diff --git a/qemu-img.c b/qemu-img.c
index 0f67b021f7..a2d6241648 100644
--- a/qemu-img.c
+++ b/qemu-img.c
@@ -3523,6 +3523,7 @@ static int img_rebase(int argc, char **argv)
     uint8_t *buf_new = NULL;
     BlockDriverState *bs = NULL, *prefix_chain_bs = NULL;
     BlockDriverState *unfiltered_bs;
+    BlockDriverInfo bdi = {0};
     char *filename;
     const char *fmt, *cache, *src_cache, *out_basefmt, *out_baseimg;
     int c, flags, src_flags, ret;
@@ -3533,6 +3534,7 @@ static int img_rebase(int argc, char **argv)
     bool quiet = false;
     Error *local_err = NULL;
     bool image_opts = false;
+    int64_t write_align;
 
     /* Parse commandline parameters */
     fmt = NULL;
@@ -3656,6 +3658,20 @@ static int img_rebase(int argc, char **argv)
         }
     }
 
+    /*
+     * We need overlay subcluster size to make sure write requests are
+     * aligned.
+     */
+    ret = bdrv_get_info(unfiltered_bs, &bdi);
+    if (ret < 0) {
+        error_report("could not get block driver info");
+        goto out;
+    } else if (bdi.subcluster_size == 0) {
+        bdi.subcluster_size = 1;
+    }
+
+    write_align = bdi.subcluster_size;
+
     /* For safe rebasing we need to compare old and new backing file */
     if (!unsafe) {
         QDict *options = NULL;
@@ -3753,7 +3769,7 @@ static int img_rebase(int argc, char **argv)
         int64_t old_backing_size = 0;
         int64_t new_backing_size = 0;
         uint64_t offset;
-        int64_t n;
+        int64_t n, n_old = 0, n_new = 0;
         float local_progress = 0;
 
         if (blk_old_backing && bdrv_opt_mem_align(blk_bs(blk_old_backing)) >
@@ -3799,7 +3815,8 @@ static int img_rebase(int argc, char **argv)
         }
 
         for (offset = 0; offset < size; offset += n) {
-            bool buf_old_is_zero = false;
+            bool old_backing_eof = false;
+            int64_t n_alloc;
 
             /* How many bytes can we handle with the next read? */
             n = MIN(IO_BUF_SIZE, size - offset);
@@ -3844,33 +3861,46 @@ static int img_rebase(int argc, char **argv)
                 }
             }
 
+            /*
+             * At this point we know that the region [offset; offset + n)
+             * is unallocated within the target image.  This region might be
+             * unaligned to the target image's (sub)cluster boundaries, as
+             * old backing may have smaller clusters (or have subclusters).
+             * We extend it to the aligned boundaries to avoid CoW on
+             * partial writes in blk_pwrite(),
+             */
+            n += offset - QEMU_ALIGN_DOWN(offset, write_align);
+            offset = QEMU_ALIGN_DOWN(offset, write_align);
+            n += QEMU_ALIGN_UP(offset + n, write_align) - (offset + n);
+            n = MIN(n, size - offset);
+            assert(!bdrv_is_allocated(unfiltered_bs, offset, n, &n_alloc) &&
+                   n_alloc == n);
+
+            /*
+             * Much like with the target image, we'll try to read as much
+             * of the old and new backings as we can.
+             */
+            n_old = MIN(n, MAX(0, old_backing_size - (int64_t) offset));
+            n_new = MIN(n, MAX(0, new_backing_size - (int64_t) offset));
+
             /*
              * Read old and new backing file and take into consideration that
              * backing files may be smaller than the COW image.
              */
-            if (offset >= old_backing_size) {
-                memset(buf_old, 0, n);
-                buf_old_is_zero = true;
+            memset(buf_old + n_old, 0, n - n_old);
+            if (!n_old) {
+                old_backing_eof = true;
             } else {
-                if (offset + n > old_backing_size) {
-                    n = old_backing_size - offset;
-                }
-
-                ret = blk_pread(blk_old_backing, offset, n, buf_old, 0);
+                ret = blk_pread(blk_old_backing, offset, n_old, buf_old, 0);
                 if (ret < 0) {
                     error_report("error while reading from old backing file");
                     goto out;
                 }
             }
 
-            if (offset >= new_backing_size || !blk_new_backing) {
-                memset(buf_new, 0, n);
-            } else {
-                if (offset + n > new_backing_size) {
-                    n = new_backing_size - offset;
-                }
-
-                ret = blk_pread(blk_new_backing, offset, n, buf_new, 0);
+            memset(buf_new + n_new, 0, n - n_new);
+            if (n_new) {
+                ret = blk_pread(blk_new_backing, offset, n_new, buf_new, 0);
                 if (ret < 0) {
                     error_report("error while reading from new backing file");
                     goto out;
@@ -3884,11 +3914,12 @@ static int img_rebase(int argc, char **argv)
                 int64_t pnum;
 
                 if (compare_buffers(buf_old + written, buf_new + written,
-                                    n - written, 0, &pnum))
+                                    n - written, write_align, &pnum))
                 {
-                    if (buf_old_is_zero) {
+                    if (old_backing_eof) {
                         ret = blk_pwrite_zeroes(blk, offset + written, pnum, 0);
                     } else {
+                        assert(written + pnum <= IO_BUF_SIZE);
                         ret = blk_pwrite(blk, offset + written, pnum,
                                          buf_old + written, 0);
                     }
@@ -3900,6 +3931,9 @@ static int img_rebase(int argc, char **argv)
                 }
 
                 written += pnum;
+                if (offset + written >= old_backing_size) {
+                    old_backing_eof = true;
+                }
             }
             qemu_progress_print(local_progress, 100);
         }
