diff --git a/Cargo.lock b/Cargo.lock
index 421ae65f53f..198dd4706b3 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -2643,7 +2643,7 @@ dependencies = [
 
 [[package]]
 name = "libp2p-identify"
-version = "0.47.0"
+version = "0.48.0"
 dependencies = [
  "asynchronous-codec",
  "either",
@@ -3068,7 +3068,7 @@ dependencies = [
 
 [[package]]
 name = "libp2p-swarm"
-version = "0.47.0"
+version = "0.47.1"
 dependencies = [
  "criterion",
  "either",
diff --git a/Cargo.toml b/Cargo.toml
index 36c148cffee..451b2809b35 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -83,7 +83,7 @@ libp2p-dcutr = { version = "0.14.0", path = "protocols/dcutr" }
 libp2p-dns = { version = "0.44.0", path = "transports/dns" }
 libp2p-floodsub = { version = "0.47.0", path = "protocols/floodsub" }
 libp2p-gossipsub = { version = "0.50.0", path = "protocols/gossipsub" }
-libp2p-identify = { version = "0.47.0", path = "protocols/identify" }
+libp2p-identify = { version = "0.48.0", path = "protocols/identify" }
 libp2p-identity = { version = "0.2.12" }
 libp2p-kad = { version = "0.49.0", path = "protocols/kad" }
 libp2p-mdns = { version = "0.48.0", path = "protocols/mdns" }
@@ -102,7 +102,7 @@ libp2p-rendezvous = { version = "0.17.0", path = "protocols/rendezvous" }
 libp2p-request-response = { version = "0.29.0", path = "protocols/request-response" }
 libp2p-server = { version = "0.12.7", path = "misc/server" }
 libp2p-stream = { version = "0.4.0-alpha", path = "protocols/stream" }
-libp2p-swarm = { version = "0.47.0", path = "swarm" }
+libp2p-swarm = { version = "0.47.1", path = "swarm" }
 libp2p-swarm-derive = { version = "=0.35.1", path = "swarm-derive" } # `libp2p-swarm-derive` may not be compatible with different `libp2p-swarm` non-breaking releases. E.g. `libp2p-swarm` might introduce a new enum variant `FromSwarm` (which is `#[non-exhaustive]`) in a non-breaking release. Older versions of `libp2p-swarm-derive` would not forward this enum variant within the `NetworkBehaviour` hierarchy. Thus the version pinning is required.
 libp2p-swarm-test = { version = "0.6.0", path = "swarm-test" }
 libp2p-tcp = { version = "0.44.0", path = "transports/tcp" }
diff --git a/protocols/identify/CHANGELOG.md b/protocols/identify/CHANGELOG.md
index 85a5beb0209..1755476b215 100644
--- a/protocols/identify/CHANGELOG.md
+++ b/protocols/identify/CHANGELOG.md
@@ -1,3 +1,8 @@
+## 0.48.0
+
+- Replace `with_cache_size` by `with_cache_config` to fully configure the identify cache using `PeerAddressesConfig`.
+  See [PR 5574](https://github.com/libp2p/rust-libp2p/pull/5574).
+
 ## 0.47.0
 
 - Implement optional `signedPeerRecord` support for identify messages.
diff --git a/protocols/identify/Cargo.toml b/protocols/identify/Cargo.toml
index 2132b0b2435..bf05bec81fe 100644
--- a/protocols/identify/Cargo.toml
+++ b/protocols/identify/Cargo.toml
@@ -3,7 +3,7 @@ name = "libp2p-identify"
 edition.workspace = true
 rust-version = { workspace = true }
 description = "Nodes identification protocol for libp2p"
-version = "0.47.0"
+version = "0.48.0"
 authors = ["Parity Technologies <admin@parity.io>"]
 license = "MIT"
 repository = "https://github.com/libp2p/rust-libp2p"
diff --git a/protocols/identify/src/behaviour.rs b/protocols/identify/src/behaviour.rs
index a50e8e64cbd..6202a49424a 100644
--- a/protocols/identify/src/behaviour.rs
+++ b/protocols/identify/src/behaviour.rs
@@ -20,7 +20,6 @@
 
