diff --git a/Cargo.toml b/Cargo.toml
index 3d25f578d76..7bd341131d0 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -71,6 +71,9 @@ experimental-inspect = []
 # Enables macros: #[pyclass], #[pymodule], #[pyfunction] etc.
 macros = ["pyo3-macros", "indoc", "unindent"]
 
+# Enables GIL-bound references backed by a thread-local pool
+pool = []
+
 # Enables multiple #[pymethods] per #[pyclass]
 multiple-pymethods = ["inventory", "pyo3-macros/multiple-pymethods"]
 
diff --git a/src/conversion.rs b/src/conversion.rs
index 0a842f9a419..fd44af5e813 100644
--- a/src/conversion.rs
+++ b/src/conversion.rs
@@ -5,10 +5,9 @@ use crate::inspect::types::TypeInfo;
 use crate::pyclass::boolean_struct::False;
 use crate::type_object::PyTypeInfo;
 use crate::types::PyTuple;
-use crate::{
-    ffi, gil, Py, PyAny, PyCell, PyClass, PyNativeType, PyObject, PyRef, PyRefMut, Python,
-};
+use crate::{ffi, Py, PyAny, PyCell, PyClass, PyNativeType, PyObject, PyRef, PyRefMut, Python};
 use std::cell::Cell;
+#[cfg(feature = "pool")]
 use std::ptr::NonNull;
 
 /// Returns a borrowed pointer to a Python object.
@@ -543,12 +542,13 @@ pub unsafe trait FromPyPointer<'p>: Sized {
     }
 }
 
+#[cfg(feature = "pool")]
 unsafe impl<'p, T> FromPyPointer<'p> for T
 where
     T: 'p + crate::PyNativeType,
 {
     unsafe fn from_owned_ptr_or_opt(py: Python<'p>, ptr: *mut ffi::PyObject) -> Option<&'p Self> {
-        gil::register_owned(py, NonNull::new(ptr)?);
+        crate::gil::register_owned(py, NonNull::new(ptr)?);
         Some(&*(ptr as *mut Self))
     }
     unsafe fn from_borrowed_ptr_or_opt(
diff --git a/src/gil.rs b/src/gil.rs
index d346ad95ea9..2a66ba7758c 100644
--- a/src/gil.rs
+++ b/src/gil.rs
@@ -1,12 +1,13 @@
 //! Interaction with Python's global interpreter lock
 
+#[cfg(feature = "pool")]
 use crate::impl_::not_send::{NotSend, NOT_SEND};
 use crate::{ffi, Python};
 use parking_lot::{const_mutex, Mutex, Once};
 use std::cell::Cell;
-#[cfg(debug_assertions)]
+#[cfg(all(feature = "pool", debug_assertions))]
 use std::cell::RefCell;
-#[cfg(not(debug_assertions))]
+#[cfg(all(feature = "pool", not(debug_assertions)))]
 use std::cell::UnsafeCell;
 use std::{mem, ptr::NonNull};
 
@@ -37,9 +38,9 @@ thread_local_const_init! {
     static GIL_COUNT: Cell<isize> = const { Cell::new(0) };
 
     /// Temporarily hold objects that will be released when the GILPool drops.
-    #[cfg(debug_assertions)]
+    #[cfg(all(feature = "pool", debug_assertions))]
     static OWNED_OBJECTS: RefCell<PyObjVec> = const { RefCell::new(Vec::new()) };
-    #[cfg(not(debug_assertions))]
+    #[cfg(all(feature = "pool", not(debug_assertions)))]
     static OWNED_OBJECTS: UnsafeCell<PyObjVec> = const { UnsafeCell::new(Vec::new()) };
 }
 
@@ -139,17 +140,27 @@ where
     ffi::Py_InitializeEx(0);
 
     // Safety: the GIL is already held because of the Py_IntializeEx call.
+    #[cfg(feature = "pool")]
     let pool = GILPool::new();
+    #[cfg(feature = "pool")]
+    let py = pool.python();
+    #[cfg(not(feature = "pool"))]
+    let gil = WithGIL::during_call();
+    #[cfg(not(feature = "pool"))]
+    let py = gil.python();
 
     // Import the threading module - this ensures that it will associate this thread as the "main"
     // thread, which is important to avoid an `AssertionError` at finalization.
-    pool.python().import("threading").unwrap();
+    py.import("threading").unwrap();
 
