The club says the loan is “pending” and will be valid until the end of the season.
Cheryshev scored four goals at the World Cup, helping Russia reach the quarterfinals.
The 27-year-old player had already been with Valencia on a loan in 2016. He was previously with Real Madrid but had few opportunities with the team’s main squad.
Valencia also added forward Kevin Gameiro from Atletico Madrid and striker Michy Batshuayi from Chelsea.
Valencia finished fourth in the Spanish league last season.
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