Cherepanov was eligible for the 2007 National Hockey League (NHL) Entry Draft after the 2006–07 season. Throughout most of the season leading up to the draft, Cherepanov was the top ranked prospect in Europe. Prior to the draft, Cherepanov attended the NHL's Scouting Combine, allowing club's to evaluate his physical attributes and schedule interviews, if they needed additional information prior to his selection. Those attending the combine were struck by Cherepanov's apparent physical immaturity, pointing out his low number of bench press repetitions, and his physique. His performance during the interview portion of the event was more impressive, with team personnel impressed with his maturity and good attitude. At the draft, Cherepanov was selected by the New York Rangers in the first round of the draft, 17th overall. Some attributed Cherepanov's lower draft selection to concerns about his availability for the NHL, considering the lack of a transfer agreement between the NHL and the International Ice Hockey Federation (IIHF) concerning Russian players. Analyst Pierre McGuire believed Cherepanov was a legitimate NHL prospect, stating, "He was built for the new-age NHL with his speed, his skill and his ability to make things happen offensively." Cherepanov was excited to be selected by the Rangers, saying, "I believe that New York is the center of the United States and I'm very happy to be selected by the New York Rangers."