Denis Cheryshev is expected to be Cristiano Ronaldo's replacement this season, something that indicates he will not be playing much. No matter Benítez's rotation policy, Ronaldo will not miss many games this season, so Cheryshev will probably consider his options to be a relevant player elsewhere.
Last week it was reported that Liverpool were ready to offer €20 million for the winger, and now it seems that Arsenal want to land Cheryshev too, according to Metro.
He is a very interesting player that adds some depth to Real Madrid's squad, but Los Blancos will likely sell him if he's willing to leave and he gets big offers like the ones reported. After all, Isco, James, Jesé, Lucas Vázquez and even Marco Asensio could play on the left wing when needed, so Cheryshev's potential departure wouldn't hurt Real's squad as much as some think.
Still, these rumors should be taken with a grain of salt.