Things have not worked out well for Denis Cheryshev since he decided to stay with Real Madrid last summer. The winger was suspecting that he wasn't going to many minutes for this team but Benítez told him otherwise. However, he has only featured in 127 minutes this season and ultimately cost Real Madrid the Copa del Rey as he wasn't allowed to play due to a suspension which he did not remember.
It would not make sense for Real Madrid to keep him if there are clubs interested in Cheryshev, and apparently that's what's going to happen. The winter transfer window ends today and Cheryshev is ready to join Sevilla on a loan deal, and yes, he would be able to play in the Copa del Rey Semifinals against Celta de Vigo no matter what happened with him during Real's tie against Cádiz. According to The Daily Mirror, Liverpool want to sign him as well. The deal will need to get gone today.
Zidane himself said that Cheryshev "needs minutes," suggesting that Cheryshev is on his way out of the club.