diff --git a/boards/Kconfig b/boards/Kconfig
index ce96f32611a..9e9b57bf342 100644
--- a/boards/Kconfig
+++ b/boards/Kconfig
@@ -37,6 +37,13 @@ config QEMU_ICOUNT
 	  execute one instruction every 2^N ns of virtual time. This will
 	  give deterministic execution times from the guest point of view.
 
+config QEMU_ICOUNT_SHIFT
+	int "QEMU icount shift value"
+	depends on QEMU_ICOUNT
+	help
+	  The virtual CPU will execute one instruction every 2^N nanoseconds
+	  of virtual time, where N is the value provided here.
+
 # There might not be any board options, hence the optional source
 osource "$(BOARD_DIR)/Kconfig"
 endmenu
diff --git a/boards/arc/qemu_arc/qemu_arc_em_defconfig b/boards/arc/qemu_arc/qemu_arc_em_defconfig
index e7486dd3785..11fa2d26539 100644
--- a/boards/arc/qemu_arc/qemu_arc_em_defconfig
+++ b/boards/arc/qemu_arc/qemu_arc_em_defconfig
@@ -11,3 +11,4 @@ CONFIG_CONSOLE=y
 CONFIG_UART_CONSOLE=y
 CONFIG_SERIAL=y
 CONFIG_UART_NS16550=y
+CONFIG_QEMU_ICOUNT=n
diff --git a/boards/arc/qemu_arc/qemu_arc_hs_defconfig b/boards/arc/qemu_arc/qemu_arc_hs_defconfig
index 99a3862a482..a0971d2591f 100644
--- a/boards/arc/qemu_arc/qemu_arc_hs_defconfig
+++ b/boards/arc/qemu_arc/qemu_arc_hs_defconfig
@@ -11,3 +11,4 @@ CONFIG_CONSOLE=y
 CONFIG_UART_CONSOLE=y
 CONFIG_SERIAL=y
 CONFIG_UART_NS16550=y
+CONFIG_QEMU_ICOUNT=n
diff --git a/boards/arm/mps2_an385/board.cmake b/boards/arm/mps2_an385/board.cmake
index 2ad29676e95..0ae7ec0e7a2 100644
--- a/boards/arm/mps2_an385/board.cmake
+++ b/boards/arm/mps2_an385/board.cmake
@@ -10,7 +10,4 @@ set(QEMU_FLAGS_${ARCH}
   -vga none
   )
 
-if(CONFIG_QEMU_ICOUNT)
-  list(APPEND QEMU_EXTRA_FLAGS -icount shift=7,align=off,sleep=off -rtc clock=vm)
-endif()
 board_set_debugger_ifnset(qemu)
diff --git a/boards/arm/mps2_an385/mps2_an385_defconfig b/boards/arm/mps2_an385/mps2_an385_defconfig
index 5f8aabbcc4b..55f4b126b75 100644
--- a/boards/arm/mps2_an385/mps2_an385_defconfig
+++ b/boards/arm/mps2_an385/mps2_an385_defconfig
@@ -9,6 +9,7 @@ CONFIG_SOC_MPS2_AN385=y
 CONFIG_BOARD_MPS2_AN385=y
 CONFIG_CORTEX_M_SYSTICK=y
 CONFIG_RUNTIME_NMI=y
+CONFIG_QEMU_ICOUNT_SHIFT=7
 
