diff --git a/include/zephyr/sys/p4wq.h b/include/zephyr/sys/p4wq.h
index 8ddb8f0d7a781..967de8c877000 100644
--- a/include/zephyr/sys/p4wq.h
+++ b/include/zephyr/sys/p4wq.h
@@ -18,6 +18,13 @@ struct k_p4wq_work;
  */
 typedef void (*k_p4wq_handler_t)(struct k_p4wq_work *work);
 
+/**
+ * Optional P4 Queue done callback.
+ * Will be called after the memory structure is not used anymore by the p4wq.
+ * If it is not used it must be set to NULL.
+ */
+typedef void (*k_p4wq_done_handler_t)(struct k_p4wq_work *work);
+
 /**
  * @brief P4 Queue Work Item
  *
@@ -74,6 +81,11 @@ struct k_p4wq {
 
 	/* K_P4WQ_* flags above */
 	uint32_t flags;
+
+	/* done handler which is called every time after work was successfully executed
+	 * and k_p4wq_work is not needed by p4wq anymore
+	 */
+	k_p4wq_done_handler_t done_handler;
 };
 
 struct k_p4wq_initparam {
@@ -83,6 +95,7 @@ struct k_p4wq_initparam {
 	struct k_thread *threads;
 	struct z_thread_stack_element *stacks;
 	uint32_t flags;
+	k_p4wq_done_handler_t done_handler;
 };
 
 /**
@@ -95,8 +108,9 @@ struct k_p4wq_initparam {
  * @param name Symbol name of the struct k_p4wq that will be defined
  * @param n_threads Number of threads in the work queue pool
  * @param stack_sz Requested stack size of each thread, in bytes
+ * @param dn_handler Function pointer to handler of type k_p4wq_done_handler_t
  */
-#define K_P4WQ_DEFINE(name, n_threads, stack_sz)			\
+#define K_P4WQ_DEFINE_WITH_DONE_HANDLER(name, n_threads, stack_sz, dn_handler)			\
 	static K_THREAD_STACK_ARRAY_DEFINE(_p4stacks_##name,		\
 					   n_threads, stack_sz);	\
 	static struct k_thread _p4threads_##name[n_threads];		\
@@ -109,8 +123,19 @@ struct k_p4wq_initparam {
 		.stacks = &(_p4stacks_##name[0][0]),			\
 		.queue = &name,						\
 		.flags = 0,						\
+		.done_handler = dn_handler,			\
 	}
 
+/**
+ * @brief Statically initialize a P4 Work Queue
+ *
+ * Same like K_P4WQ_DEFINE_WITH_DONE_HANDLER but without an
+ * optional handler which is called everytime when work is executed
+ * and not used anymore by the p4wq
+ */
+#define K_P4WQ_DEFINE(name, n_threads, stack_sz)			\
+	K_P4WQ_DEFINE_WITH_DONE_HANDLER(name, n_threads, stack_sz, NULL)
+
 /**
  * @brief Statically initialize an array of P4 Work Queues
  *
@@ -122,8 +147,9 @@ struct k_p4wq_initparam {
  * @param n_threads Number of threads and work queues
  * @param stack_sz Requested stack size of each thread, in bytes
  * @param flg Flags
+ * @param dn_handler Function pointer to handler of type k_p4wq_done_handler_t
  */
-#define K_P4WQ_ARRAY_DEFINE(name, n_threads, stack_sz, flg)		\
+#define K_P4WQ_ARRAY_DEFINE_WITH_DONE_HANDLER(name, n_threads, stack_sz, flg, dn_handler) \
 	static K_THREAD_STACK_ARRAY_DEFINE(_p4stacks_##name,		\
 					   n_threads, stack_sz);	\
 	static struct k_thread _p4threads_##name[n_threads];		\
@@ -136,8 +162,19 @@ struct k_p4wq_initparam {
 		.stacks = &(_p4stacks_##name[0][0]),			\
 		.queue = name,						\
 		.flags = K_P4WQ_QUEUE_PER_THREAD | flg,			\
+		.done_handler = dn_handler,							\
 	}
 
