances for Real Madrid Castilla this term, scoring 11 goals in the process.