 use std::{
     collections::{hash_map::Entry, HashMap, HashSet, VecDeque},
-    num::NonZeroUsize,
     sync::Arc,
     task::{Context, Poll},
     time::Duration,
@@ -35,8 +34,8 @@ use libp2p_identity::{Keypair, PeerId, PublicKey};
 use libp2p_swarm::{
     behaviour::{ConnectionClosed, ConnectionEstablished, DialFailure, FromSwarm},
     ConnectionDenied, ConnectionId, DialError, ExternalAddresses, ListenAddresses,
-    NetworkBehaviour, NotifyHandler, PeerAddresses, StreamUpgradeError, THandler, THandlerInEvent,
-    THandlerOutEvent, ToSwarm, _address_translation,
+    NetworkBehaviour, NotifyHandler, PeerAddresses, PeerAddressesConfig, StreamUpgradeError,
+    THandler, THandlerInEvent, THandlerOutEvent, ToSwarm, _address_translation,
 };
 
 use crate::{
@@ -145,11 +144,8 @@ pub struct Config {
     /// Disabled by default.
     push_listen_addr_updates: bool,
 
-    /// How many entries of discovered peers to keep before we discard
-    /// the least-recently used one.
-    ///
-    /// Defaults to 100
-    cache_size: usize,
+    /// Configuration for the LRU cache of discovered peers.
+    cache_config: Option<PeerAddressesConfig>,
 
     /// Whether to include our listen addresses in our responses. If enabled,
     /// we will effectively only share our external addresses.
@@ -182,7 +178,7 @@ impl Config {
             local_key: Arc::new(key.into()),
             interval: Duration::from_secs(5 * 60),
             push_listen_addr_updates: false,
-            cache_size: 100,
+            cache_config: Some(Default::default()),
             hide_listen_addrs: false,
         }
     }
@@ -208,9 +204,11 @@ impl Config {
         self
     }
 
-    /// Configures the size of the LRU cache, caching addresses of discovered peers.
-    pub fn with_cache_size(mut self, cache_size: usize) -> Self {
-        self.cache_size = cache_size;
+    /// Configures the LRU cache responsible for caching addresses of discovered peers.
+    ///
+    /// If set to [`None`], caching is disabled.
+    pub fn with_cache_config(mut self, cache_config: Option<PeerAddressesConfig>) -> Self {
+        self.cache_config = cache_config;
         self
     }
 
@@ -245,9 +243,9 @@ impl Config {
         self.push_listen_addr_updates
     }
 
-    /// Get the cache size of the Config.
-    pub fn cache_size(&self) -> usize {
-        self.cache_size
+    /// Get the config of the LRU cache responsible for caching addresses of discovered peers.
+    pub fn cache_config(&self) -> &Option<PeerAddressesConfig> {
+        &self.cache_config
     }
 
     /// Get the hide listen address boolean value of the Config.
@@ -259,10 +257,7 @@ impl Config {
 impl Behaviour {
     /// Creates a new identify [`Behaviour`].
     pub fn new(config: Config) -> Self {
-        let discovered_peers = match NonZeroUsize::new(config.cache_size) {
-            None => PeerCache::disabled(),
-            Some(size) => PeerCache::enabled(size),
-        };
+        let discovered_peers = PeerCache::new(config.cache_config.clone());
 
         Self {
             config,
@@ -681,12 +676,8 @@ fn multiaddr_matches_peer_id(addr: &Multiaddr, peer_id: &PeerId) -> bool {
 struct PeerCache(Option<PeerAddresses>);
 
 impl PeerCache {
-    fn disabled() -> Self {
-        Self(None)
-    }
-
-    fn enabled(size: NonZeroUsize) -> Self {
-        Self(Some(PeerAddresses::new(size)))
+    fn new(cache_config: Option<PeerAddressesConfig>) -> Self {
+        Self(cache_config.map(PeerAddresses::new))
     }
 
     fn get(&mut self, peer: &PeerId) -> Vec<Multiaddr> {
diff --git a/protocols/identify/tests/smoke.rs b/protocols/identify/tests/smoke.rs
index 70d864037b1..c548769011d 100644
--- a/protocols/identify/tests/smoke.rs
+++ b/protocols/identify/tests/smoke.rs
@@ -1,13 +1,14 @@
 use std::{
     collections::HashSet,
     iter,
+    num::NonZeroUsize,
     time::{Duration, Instant},
 };
 
 use futures::StreamExt;
 use libp2p_identify as identify;
 use libp2p_identity::Keypair;
-use libp2p_swarm::{Swarm, SwarmEvent};
+use libp2p_swarm::{PeerAddressesConfig, Swarm, SwarmEvent};
 use libp2p_swarm_test::SwarmExt;
 use tracing_subscriber::EnvFilter;
 
