diff --git a/drivers/net/ethernet/engleder/tsnep_main.c b/drivers/net/ethernet/engleder/tsnep_main.c
index 18df6a5cbfc6..a16b12137edb 100644
--- a/drivers/net/ethernet/engleder/tsnep_main.c
+++ b/drivers/net/ethernet/engleder/tsnep_main.c
@@ -230,7 +230,7 @@ static int tsnep_phy_loopback(struct tsnep_adapter *adapter, bool enable)
 {
 	int retval;
 
-	retval = phy_loopback(adapter->phydev, enable);
+	retval = phy_loopback(adapter->phydev, enable, 0);
 
 	/* PHY link state change is not signaled if loopback is enabled, it
 	 * would delay a working loopback anyway, let's ensure that loopback
diff --git a/drivers/net/ethernet/hisilicon/hns/hns_ethtool.c b/drivers/net/ethernet/hisilicon/hns/hns_ethtool.c
index 6c458f037262..60a586a951a0 100644
--- a/drivers/net/ethernet/hisilicon/hns/hns_ethtool.c
+++ b/drivers/net/ethernet/hisilicon/hns/hns_ethtool.c
@@ -266,9 +266,9 @@ static int hns_nic_config_phy_loopback(struct phy_device *phy_dev, u8 en)
 		if (err)
 			goto out;
 
-		err = phy_loopback(phy_dev, true);
+		err = phy_loopback(phy_dev, true, 0);
 	} else {
-		err = phy_loopback(phy_dev, false);
+		err = phy_loopback(phy_dev, false, 0);
 		if (err)
 			goto out;
 
diff --git a/drivers/net/ethernet/hisilicon/hns3/hns3pf/hclge_main.c b/drivers/net/ethernet/hisilicon/hns3/hns3pf/hclge_main.c
index 3f17b3073e50..f8161d6eb152 100644
--- a/drivers/net/ethernet/hisilicon/hns3/hns3pf/hclge_main.c
+++ b/drivers/net/ethernet/hisilicon/hns3/hns3pf/hclge_main.c
@@ -7875,7 +7875,7 @@ static int hclge_enable_phy_loopback(struct hclge_dev *hdev,
 	if (ret)
 		return ret;
 
-	return phy_loopback(phydev, true);
+	return phy_loopback(phydev, true, 0);
 }
 
 static int hclge_disable_phy_loopback(struct hclge_dev *hdev,
@@ -7883,7 +7883,7 @@ static int hclge_disable_phy_loopback(struct hclge_dev *hdev,
 {
 	int ret;
 
-	ret = phy_loopback(phydev, false);
+	ret = phy_loopback(phydev, false, 0);
 	if (ret)
 		return ret;
 
diff --git a/drivers/net/ethernet/hisilicon/hns3/hns3pf/hclge_mdio.c b/drivers/net/ethernet/hisilicon/hns3/hns3pf/hclge_mdio.c
index 80079657afeb..9a456ebf9b7c 100644
--- a/drivers/net/ethernet/hisilicon/hns3/hns3pf/hclge_mdio.c
+++ b/drivers/net/ethernet/hisilicon/hns3/hns3pf/hclge_mdio.c
@@ -258,7 +258,7 @@ void hclge_mac_start_phy(struct hclge_dev *hdev)
 	if (!phydev)
 		return;
 
-	phy_loopback(phydev, false);
+	phy_loopback(phydev, false, 0);
 
 	phy_start(phydev);
 }
diff --git a/drivers/net/ethernet/stmicro/stmmac/stmmac_selftests.c b/drivers/net/ethernet/stmicro/stmmac/stmmac_selftests.c
index 3ca1c2a816ff..a01bc394d1ac 100644
--- a/drivers/net/ethernet/stmicro/stmmac/stmmac_selftests.c
+++ b/drivers/net/ethernet/stmicro/stmmac/stmmac_selftests.c
@@ -382,14 +382,14 @@ static int stmmac_test_phy_loopback(struct stmmac_priv *priv)
 	if (!priv->dev->phydev)
 		return -EOPNOTSUPP;
 
-	ret = phy_loopback(priv->dev->phydev, true);
+	ret = phy_loopback(priv->dev->phydev, true, 0);
 	if (ret)
 		return ret;
 
 	attr.dst = priv->dev->dev_addr;
 	ret = __stmmac_test_loopback(priv, &attr);
 
-	phy_loopback(priv->dev->phydev, false);
+	phy_loopback(priv->dev->phydev, false, 0);
 	return ret;
 }
 
@@ -1985,7 +1985,7 @@ void stmmac_selftest_run(struct net_device *dev,
 		case STMMAC_LOOPBACK_PHY:
 			ret = -EOPNOTSUPP;
 			if (dev->phydev)
-				ret = phy_loopback(dev->phydev, true);
+				ret = phy_loopback(dev->phydev, true, 0);
 			if (!ret)
 				break;
 			fallthrough;
@@ -2018,7 +2018,7 @@ void stmmac_selftest_run(struct net_device *dev,
 		case STMMAC_LOOPBACK_PHY:
 			ret = -EOPNOTSUPP;
 			if (dev->phydev)
-				ret = phy_loopback(dev->phydev, false);
+				ret = phy_loopback(dev->phydev, false, 0);
 			if (!ret)
 				break;
 			fallthrough;
diff --git a/drivers/net/phy/phy.c b/drivers/net/phy/phy.c
index d0c1718e2b16..f9d2999a6526 100644
--- a/drivers/net/phy/phy.c
+++ b/drivers/net/phy/phy.c
@@ -1703,6 +1703,84 @@ void phy_mac_interrupt(struct phy_device *phydev)
 }
 EXPORT_SYMBOL(phy_mac_interrupt);
 
