diff --git a/include/device.h b/include/device.h
index 8263af3b4e8..1bb12b423a9 100644
--- a/include/device.h
+++ b/include/device.h
@@ -692,11 +692,27 @@ int device_busy_check(const struct device *chk_dev);
 #define Z_DEVICE_EXTRA_HANDLES(...)				\
 	FOR_EACH_NONEMPTY_TERM(IDENTITY, (,), __VA_ARGS__)
 
+/* If device power management is enabled, this macro defines a pointer to a
+ * device in the z_pm_device_slots region. When invoked for each device, this
+ * will effectively result in a device pointer array with the same size of the
+ * actual devices list. This is used internally by the device PM subsystem to
+ * keep track of suspended devices during system power transitions.
+ */
+#if CONFIG_PM_DEVICE
+#define Z_DEVICE_DEFINE_PM_SLOT(dev_name)				\
+	static const Z_DECL_ALIGN(struct device *)			\
+	_CONCAT(__pm_device_slot_, DEVICE_NAME_GET(dev_name)) __used	\
+	__attribute__((__section__(".z_pm_device_slots")));
+#else
+#define Z_DEVICE_DEFINE_PM_SLOT(dev_name)
+#endif
+
 /* Construct objects that are referenced from struct device.  These
  * include power management and dependency handles.
  */
 #define Z_DEVICE_DEFINE_PRE(node_id, dev_name, ...)			\
-	Z_DEVICE_DEFINE_HANDLES(node_id, dev_name, __VA_ARGS__)
+	Z_DEVICE_DEFINE_HANDLES(node_id, dev_name, __VA_ARGS__)		\
+	Z_DEVICE_DEFINE_PM_SLOT(dev_name)
 
 
 /* Initial build provides a record that associates the device object
diff --git a/include/linker/common-ram.ld b/include/linker/common-ram.ld
index a1828cf82cf..e8754cf851c 100644
--- a/include/linker/common-ram.ld
+++ b/include/linker/common-ram.ld
@@ -37,6 +37,15 @@
 		__device_end = .;
 	} GROUP_DATA_LINK_IN(RAMABLE_REGION, ROMABLE_REGION)
 
+#if CONFIG_PM_DEVICE
+	SECTION_DATA_PROLOGUE(pm_device_slots, (NOLOAD),)
+	{
+		__pm_device_slots_start = .;
+		KEEP(*(".z_pm_device_slots"));
+		__pm_device_slots_end = .;
+	} GROUP_DATA_LINK_IN(RAMABLE_REGION, ROMABLE_REGION)
+#endif
+
 	SECTION_DATA_PROLOGUE(initshell,,)
 	{
 		/* link in shell initialization objects for all modules that
diff --git a/subsys/pm/Kconfig b/subsys/pm/Kconfig
index d5b6fdfaaef..1ba64f2da71 100644
--- a/subsys/pm/Kconfig
+++ b/subsys/pm/Kconfig
@@ -60,11 +60,6 @@ config DEVICE_POWER_MANAGEMENT
 	help
 	  This option is deprecated, please use CONFIG_PM_DEVICE instead.
 
-config PM_MAX_DEVICES
-	int "Max number of devices support power management"
-	depends on PM_DEVICE
-	default 15
-
 config PM_DEVICE_RUNTIME
 	bool "Runtime Device Power Management"
 	depends on PM_DEVICE
diff --git a/subsys/pm/device.c b/subsys/pm/device.c
index 9c49bd360cb..ec683d43fde 100644
--- a/subsys/pm/device.c
+++ b/subsys/pm/device.c
@@ -18,10 +18,7 @@ LOG_MODULE_DECLARE(power);
 extern const struct device __device_start[];
 extern const struct device __device_end[];
 
-/* Indexes into all_devices for devices that support pm,
- * in dependency order (later may depend on earlier).
- */
-static const struct device *pm_devices[CONFIG_PM_MAX_DEVICES];
+extern const struct device *__pm_device_slots_start[];
 
 /* Number of devices successfully suspended. */
 static size_t num_susp;
@@ -77,10 +74,8 @@ static int _pm_devices(uint32_t state)
 				return rc;
 			}
 
-			pm_devices[num_susp] = dev;
+			__pm_device_slots_start[num_susp] = dev;
 			num_susp++;
-			__ASSERT(num_susp < CONFIG_PM_MAX_DEVICES,
-				"Number of pm devices > CONFIG_PM_MAX_DEVICES");
 		}
 	}
 
@@ -107,7 +102,7 @@ void pm_resume_devices(void)
 	size_t i;
 
 	for (i = 0; i < num_susp; i++) {
-		pm_device_state_set(pm_devices[i],
+		pm_device_state_set(__pm_device_slots_start[i],
 				       PM_DEVICE_STATE_ACTIVE,
 				       NULL, NULL);
 	}