@@ -165,7 +166,10 @@ async fn emits_unique_listen_addresses() {
             identify::Config::new("a".to_string(), identity.public())
                 .with_agent_version("b".to_string())
                 .with_interval(Duration::from_secs(1))
-                .with_cache_size(10),
+                .with_cache_config(Some(
+                    PeerAddressesConfig::default()
+                        .with_number_of_peers(NonZeroUsize::new(10).expect("10 != 0")),
+                )),
         )
     });
     let mut swarm2 = Swarm::new_ephemeral_tokio(|identity| {
@@ -237,7 +241,10 @@ async fn hides_listen_addresses() {
             identify::Config::new("a".to_string(), identity.public())
                 .with_agent_version("b".to_string())
                 .with_interval(Duration::from_secs(1))
-                .with_cache_size(10),
+                .with_cache_config(Some(
+                    PeerAddressesConfig::default()
+                        .with_number_of_peers(NonZeroUsize::new(10).expect("10 != 0")),
+                )),
         )
     });
     let mut swarm2 = Swarm::new_ephemeral_tokio(|identity| {
diff --git a/swarm/CHANGELOG.md b/swarm/CHANGELOG.md
index 90d104156f6..ef6a6ecf86e 100644
--- a/swarm/CHANGELOG.md
+++ b/swarm/CHANGELOG.md
@@ -1,3 +1,8 @@
+## 0.47.1
+
+- Add `PeerAddressesConfig` and the possibility to configure the number of addresses cached per peer.
+  See [PR 5574](https://github.com/libp2p/rust-libp2p/pull/5574).
+
 ## 0.47.0
 
 - Remove `async-std` support.
diff --git a/swarm/Cargo.toml b/swarm/Cargo.toml
index 81d03ca9559..29b3ccc60ed 100644
--- a/swarm/Cargo.toml
+++ b/swarm/Cargo.toml
@@ -3,7 +3,7 @@ name = "libp2p-swarm"
 edition.workspace = true
 rust-version = { workspace = true }
 description = "The libp2p swarm"
-version = "0.47.0"
+version = "0.47.1"
 authors = ["Parity Technologies <admin@parity.io>"]
 license = "MIT"
 repository = "https://github.com/libp2p/rust-libp2p"
diff --git a/swarm/src/behaviour.rs b/swarm/src/behaviour.rs
index 8c8c5998f67..9e709cfa775 100644
--- a/swarm/src/behaviour.rs
+++ b/swarm/src/behaviour.rs
@@ -33,7 +33,7 @@ use libp2p_core::{
 };
 use libp2p_identity::PeerId;
 pub use listen_addresses::ListenAddresses;
-pub use peer_addresses::PeerAddresses;
+pub use peer_addresses::{PeerAddresses, PeerAddressesConfig};
 
 use crate::{
     connection::ConnectionId, dial_opts::DialOpts, listen_opts::ListenOpts, ConnectionDenied,
diff --git a/swarm/src/behaviour/peer_addresses.rs b/swarm/src/behaviour/peer_addresses.rs
index d6aff6e8c42..c9e6f941585 100644
--- a/swarm/src/behaviour/peer_addresses.rs
+++ b/swarm/src/behaviour/peer_addresses.rs
@@ -6,16 +6,58 @@ use libp2p_identity::PeerId;
 
 use crate::{behaviour::FromSwarm, DialError, DialFailure, NewExternalAddrOfPeer};
 