+/**
+ * phy_loopback - Configure loopback mode of PHY
+ * @phydev: target phy_device struct
+ * @enable: enable or disable loopback mode
+ * @speed: enable loopback mode with speed
+ *
+ * Configure loopback mode of PHY and signal link down and link up if speed is
+ * changing.
+ *
+ * Return: 0 on success, negative error code on failure.
+ */
+int phy_loopback(struct phy_device *phydev, bool enable, int speed)
+{
+	bool link_up = false;
+	int ret = 0;
+
+	if (!phydev->drv)
+		return -EIO;
+
+	mutex_lock(&phydev->lock);
+
+	if (enable && phydev->loopback_enabled) {
+		ret = -EBUSY;
+		goto out;
+	}
+
+	if (!enable && !phydev->loopback_enabled) {
+		ret = -EINVAL;
+		goto out;
+	}
+
+	if (enable) {
+		/*
+		 * Link up is signaled with a defined speed. If speed changes,
+		 * then first link down and after that link up needs to be
+		 * signaled.
+		 */
+		if (phydev->link && phydev->state == PHY_RUNNING) {
+			/* link is up and signaled */
+			if (speed && phydev->speed != speed) {
+				/* signal link down and up for new speed */
+				phydev->link = false;
+				phydev->state = PHY_NOLINK;
+				phy_link_down(phydev);
+
+				link_up = true;
+			}
+		} else {
+			/* link is not signaled */
+			if (speed) {
+				/* signal link up for new speed */
+				link_up = true;
+			}
+		}
+	}
+
+	if (phydev->drv->set_loopback)
+		ret = phydev->drv->set_loopback(phydev, enable, speed);
+	else
+		ret = genphy_loopback(phydev, enable, speed);
+
+	if (ret)
+		goto out;
+
+	if (link_up) {
+		phydev->link = true;
+		phydev->state = PHY_RUNNING;
+		phy_link_up(phydev);
+	}
+
+	phydev->loopback_enabled = enable;
+
+out:
+	mutex_unlock(&phydev->lock);
+	return ret;
+}
+EXPORT_SYMBOL(phy_loopback);
+
 /**
  * phy_eee_tx_clock_stop_capable() - indicate whether the MAC can stop tx clock
  * @phydev: target phy_device struct
diff --git a/drivers/net/phy/phy_device.c b/drivers/net/phy/phy_device.c
index 15c797580070..139bdebcc6f9 100644
--- a/drivers/net/phy/phy_device.c
+++ b/drivers/net/phy/phy_device.c
@@ -2052,41 +2052,6 @@ int phy_resume(struct phy_device *phydev)
 }
 EXPORT_SYMBOL(phy_resume);
 
-int phy_loopback(struct phy_device *phydev, bool enable)
-{
-	int ret = 0;
-
-	if (!phydev->drv)
-		return -EIO;
-
-	mutex_lock(&phydev->lock);
-
-	if (enable && phydev->loopback_enabled) {
-		ret = -EBUSY;
-		goto out;
-	}
-
-	if (!enable && !phydev->loopback_enabled) {
-		ret = -EINVAL;
-		goto out;
-	}
-
-	if (phydev->drv->set_loopback)
-		ret = phydev->drv->set_loopback(phydev, enable, 0);
-	else
-		ret = genphy_loopback(phydev, enable, 0);
-
-	if (ret)
-		goto out;
-
-	phydev->loopback_enabled = enable;
-
-out:
-	mutex_unlock(&phydev->lock);
-	return ret;
-}
-EXPORT_SYMBOL(phy_loopback);
-
 /**
  * phy_reset_after_clk_enable - perform a PHY reset if needed
  * @phydev: target phy_device struct
diff --git a/include/linux/phy.h b/include/linux/phy.h
index 4e84df2294d2..f9723367e2f7 100644
--- a/include/linux/phy.h
+++ b/include/linux/phy.h
@@ -1886,7 +1886,7 @@ int phy_init_hw(struct phy_device *phydev);
 int phy_suspend(struct phy_device *phydev);
 int phy_resume(struct phy_device *phydev);
 int __phy_resume(struct phy_device *phydev);
-int phy_loopback(struct phy_device *phydev, bool enable);
+int phy_loopback(struct phy_device *phydev, bool enable, int speed);
 int phy_sfp_connect_phy(void *upstream, struct phy_device *phy);
 void phy_sfp_disconnect_phy(void *upstream, struct phy_device *phy);
 void phy_sfp_attach(void *upstream, struct sfp_bus *bus);
diff --git a/net/core/selftests.c b/net/core/selftests.c
index 8f801e6e3b91..e99ae983fca9 100644
--- a/net/core/selftests.c
+++ b/net/core/selftests.c
@@ -299,7 +299,7 @@ static int net_test_phy_loopback_enable(struct net_device *ndev)
 	if (!ndev->phydev)
 		return -EOPNOTSUPP;
 
-	return phy_loopback(ndev->phydev, true);
+	return phy_loopback(ndev->phydev, true, 0);
 }
 
 static int net_test_phy_loopback_disable(struct net_device *ndev)
@@ -307,7 +307,7 @@ static int net_test_phy_loopback_disable(struct net_device *ndev)
 	if (!ndev->phydev)
 		return -EOPNOTSUPP;
 
-	return phy_loopback(ndev->phydev, false);
+	return phy_loopback(ndev->phydev, false, 0);
 }
 
 static int net_test_phy_loopback_udp(struct net_device *ndev)
