diff --git a/llvm/cmake/modules/CMakeLists.txt b/llvm/cmake/modules/CMakeLists.txt
index ef4cfa3acdb59..c64bf3e90fcd4 100644
--- a/llvm/cmake/modules/CMakeLists.txt
+++ b/llvm/cmake/modules/CMakeLists.txt
@@ -80,11 +80,6 @@ if (LLVM_BUILD_UTILS)
   endif()
 endif()
 
-if (LLVM_LINK_LLVM_DYLIB)
-  set(LLVM_CONFIG_LINK_LLVM_DYLIB
-      "set(LLVM_LINK_LLVM_DYLIB ${LLVM_LINK_LLVM_DYLIB})")
-endif()
-
 # We need to use the full path to the LLVM Exports file to make sure we get the
 # one from the build tree. This is due to our cmake files being split between
 # this source dir and the binary dir in the build tree configuration and the
diff --git a/llvm/cmake/modules/LLVMConfig.cmake.in b/llvm/cmake/modules/LLVMConfig.cmake.in
index 5ccc66b8039bf..1fe78238644c4 100644
--- a/llvm/cmake/modules/LLVMConfig.cmake.in
+++ b/llvm/cmake/modules/LLVMConfig.cmake.in
@@ -22,7 +22,11 @@ set(LLVM_COMMON_DEPENDS @LLVM_COMMON_DEPENDS@)
 
 set(LLVM_AVAILABLE_LIBS @LLVM_AVAILABLE_LIBS@)
 
-@LLVM_CONFIG_LINK_LLVM_DYLIB@
+# By only exporting the setting if it was not yet defined, out-of-tree
+# clients get the correct default, but may still choose if they can.
+if(@LLVM_LINK_LLVM_DYLIB@ AND NOT DEFINED LLVM_LINK_LLVM_DYLIB)
+  set(LLVM_LINK_LLVM_DYLIB @LLVM_LINK_LLVM_DYLIB@)
+endif()
 
 set(LLVM_DYLIB_COMPONENTS @LLVM_DYLIB_COMPONENTS@)