+#[derive(Debug, Clone)]
+/// Configuration of a [`PeerAddresses`] instance.
+pub struct PeerAddressesConfig {
+    /// Capacity of the [`PeerAddresses`] cache.
+    number_of_peers: NonZeroUsize,
+
+    /// Maximum number of cached addresses per peer.
+    number_of_addresses_per_peer: NonZeroUsize,
+}
+
+impl PeerAddressesConfig {
+    /// Configure the capacity of the [`PeerAddresses`] cache.
+    /// The default capacity is 100.
+    pub fn with_number_of_peers(mut self, number_of_peers: NonZeroUsize) -> Self {
+        self.number_of_peers = number_of_peers;
+        self
+    }
+
+    /// Configure the maximum number of cached addresses per peer.
+    /// The default number is 10.
+    pub fn with_number_of_addresses_per_peer(
+        mut self,
+        number_of_addresses_per_peer: NonZeroUsize,
+    ) -> Self {
+        self.number_of_addresses_per_peer = number_of_addresses_per_peer;
+        self
+    }
+}
+
+impl Default for PeerAddressesConfig {
+    fn default() -> Self {
+        Self {
+            number_of_peers: NonZeroUsize::new(100).expect("100 != 0"),
+            number_of_addresses_per_peer: NonZeroUsize::new(10).expect("10 != 0"),
+        }
+    }
+}
+
 /// Struct for tracking peers' external addresses of the [`Swarm`](crate::Swarm).
 #[derive(Debug)]
-pub struct PeerAddresses(LruCache<PeerId, LruCache<Multiaddr, ()>>);
+pub struct PeerAddresses {
+    config: PeerAddressesConfig,
+    inner: LruCache<PeerId, LruCache<Multiaddr, ()>>,
+}
 
 impl PeerAddresses {
     /// Creates a [`PeerAddresses`] cache with capacity for the given number of peers.
     ///
-    /// For each peer, we will at most store 10 addresses.
-    pub fn new(number_of_peers: NonZeroUsize) -> Self {
-        Self(LruCache::new(number_of_peers.get()))
+    /// For each peer, we will at most store `config.number_of_addresses_per_peer` addresses.
+    pub fn new(config: PeerAddressesConfig) -> Self {
+        let inner = LruCache::new(config.number_of_peers.get());
+        Self { config, inner }
     }
 
     /// Feed a [`FromSwarm`] event to this struct.
@@ -47,12 +89,12 @@ impl PeerAddresses {
     pub fn add(&mut self, peer: PeerId, address: Multiaddr) -> bool {
         match prepare_addr(&peer, &address) {
             Ok(address) => {
-                if let Some(cached) = self.0.get_mut(&peer) {
+                if let Some(cached) = self.inner.get_mut(&peer) {
                     cached.insert(address, ()).is_none()
                 } else {
-                    let mut set = LruCache::new(10);
+                    let mut set = LruCache::new(self.config.number_of_addresses_per_peer.get());
                     set.insert(address, ());
-                    self.0.insert(peer, set);
+                    self.inner.insert(peer, set);
 
                     true
                 }
@@ -63,7 +105,7 @@ impl PeerAddresses {
 
     /// Returns peer's external addresses.
     pub fn get(&mut self, peer: &PeerId) -> impl Iterator<Item = Multiaddr> + '_ {
-        self.0
+        self.inner
             .get(peer)
             .into_iter()
             .flat_map(|c| c.iter().map(|(m, ())| m))
@@ -73,7 +115,7 @@ impl PeerAddresses {
     /// Removes address from peer addresses cache.
     /// Returns true if the address was removed.
     pub fn remove(&mut self, peer: &PeerId, address: &Multiaddr) -> bool {
-        match self.0.get_mut(peer) {
+        match self.inner.get_mut(peer) {
             Some(addrs) => match prepare_addr(peer, address) {
                 Ok(address) => addrs.remove(&address).is_some(),
                 Err(_) => false,
@@ -89,7 +131,7 @@ fn prepare_addr(peer: &PeerId, addr: &Multiaddr) -> Result<Multiaddr, Multiaddr>
 
 impl Default for PeerAddresses {
     fn default() -> Self {
-        Self(LruCache::new(100))
+        Self::new(Default::default())
     }
 }
 
diff --git a/swarm/src/lib.rs b/swarm/src/lib.rs
index d0ae6118190..ac436ea639f 100644
--- a/swarm/src/lib.rs
+++ b/swarm/src/lib.rs
@@ -105,7 +105,8 @@ pub use behaviour::{
     AddressChange, CloseConnection, ConnectionClosed, DialFailure, ExpiredListenAddr,
     ExternalAddrExpired, ExternalAddresses, FromSwarm, ListenAddresses, ListenFailure,
     ListenerClosed, ListenerError, NetworkBehaviour, NewExternalAddrCandidate,
-    NewExternalAddrOfPeer, NewListenAddr, NotifyHandler, PeerAddresses, ToSwarm,
+    NewExternalAddrOfPeer, NewListenAddr, NotifyHandler, PeerAddresses, PeerAddressesConfig,
+    ToSwarm,
 };
 pub use connection::{pool::ConnectionCounters, ConnectionError, ConnectionId, SupportedProtocols};
 use connection::{