diff --git a/CMakeLists.txt b/CMakeLists.txt
index 5cba6ee3a8bbd..c3fb4af34d6e8 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -91,6 +91,8 @@ set(PARSE_SYSCALLS_TARGET      parse_syscalls_target)
 
 define_property(GLOBAL PROPERTY PROPERTY_OUTPUT_FORMAT BRIEF_DOCS " " FULL_DOCS " ")
 set_property(   GLOBAL PROPERTY PROPERTY_OUTPUT_FORMAT elf32-little${ARCH}) # BFD format
+define_property(GLOBAL PROPERTY PROPERTY_CODE_RELOCATION_TARGET
+  BRIEF_DOCS "Code relocation target location" FULL_DOCS " ")
 
 # "zephyr_interface" is a source-less library that encapsulates all the global
 # compiler options needed by all source files. All zephyr libraries,
@@ -815,6 +817,21 @@ foreach(zephyr_lib ${ZEPHYR_LIBS_PROPERTY})
       list(REMOVE_ITEM ZEPHYR_LIBS_PROPERTY ${zephyr_lib})
       continue()
     endif()
+    # In order to allow zephyr_library_relocate to be called prior to adding
+    # library sources, we must parse and generate relocation information
+    # once all libraries have been defined
+    get_property(relocation_target TARGET ${zephyr_lib} PROPERTY
+      PROPERTY_CODE_RELOCATION_TARGET)
+    if(NOT "${relocation_target}" STREQUAL "")
+      get_property(lib_source_dir TARGET ${zephyr_lib} PROPERTY SOURCE_DIR)
+      foreach(file ${source_list})
+        if(NOT IS_ABSOLUTE ${file})
+          set(file ${lib_source_dir}/${file})
+        endif()
+        set_property(TARGET code_data_relocation_target APPEND PROPERTY
+          COMPILE_DEFINITIONS "${relocation_target}:${file}")
+      endforeach()
+    endif()
   endif()
 
   # TODO: Could this become an INTERFACE property of zephyr_interface?
diff --git a/cmake/modules/extensions.cmake b/cmake/modules/extensions.cmake
index dae67fff09466..04b8712a9a6fb 100644
--- a/cmake/modules/extensions.cmake
+++ b/cmake/modules/extensions.cmake
@@ -1281,6 +1281,20 @@ function(zephyr_linker_sources location)
   endforeach()
 endfunction(zephyr_linker_sources)
 
+function(zephyr_library_relocate location)
+  set(options NOCOPY)
+  cmake_parse_arguments(CODE_REL "${options}" "" "" ${ARGN})
+  if(NOT CODE_REL_NOCOPY)
+    set(copy_flag COPY)
+  else()
+    set(copy_flag NOCOPY)
+  endif()
+  # Set current library relocation property. This will be picked up
+  # in the root CMakeLists.txt file to relocate all sources added to
+  # this library
+  set_property(TARGET ${ZEPHYR_CURRENT_LIBRARY}
+    PROPERTY PROPERTY_CODE_RELOCATION_TARGET "${location}:${copy_flag}")
+endfunction()
 
 # Helper function for CONFIG_CODE_DATA_RELOCATION
 # Call this function with 2 arguments file and then memory location.
diff --git a/drivers/ethernet/Kconfig.mcux b/drivers/ethernet/Kconfig.mcux
index 1ecf0db8dc97d..4bb68e7b35dd7 100644
--- a/drivers/ethernet/Kconfig.mcux
+++ b/drivers/ethernet/Kconfig.mcux
@@ -110,4 +110,30 @@ config ETH_MCUX_PTP_CLOCK_INIT_PRIO
 
