In medium saucepan, whisk together flan mix, milk, and almond extract. Bring to a full boil over medium-high heat, stirring constantly.
Remove pouch of caramel sauce from flan package. In a small bowl, stir together caramel sauce and cherry extract. Divide among 8 (6-ounce) ramekins, about 1/2 teaspoon in each. Drop 2 or 3 cherries into each ramekin.
Carefully pour 1/2 cup of flan mixture into each ramekin. Mixture will thicken as it cools. Refrigerate for at least 1 hour. To serve flan, run a knife around the inside of the ramekin, place a dessert plate upside down over ramekin. Invert plate and ramekin. Remove ramekin and serve immediately.