 # GPIOs
 CONFIG_GPIO=y
diff --git a/boards/arm/mps2_an521/board.cmake b/boards/arm/mps2_an521/board.cmake
index a2871264699..758437ab8ce 100644
--- a/boards/arm/mps2_an521/board.cmake
+++ b/boards/arm/mps2_an521/board.cmake
@@ -11,8 +11,4 @@ set(QEMU_FLAGS_${ARCH}
   -m 16
   -vga none
   )
-
-if(CONFIG_QEMU_ICOUNT)
-  list(APPEND QEMU_EXTRA_FLAGS -icount shift=7,align=off,sleep=off -rtc clock=vm)
-endif()
 board_set_debugger_ifnset(qemu)
diff --git a/boards/arm/mps2_an521/mps2_an521_defconfig b/boards/arm/mps2_an521/mps2_an521_defconfig
index 1e8408bd7bd..9e167b94e4f 100644
--- a/boards/arm/mps2_an521/mps2_an521_defconfig
+++ b/boards/arm/mps2_an521/mps2_an521_defconfig
@@ -11,6 +11,7 @@ CONFIG_CORTEX_M_SYSTICK=y
 CONFIG_RUNTIME_NMI=y
 CONFIG_ARM_TRUSTZONE_M=y
 CONFIG_ARM_MPU=y
+CONFIG_QEMU_ICOUNT_SHIFT=7
 
 # GPIOs
 CONFIG_GPIO=y
diff --git a/boards/arm/mps2_an521/mps2_an521_nonsecure_defconfig b/boards/arm/mps2_an521/mps2_an521_nonsecure_defconfig
index 1ebb6f99fff..691eea92e12 100644
--- a/boards/arm/mps2_an521/mps2_an521_nonsecure_defconfig
+++ b/boards/arm/mps2_an521/mps2_an521_nonsecure_defconfig
@@ -12,6 +12,7 @@ CONFIG_CORTEX_M_SYSTICK=y
 CONFIG_RUNTIME_NMI=y
 CONFIG_TRUSTED_EXECUTION_NONSECURE=y
 CONFIG_ARM_MPU=y
+CONFIG_QEMU_ICOUNT_SHIFT=7
 
 # GPIOs
 CONFIG_GPIO=y
diff --git a/boards/arm/qemu_cortex_a53/board.cmake b/boards/arm/qemu_cortex_a53/board.cmake
index 87e760189ef..ef2d0947137 100644
--- a/boards/arm/qemu_cortex_a53/board.cmake
+++ b/boards/arm/qemu_cortex_a53/board.cmake
@@ -10,8 +10,4 @@ set(QEMU_FLAGS_${ARCH}
   -nographic
   -machine virt
   )
-
-if(CONFIG_QEMU_ICOUNT)
-  list(APPEND QEMU_EXTRA_FLAGS -icount shift=4,align=off,sleep=off -rtc clock=vm)
-endif()
 board_set_debugger_ifnset(qemu)
diff --git a/boards/arm/qemu_cortex_a53/qemu_cortex_a53_defconfig b/boards/arm/qemu_cortex_a53/qemu_cortex_a53_defconfig
index 564ca87c73b..260024f2aaa 100644
--- a/boards/arm/qemu_cortex_a53/qemu_cortex_a53_defconfig
+++ b/boards/arm/qemu_cortex_a53/qemu_cortex_a53_defconfig
@@ -2,6 +2,7 @@ CONFIG_SOC_QEMU_CORTEX_A53=y
 CONFIG_BOARD_QEMU_CORTEX_A53=y
 CONFIG_ARM_ARCH_TIMER=y
 CONFIG_XIP=n
+CONFIG_QEMU_ICOUNT_SHIFT=4
 