+/**
+ * @brief Statically initialize an array of P4 Work Queues
+ *
+ * Same like K_P4WQ_ARRAY_DEFINE_WITH_DONE_HANDLER but without an
+ * optional handler which is called everytime when work is executed
+ * and not used anymore by the p4wq
+ */
+#define K_P4WQ_ARRAY_DEFINE(name, n_threads, stack_sz, flg)		\
+	K_P4WQ_ARRAY_DEFINE_WITH_DONE_HANDLER(name, n_threads, stack_sz, flg, NULL)
+
 /**
  * @brief Initialize P4 Queue
  *
diff --git a/lib/os/p4wq.c b/lib/os/p4wq.c
index 22d24da140b83..9218ca612fa61 100644
--- a/lib/os/p4wq.c
+++ b/lib/os/p4wq.c
@@ -104,7 +104,14 @@ static FUNC_NORETURN void p4wq_loop(void *p0, void *p1, void *p2)
 			if (!thread_was_requeued(_current)) {
 				sys_dlist_remove(&w->dlnode);
 				w->thread = NULL;
-				k_sem_give(&w->done_sem);
+
+				if (queue->done_handler) {
+					k_spin_unlock(&queue->lock, k);
+					queue->done_handler(w);
+					k = k_spin_lock(&queue->lock);
+				} else {
+					k_sem_give(&w->done_sem);
+				}
 			}
 		} else {
 			z_pend_curr(&queue->lock, k, &queue->waitq, K_FOREVER);
@@ -152,6 +159,7 @@ static int static_init(void)
 
 			if (!i || (pp->flags & K_P4WQ_QUEUE_PER_THREAD)) {
 				k_p4wq_init(q);
+				q->done_handler = pp->done_handler;
 			}
 
 			q->flags = pp->flags;
@@ -299,7 +307,14 @@ bool k_p4wq_cancel(struct k_p4wq *queue, struct k_p4wq_work *item)
 
 	if (ret) {
 		rb_remove(&queue->queue, &item->rbnode);
-		k_sem_give(&item->done_sem);
+
+		if (queue->done_handler) {
+			k_spin_unlock(&queue->lock, k);
+			queue->done_handler(item);
+			k = k_spin_lock(&queue->lock);
+		} else {
+			k_sem_give(&item->done_sem);
+		}
 	}
 
 	k_spin_unlock(&queue->lock, k);
diff --git a/subsys/rtio/rtio_workq.c b/subsys/rtio/rtio_workq.c
index b063ead71a420..f04acb46525c7 100644
--- a/subsys/rtio/rtio_workq.c
+++ b/subsys/rtio/rtio_workq.c
@@ -11,15 +11,24 @@
 #define RTIO_WORKQ_PRIO_HIGH		RTIO_WORKQ_PRIO_MED - 1
 #define RTIO_WORKQ_PRIO_LOW		RTIO_WORKQ_PRIO_MED + 1
 
-K_P4WQ_DEFINE(rtio_workq,
-	      CONFIG_RTIO_WORKQ_THREADS_POOL,
-	      CONFIG_RTIO_WORKQ_STACK_SIZE);
-
 K_MEM_SLAB_DEFINE_STATIC(rtio_work_items_slab,
 			 sizeof(struct rtio_work_req),
 			 CONFIG_RTIO_WORKQ_POOL_ITEMS,
 			 4);
 
+static void rtio_work_req_done_handler(struct k_p4wq_work *work)
+{
+	struct rtio_work_req *req = CONTAINER_OF(work,
+						 struct rtio_work_req,
+						 work);
+	k_mem_slab_free(&rtio_work_items_slab, req);
+}
+
+K_P4WQ_DEFINE_WITH_DONE_HANDLER(rtio_workq,
+	      CONFIG_RTIO_WORKQ_THREADS_POOL,
+	      CONFIG_RTIO_WORKQ_STACK_SIZE,
+		  rtio_work_req_done_handler);
+
 static void rtio_work_handler(struct k_p4wq_work *work)
 {
 	struct rtio_work_req *req = CONTAINER_OF(work,
@@ -28,8 +37,6 @@ static void rtio_work_handler(struct k_p4wq_work *work)
 	struct rtio_iodev_sqe *iodev_sqe = req->iodev_sqe;
 
 	req->handler(iodev_sqe);
-
-	k_mem_slab_free(&rtio_work_items_slab, req);
 }
 
 struct rtio_work_req *rtio_work_req_alloc(void)