 endif # PTP_CLOCK_MCUX
 
+
+# Add relocation options for networking code
+if NET_CODE_RELOCATE
+
+if CPU_CORTEX_M7
+
+# Relocate code to ITCM for M7 cores
+
+choice NET_CODE_RAM
+	default NET_CODE_RAM_ITCM
+
+config NET_CODE_RAM_ITCM
+	bool "ITCM"
+	help
+	  Relocate networking subsystem code to ITCM
+
+endchoice
+
+config NET_CODE_RAM_NAME
+	string
+	default "ITCM" if NET_CODE_RAM_ITCM
+
+endif # CPU_CORTEX_M7
+
+endif # NET_CODE_RELOCATE
+
 endif # ETH_MCUX
diff --git a/samples/net/zperf/boards/mimxrt1050_evk.conf b/samples/net/zperf/boards/mimxrt1050_evk.conf
index 8f90b5bd833fa..b5d2942ed62e4 100644
--- a/samples/net/zperf/boards/mimxrt1050_evk.conf
+++ b/samples/net/zperf/boards/mimxrt1050_evk.conf
@@ -1,2 +1,3 @@
 # Note: HW accleration does not support IPV6
 CONFIG_ETH_MCUX_HW_ACCELERATION=y
+CONFIG_NET_CODE_RELOCATE=y
diff --git a/samples/net/zperf/boards/mimxrt1060_evk.conf b/samples/net/zperf/boards/mimxrt1060_evk.conf
index 8f90b5bd833fa..b5d2942ed62e4 100644
--- a/samples/net/zperf/boards/mimxrt1060_evk.conf
+++ b/samples/net/zperf/boards/mimxrt1060_evk.conf
@@ -1,2 +1,3 @@
 # Note: HW accleration does not support IPV6
 CONFIG_ETH_MCUX_HW_ACCELERATION=y
+CONFIG_NET_CODE_RELOCATE=y
diff --git a/scripts/build/gen_relocate_app.py b/scripts/build/gen_relocate_app.py
index 594dba1bd3c77..f5be96255a872 100644
--- a/scripts/build/gen_relocate_app.py
+++ b/scripts/build/gen_relocate_app.py
@@ -45,7 +45,7 @@
 
 
 PRINT_TEMPLATE = """
-                KEEP(*({0}))
+                *({0})
 """
 
 SECTION_LOAD_MEMORY_SEQ = """
@@ -495,7 +495,6 @@ def main():
             mem_type = mem_type.split("|", 1)[0]
             code_generation = generate_memcpy_code(mem_type,
                                                list_of_sections, code_generation)
-
     dump_header_file(args.output_code, code_generation)
 
 
diff --git a/subsys/net/CMakeLists.txt b/subsys/net/CMakeLists.txt
index bbc680f74e7f0..8bd56de5ecda9 100644
--- a/subsys/net/CMakeLists.txt
+++ b/subsys/net/CMakeLists.txt
@@ -4,6 +4,10 @@ zephyr_library()
 zephyr_library_sources_ifdef(CONFIG_NET_BUF             buf.c)
 zephyr_library_sources_ifdef(CONFIG_NET_HOSTNAME_ENABLE hostname.c)
 
+if(CONFIG_NET_CODE_RELOCATE)
+  zephyr_library_relocate("${CONFIG_NET_CODE_RAM_NAME}_TEXT")
+endif()
+
 if(CONFIG_NETWORKING)
   add_subdirectory(l2)
   add_subdirectory(pkt_filter)
diff --git a/subsys/net/Kconfig b/subsys/net/Kconfig
index 001807526c534..cb517aca14fa3 100644
--- a/subsys/net/Kconfig
+++ b/subsys/net/Kconfig
@@ -70,6 +70,38 @@ config NETWORKING
 
 if NETWORKING
 
+config NET_CODE_RELOCATE
+	bool "Relocate network subsystem code into RAM"
+	select CODE_DATA_RELOCATION
+	help
+	  Relocate networking subsystem code into RAM using zephyr_code_relocate
+	  macro. This may enable significant performance gains on some
+	  platforms, depending on the speed of their RAM versus FLASH region.
+if NET_CODE_RELOCATE
+
+choice NET_CODE_RAM
+	prompt "Location to relocate networking code to in RAM"
+	default NET_CODE_RAM_SRAM
+	help
+	  Location to relocated networking code to. Defaults to SRAM unless
+	  the platform selects a higher performance RAM region
+
+config NET_CODE_RAM_SRAM
+	bool "SRAM"
+	select CODE_DATA_RELOCATION_SRAM
+	help
+	  Relocate networking subsystem code to SRAM
+
+endchoice
+
+config NET_CODE_RAM_NAME
+	string
+	default "SRAM" if NET_CODE_RAM_SRAM
+	help
+	  Hidden option for RAM bank to relocate networking code into
+
+endif # NET_CODE_RELOCATE
+
 # Such option should not be configured manually but by device drivers
 # which supports PM properly.
 config NET_POWER_MANAGEMENT
diff --git a/subsys/net/ip/CMakeLists.txt b/subsys/net/ip/CMakeLists.txt
index cba2dcd921d40..1b88720d19c15 100644
--- a/subsys/net/ip/CMakeLists.txt
+++ b/subsys/net/ip/CMakeLists.txt
@@ -13,6 +13,10 @@ zephyr_library_sources(
   utils.c
   )
 
+if(CONFIG_NET_CODE_RELOCATE)
+  zephyr_library_relocate("${CONFIG_NET_CODE_RAM_NAME}_TEXT")
+endif()
+
 if(CONFIG_NET_OFFLOAD)
 zephyr_library_sources(net_context.c net_pkt.c net_tc.c)
 endif()