 # QEMU settings
 CONFIG_SRAM_BASE_ADDRESS=0x40000000
diff --git a/boards/arm/qemu_cortex_m0/board.cmake b/boards/arm/qemu_cortex_m0/board.cmake
index 974d4b69858..8543b74f796 100644
--- a/boards/arm/qemu_cortex_m0/board.cmake
+++ b/boards/arm/qemu_cortex_m0/board.cmake
@@ -12,8 +12,4 @@ set(QEMU_FLAGS_${ARCH}
   -nographic
   -vga none
   )
-
-if(CONFIG_QEMU_ICOUNT)
-  list(APPEND QEMU_EXTRA_FLAGS -icount shift=6,align=off,sleep=off -rtc clock=vm)
-endif()
 board_set_debugger_ifnset(qemu)
diff --git a/boards/arm/qemu_cortex_m0/qemu_cortex_m0_defconfig b/boards/arm/qemu_cortex_m0/qemu_cortex_m0_defconfig
index 269d195c6aa..528560cc01e 100644
--- a/boards/arm/qemu_cortex_m0/qemu_cortex_m0_defconfig
+++ b/boards/arm/qemu_cortex_m0/qemu_cortex_m0_defconfig
@@ -3,6 +3,7 @@
 CONFIG_SOC_SERIES_NRF51X=y
 CONFIG_SOC_NRF51822_QFAA=y
 CONFIG_BOARD_QEMU_CORTEX_M0=y
+CONFIG_QEMU_ICOUNT_SHIFT=6
 
 # enable GPIO
 CONFIG_GPIO=y
diff --git a/boards/arm/qemu_cortex_m3/board.cmake b/boards/arm/qemu_cortex_m3/board.cmake
index 2e24740e033..fcb7956d10a 100644
--- a/boards/arm/qemu_cortex_m3/board.cmake
+++ b/boards/arm/qemu_cortex_m3/board.cmake
@@ -9,8 +9,4 @@ set(QEMU_FLAGS_${ARCH}
   -nographic
   -vga none
   )
-
-if(CONFIG_QEMU_ICOUNT)
-  list(APPEND QEMU_EXTRA_FLAGS -icount shift=6,align=off,sleep=off -rtc clock=vm)
-endif()
 board_set_debugger_ifnset(qemu)
diff --git a/boards/arm/qemu_cortex_m3/qemu_cortex_m3_defconfig b/boards/arm/qemu_cortex_m3/qemu_cortex_m3_defconfig
index 27481c6cb34..fffd328a99c 100644
--- a/boards/arm/qemu_cortex_m3/qemu_cortex_m3_defconfig
+++ b/boards/arm/qemu_cortex_m3/qemu_cortex_m3_defconfig
@@ -9,3 +9,4 @@ CONFIG_SERIAL=y
 CONFIG_CORTEX_M_SYSTICK=y
 CONFIG_UART_STELLARIS=y
 CONFIG_SCHED_MULTIQ=y
+CONFIG_QEMU_ICOUNT_SHIFT=6
diff --git a/boards/arm/qemu_cortex_r5/board.cmake b/boards/arm/qemu_cortex_r5/board.cmake
index 74c2d91f1a4..92ead46b5ca 100644
--- a/boards/arm/qemu_cortex_r5/board.cmake
+++ b/boards/arm/qemu_cortex_r5/board.cmake
@@ -12,10 +12,6 @@ set(QEMU_FLAGS_${ARCH}
   -dtb ${ZEPHYR_BASE}/boards/${ARCH}/${BOARD}/fdt-single_arch-zcu102-arm.dtb
   )
 
-if(CONFIG_QEMU_ICOUNT)
-  list(APPEND QEMU_EXTRA_FLAGS -icount shift=3,align=off,sleep=off -rtc clock=vm)
-endif()
-
 set(QEMU_KERNEL_OPTION
   "-device;loader,file=\$<TARGET_FILE:\${logical_target_for_zephyr_elf}>,cpu-num=4"
   "-device;loader,addr=0xff5e023c,data=0x80008fde,data-len=4"
diff --git a/boards/arm/qemu_cortex_r5/qemu_cortex_r5_defconfig b/boards/arm/qemu_cortex_r5/qemu_cortex_r5_defconfig
index f7efc7296ed..d49b8cad058 100644
--- a/boards/arm/qemu_cortex_r5/qemu_cortex_r5_defconfig
+++ b/boards/arm/qemu_cortex_r5/qemu_cortex_r5_defconfig
@@ -1,6 +1,7 @@
 CONFIG_SOC_XILINX_ZYNQMP_RPU=y
 CONFIG_BOARD_QEMU_CORTEX_R5=y
 CONFIG_XIP=n
+CONFIG_QEMU_ICOUNT_SHIFT=3
 
