In a microwave-safe bowl combine sweetened condensed milk and chocolate chips; microwave on high for 1 1/2 minutes, or until chocolate is melted. Stir until smooth. Stir in chopped almonds, chopped cherries and almond extract. Pour into prepared pan and spread evenly. Place pecan halves and cherry halves on top.
Cover and refrigerate for 2 hours, or until firm. Cut into 1 inch squares. Store, covered, in refrigerator.