The winger will stay on loan at Valencia for the rest of the season.
Cheryshev has long been linked with a move to Liverpool.
The Russia international will undergo a medical at the Ciudad Deportiva de Paterna on Tuesday.
VCF Official Statement | Denis Cheryshev #WelcomeCheryshev ➡ https://t.co/UoOL01WerA pic.twitter.com/T24Ro1mkex
— Valencia CF English (@valenciacf_en) February 1, 2016