 CONFIG_ISR_STACK_SIZE=512
 CONFIG_THREAD_STACK_INFO=y
diff --git a/boards/nios2/qemu_nios2/qemu_nios2_defconfig b/boards/nios2/qemu_nios2/qemu_nios2_defconfig
index 54d9f3c0d53..44325b55ade 100644
--- a/boards/nios2/qemu_nios2/qemu_nios2_defconfig
+++ b/boards/nios2/qemu_nios2/qemu_nios2_defconfig
@@ -11,3 +11,4 @@ CONFIG_UART_NS16550=y
 CONFIG_UART_CONSOLE=y
 CONFIG_INCLUDE_RESET_VECTOR=n
 CONFIG_EXTRA_EXCEPTION_INFO=y
+CONFIG_QEMU_ICOUNT=n
diff --git a/boards/riscv/hifive1/board.cmake b/boards/riscv/hifive1/board.cmake
index 44c8763b676..9c7c650a994 100644
--- a/boards/riscv/hifive1/board.cmake
+++ b/boards/riscv/hifive1/board.cmake
@@ -9,10 +9,6 @@ set(QEMU_FLAGS_${ARCH}
   -machine sifive_e
   )
 
-if(CONFIG_QEMU_ICOUNT)
-  list(APPEND QEMU_EXTRA_FLAGS -icount shift=6,align=off,sleep=off -rtc clock=vm)
-endif()
-
 board_set_debugger_ifnset(qemu)
 board_set_flasher_ifnset(hifive1)
 board_finalize_runner_args(hifive1)
diff --git a/boards/riscv/hifive1/hifive1_defconfig b/boards/riscv/hifive1/hifive1_defconfig
index 7f205ec79f1..7447127c863 100644
--- a/boards/riscv/hifive1/hifive1_defconfig
+++ b/boards/riscv/hifive1/hifive1_defconfig
@@ -18,3 +18,4 @@ CONFIG_GPIO_SIFIVE=y
 CONFIG_SPI=y
 CONFIG_SPI_SIFIVE=y
 CONFIG_BOOT_BANNER=y
+CONFIG_QEMU_ICOUNT_SHIFT=6
diff --git a/boards/riscv/qemu_riscv32/board.cmake b/boards/riscv/qemu_riscv32/board.cmake
index 3e7a98c494a..f0e123ec8ba 100644
--- a/boards/riscv/qemu_riscv32/board.cmake
+++ b/boards/riscv/qemu_riscv32/board.cmake
@@ -9,8 +9,4 @@ set(QEMU_FLAGS_${ARCH}
   -nographic
   -machine sifive_e
   )
-
-if(CONFIG_QEMU_ICOUNT)
-  list(APPEND QEMU_EXTRA_FLAGS -icount shift=6,align=off,sleep=off -rtc clock=vm)
-endif()
 board_set_debugger_ifnset(qemu)
diff --git a/boards/riscv/qemu_riscv32/qemu_riscv32_defconfig b/boards/riscv/qemu_riscv32/qemu_riscv32_defconfig
index f26eeb53f99..1a4d99dfb6e 100644
--- a/boards/riscv/qemu_riscv32/qemu_riscv32_defconfig
+++ b/boards/riscv/qemu_riscv32/qemu_riscv32_defconfig
@@ -16,3 +16,4 @@ CONFIG_RISCV_MACHINE_TIMER=y
 CONFIG_GPIO=y
 CONFIG_GPIO_SIFIVE=y
 CONFIG_SYS_CLOCK_HW_CYCLES_PER_SEC=10000000
+CONFIG_QEMU_ICOUNT_SHIFT=6
diff --git a/boards/riscv/qemu_riscv64/board.cmake b/boards/riscv/qemu_riscv64/board.cmake
index 70284150255..74ebe8e3e0d 100644
--- a/boards/riscv/qemu_riscv64/board.cmake
+++ b/boards/riscv/qemu_riscv64/board.cmake
@@ -9,8 +9,4 @@ set(QEMU_FLAGS_${ARCH}
   -nographic
   -machine sifive_e
   )
-
-if(CONFIG_QEMU_ICOUNT)
-  list(APPEND QEMU_EXTRA_FLAGS -icount shift=6,align=off,sleep=off -rtc clock=vm)
-endif()
 board_set_debugger_ifnset(qemu)
diff --git a/boards/riscv/qemu_riscv64/qemu_riscv64_defconfig b/boards/riscv/qemu_riscv64/qemu_riscv64_defconfig
index 804f8f5c84c..83efa64b430 100644
--- a/boards/riscv/qemu_riscv64/qemu_riscv64_defconfig
+++ b/boards/riscv/qemu_riscv64/qemu_riscv64_defconfig
@@ -18,3 +18,4 @@ CONFIG_GPIO_SIFIVE=y
 CONFIG_SYS_CLOCK_HW_CYCLES_PER_SEC=10000000
 CONFIG_STACK_SENTINEL=y
 CONFIG_TEST_EXTRA_STACKSIZE=256
+CONFIG_QEMU_ICOUNT_SHIFT=6
diff --git a/boards/x86/qemu_x86/board.cmake b/boards/x86/qemu_x86/board.cmake
index 4cc857912dd..7e7a43987b6 100644
--- a/boards/x86/qemu_x86/board.cmake
+++ b/boards/x86/qemu_x86/board.cmake
@@ -11,13 +11,12 @@ if(CONFIG_X86_64)
   set(QEMU_CPU_TYPE_${ARCH} qemu64,+x2apic)
   if("${CONFIG_MP_NUM_CPUS}" STREQUAL "1")
     # icount works with 1 CPU so we can enable it here.
+    # FIXME: once this works across configs, remove this line and set
+    # CONFIG_QEMU_ICOUNT_SHIFT in defconfig instead.
     list(APPEND QEMU_EXTRA_FLAGS -icount shift=5,align=off,sleep=off -rtc clock=vm)
   endif()
 else()
   set(QEMU_CPU_TYPE_${ARCH} qemu32,+nx,+pae)
-if(CONFIG_QEMU_ICOUNT)
-  list(APPEND QEMU_EXTRA_FLAGS -icount shift=5,align=off,sleep=off -rtc clock=vm)
-endif()
 endif()
 