     // Execute the closure.
-    let result = f(pool.python());
+    let result = f(py);
 
     // Drop the pool before finalizing.
+    #[cfg(feature = "pool")]
     drop(pool);
+    #[cfg(not(feature = "pool"))]
+    drop(gil);
 
     // Finalize the Python interpreter.
     ffi::Py_Finalize();
@@ -160,6 +171,7 @@ where
 /// RAII type that represents the Global Interpreter Lock acquisition.
 pub(crate) struct GILGuard {
     gstate: ffi::PyGILState_STATE,
+    #[cfg(feature = "pool")]
     pool: mem::ManuallyDrop<GILPool>,
 }
 
@@ -222,9 +234,14 @@ impl GILGuard {
         }
 
         let gstate = unsafe { ffi::PyGILState_Ensure() }; // acquire GIL
+        #[cfg(feature = "pool")]
         let pool = unsafe { mem::ManuallyDrop::new(GILPool::new()) };
 
-        Some(GILGuard { gstate, pool })
+        Some(GILGuard {
+            gstate,
+            #[cfg(feature = "pool")]
+            pool,
+        })
     }
 }
 
@@ -233,6 +250,7 @@ impl Drop for GILGuard {
     fn drop(&mut self) {
         unsafe {
             // Drop the objects in the pool before attempting to release the thread state
+            #[cfg(feature = "pool")]
             mem::ManuallyDrop::drop(&mut self.pool);
 
             ffi::PyGILState_Release(self.gstate);
@@ -317,6 +335,30 @@ impl Drop for SuspendGIL {
     }
 }
 
+/// Used to indicate safe access to the GIL
+pub(crate) struct WithGIL;
+
+impl WithGIL {
+    pub unsafe fn during_call() -> Self {
+        increment_gil_count();
+
+        // Update counts of PyObjects / Py that have been cloned or dropped since last acquisition
+        POOL.update_counts(Python::assume_gil_acquired());
+
+        Self
+    }
+
+    pub fn python(&self) -> Python<'_> {
+        unsafe { Python::assume_gil_acquired() }
+    }
+}
+
+impl Drop for WithGIL {
+    fn drop(&mut self) {
+        decrement_gil_count();
+    }
+}
+
 /// Used to lock safe access to the GIL
 pub(crate) struct LockGIL {
     count: isize,
@@ -355,9 +397,9 @@ impl Drop for LockGIL {
 ///
 /// See the [Memory Management] chapter of the guide for more information about how PyO3 uses
 /// [`GILPool`] to manage memory.
-
 ///
 /// [Memory Management]: https://pyo3.rs/main/memory.html#gil-bound-memory
+#[cfg(feature = "pool")]
 pub struct GILPool {
     /// Initial length of owned objects and anys.
     /// `Option` is used since TSL can be broken when `new` is called from `atexit`.
@@ -365,6 +407,7 @@ pub struct GILPool {
     _not_send: NotSend,
 }
 
+#[cfg(feature = "pool")]
 impl GILPool {
     /// Creates a new [`GILPool`]. This function should only ever be called with the GIL held.
     ///
@@ -401,6 +444,7 @@ impl GILPool {
     }
 }
 
+#[cfg(feature = "pool")]
 impl Drop for GILPool {
     fn drop(&mut self) {
         if let Some(start) = self.start {
@@ -463,6 +507,7 @@ pub unsafe fn register_decref(obj: NonNull<ffi::PyObject>) {
 ///
 /// # Safety
 /// The object must be an owned Python reference.
+#[cfg(feature = "pool")]
 pub unsafe fn register_owned(_py: Python<'_>, obj: NonNull<ffi::PyObject>) {
     debug_assert!(gil_is_acquired());
     // Ignores the error in case this function called from `atexit`.
diff --git a/src/impl_/not_send.rs b/src/impl_/not_send.rs
index 97c2984aff8..8f6fd012533 100644
--- a/src/impl_/not_send.rs
+++ b/src/impl_/not_send.rs
@@ -6,4 +6,5 @@ use crate::Python;
 /// Workaround for lack of !Send on stable (<https://github.com/rust-lang/rust/issues/68318>).
 pub(crate) struct NotSend(PhantomData<*mut Python<'static>>);
 
