Drain maraschino cherries; discard juice or save for another use. Reserve 8 to 10 maraschino cherries for garnish; chop remaining cherries. Combine chopped cherries, cream cheese, almonds, sugar, and almond extract; mix well.
Separate each can of crescent roll dough into 2 rectangles; press firmly at edges and perforations to make one large rectangle. Roll or pat into a rectangle about 15x13 inches.
Spread cream cheese mixture over dough. Roll up dough starting at long side of rectangle. Place seam-side down on greased baking sheet. Form into a ring, firmly pressing ends together. With scissors or a sharp knife, cut almost through ring at 1-inch intervals. Turn each section slightly on its side.
Bake in a preheated 350-degree oven 20 to 25 minutes or until golden brown. If necessary, cover with foil during last 5 minutes to prevent over browning. Carefully remove from pan to wire rack.
Combine confectioners' sugar, milk and almond extract to make a glaze. Drizzle over coffee cake. Garnish with reserved whole cherries. Refrigerate leftovers.