 set(QEMU_FLAGS_${ARCH}
diff --git a/boards/x86/qemu_x86/qemu_x86_64_defconfig b/boards/x86/qemu_x86/qemu_x86_64_defconfig
index c0a9ce6b5e6..8f1cbe0d91f 100644
--- a/boards/x86/qemu_x86/qemu_x86_64_defconfig
+++ b/boards/x86/qemu_x86/qemu_x86_64_defconfig
@@ -16,3 +16,4 @@ CONFIG_SMP=y
 CONFIG_MP_NUM_CPUS=2
 CONFIG_X86_MMU=y
 CONFIG_X86_VERY_EARLY_CONSOLE=y
+CONFIG_QEMU_ICOUNT=n
diff --git a/boards/x86/qemu_x86/qemu_x86_coverage_defconfig b/boards/x86/qemu_x86/qemu_x86_coverage_defconfig
index 8a45c7c63b5..72c88c699e9 100644
--- a/boards/x86/qemu_x86/qemu_x86_coverage_defconfig
+++ b/boards/x86/qemu_x86/qemu_x86_coverage_defconfig
@@ -18,3 +18,4 @@ CONFIG_SCHED_SCALABLE=y
 CONFIG_WAITQ_SCALABLE=y
 CONFIG_COVERAGE=y
 CONFIG_X86_VERY_EARLY_CONSOLE=y
+CONFIG_QEMU_ICOUNT_SHIFT=5
diff --git a/boards/x86/qemu_x86/qemu_x86_defconfig b/boards/x86/qemu_x86/qemu_x86_defconfig
index 7f2a6686c79..39106da3f92 100644
--- a/boards/x86/qemu_x86/qemu_x86_defconfig
+++ b/boards/x86/qemu_x86/qemu_x86_defconfig
@@ -17,3 +17,4 @@ CONFIG_DEBUG_INFO=y
 CONFIG_SCHED_SCALABLE=y
 CONFIG_WAITQ_SCALABLE=y
 CONFIG_X86_VERY_EARLY_CONSOLE=y
+CONFIG_QEMU_ICOUNT_SHIFT=5
diff --git a/boards/x86/qemu_x86/qemu_x86_nommu_defconfig b/boards/x86/qemu_x86/qemu_x86_nommu_defconfig
index d4bfd61f1db..ed3b7d4f586 100644
--- a/boards/x86/qemu_x86/qemu_x86_nommu_defconfig
+++ b/boards/x86/qemu_x86/qemu_x86_nommu_defconfig
@@ -12,3 +12,4 @@ CONFIG_UART_CONSOLE=y
 CONFIG_SYS_CLOCK_HW_CYCLES_PER_SEC=25000000
 CONFIG_TEST_RANDOM_GENERATOR=y
 CONFIG_DEBUG_INFO=y
+CONFIG_QEMU_ICOUNT_SHIFT=5
diff --git a/boards/xtensa/qemu_xtensa/board.cmake b/boards/xtensa/qemu_xtensa/board.cmake
index fd9886d2274..822cdb1e2bd 100644
--- a/boards/xtensa/qemu_xtensa/board.cmake
+++ b/boards/xtensa/qemu_xtensa/board.cmake
@@ -8,9 +8,6 @@ set(QEMU_FLAGS_${ARCH}
 	-machine sim -semihosting -nographic -cpu sample_controller
   )
 