+#[cfg(feature = "pool")]
 pub(crate) const NOT_SEND: NotSend = NotSend(PhantomData);
diff --git a/src/impl_/trampoline.rs b/src/impl_/trampoline.rs
index 5ae75e0fd2e..fa10fe96444 100644
--- a/src/impl_/trampoline.rs
+++ b/src/impl_/trampoline.rs
@@ -9,9 +9,13 @@ use std::{
     panic::{self, UnwindSafe},
 };
 
+#[cfg(feature = "pool")]
+use crate::gil::GILPool;
+#[cfg(not(feature = "pool"))]
+use crate::gil::WithGIL;
 use crate::{
     callback::PyCallbackOutput, ffi, impl_::panic::PanicTrap, methods::IPowModulo,
-    panic::PanicException, types::PyModule, GILPool, Py, PyResult, Python,
+    panic::PanicException, types::PyModule, Py, PyResult, Python,
 };
 
 #[inline]
@@ -174,8 +178,14 @@ where
     R: PyCallbackOutput,
 {
     let trap = PanicTrap::new("uncaught panic at ffi boundary");
+    #[cfg(feature = "pool")]
     let pool = unsafe { GILPool::new() };
+    #[cfg(feature = "pool")]
     let py = pool.python();
+    #[cfg(not(feature = "pool"))]
+    let gil = unsafe { WithGIL::during_call() };
+    #[cfg(not(feature = "pool"))]
+    let py = gil.python();
     let out = panic_result_into_callback_output(
         py,
         panic::catch_unwind(move || -> PyResult<_> { body(py) }),
@@ -219,8 +229,14 @@ where
     F: for<'py> FnOnce(Python<'py>) -> PyResult<()> + UnwindSafe,
 {
     let trap = PanicTrap::new("uncaught panic at ffi boundary");
-    let pool = GILPool::new();
+    #[cfg(feature = "pool")]
+    let pool = unsafe { GILPool::new() };
+    #[cfg(feature = "pool")]
     let py = pool.python();
+    #[cfg(not(feature = "pool"))]
+    let gil = unsafe { WithGIL::during_call() };
+    #[cfg(not(feature = "pool"))]
+    let py = gil.python();
     if let Err(py_err) = panic::catch_unwind(move || body(py))
         .unwrap_or_else(|payload| Err(PanicException::from_panic_payload(payload)))
     {
diff --git a/src/lib.rs b/src/lib.rs
index e28da283cde..8dea4a4b968 100644
--- a/src/lib.rs
+++ b/src/lib.rs
@@ -298,6 +298,7 @@ pub use crate::conversion::{AsPyPointer, FromPyObject, FromPyPointer, IntoPy, To
 #[allow(deprecated)]
 pub use crate::conversion::{PyTryFrom, PyTryInto};
 pub use crate::err::{PyDowncastError, PyErr, PyErrArguments, PyResult};
+#[cfg(feature = "pool")]
 pub use crate::gil::GILPool;
 #[cfg(not(PyPy))]
 pub use crate::gil::{prepare_freethreaded_python, with_embedded_python_interpreter};
diff --git a/src/marker.rs b/src/marker.rs
index a6517fa1844..a4a56bb2ade 100644
--- a/src/marker.rs
+++ b/src/marker.rs
@@ -116,7 +116,9 @@
 //! [`Rc`]: std::rc::Rc
 //! [`Py`]: crate::Py
 use crate::err::{self, PyDowncastError, PyErr, PyResult};
-use crate::gil::{GILGuard, GILPool, SuspendGIL};
+#[cfg(feature = "pool")]
+use crate::gil::GILPool;
+use crate::gil::{GILGuard, SuspendGIL};
 use crate::impl_::not_send::NotSend;
 use crate::type_object::HasPyGilRef;
 use crate::types::{
@@ -967,6 +969,7 @@ impl<'py> Python<'py> {
     ///
     /// [`.python()`]: crate::GILPool::python
     #[inline]
+    #[cfg(feature = "pool")]
     pub unsafe fn new_pool(self) -> GILPool {
         GILPool::new()
     }
@@ -1025,6 +1028,7 @@ impl Python<'_> {
     /// });
     /// ```
     #[inline]
+    #[cfg(feature = "pool")]
     pub fn with_pool<F, R>(&self, f: F) -> R
     where
         F: for<'py> FnOnce(Python<'py>) -> R + Ungil,