
The 27-year-old, who scored four goals as Russia reached the quarterfinals on home soil, will rejoin Valencia on a season-long loan having spent six months at Mestalla in 2016.
Cheryshev moved to Spain as a child and came up through the Real Madrid academy before joining Villarreal on a five-year deal in 2016 after a series of loan spells.
He will again link up with Valencia coach Marcelino, after playing under him at Villarreal in 2014-15.
Cheryshev provides another attacking option to a club that has brought in Michy Batshuayi, who is on loan from Chelsea, and former Atletico Madrid striker Kevin Gameiro in the close season.