-if(CONFIG_QEMU_ICOUNT)
-  list(APPEND QEMU_EXTRA_FLAGS -icount shift=6,align=off,sleep=off -rtc clock=vm)
-endif()
 # TODO: Support debug
 # board_set_debugger_ifnset(qemu)
 # debugserver: QEMU_EXTRA_FLAGS += -s -S
diff --git a/boards/xtensa/qemu_xtensa/qemu_xtensa_defconfig b/boards/xtensa/qemu_xtensa/qemu_xtensa_defconfig
index 9af567b1f8e..08e8295cc80 100644
--- a/boards/xtensa/qemu_xtensa/qemu_xtensa_defconfig
+++ b/boards/xtensa/qemu_xtensa/qemu_xtensa_defconfig
@@ -9,3 +9,4 @@ CONFIG_STACK_SENTINEL=y
 CONFIG_GEN_ISR_TABLES=y
 CONFIG_GEN_IRQ_VECTOR_TABLE=n
 CONFIG_SIMULATOR_XTENSA=y
+CONFIG_QEMU_ICOUNT_SHIFT=6
diff --git a/cmake/emu/qemu.cmake b/cmake/emu/qemu.cmake
index a05ca93cd3b..26e7622deec 100644
--- a/cmake/emu/qemu.cmake
+++ b/cmake/emu/qemu.cmake
@@ -60,6 +60,12 @@ endif()
 # Connect monitor to the console chardev.
 list(APPEND QEMU_FLAGS -mon chardev=con,mode=readline)
 
+if(CONFIG_QEMU_ICOUNT)
+  list(APPEND QEMU_FLAGS
+	  -icount shift=${CONFIG_QEMU_ICOUNT_SHIFT},align=off,sleep=off
+	  -rtc clock=vm)
+endif()
+
 # Add a BT serial device when building for bluetooth, unless the
 # application explicitly opts out with NO_QEMU_SERIAL_BT_SERVER.
 if(CONFIG_BT)