diff --git a/targets/TARGET_Cypress/TARGET_PSOC6/mbed_overrides.c b/targets/TARGET_Cypress/TARGET_PSOC6/mbed_overrides.c
index 26b366c32a..f57c948b99 100644
--- a/targets/TARGET_Cypress/TARGET_PSOC6/mbed_overrides.c
+++ b/targets/TARGET_Cypress/TARGET_PSOC6/mbed_overrides.c
@@ -91,11 +91,11 @@ void mbed_sdk_init(void)
     us_ticker_init();
 #endif
 
-#if defined(CYBSP_ENABLE_FLASH_STORAGE)
+#if MBED_CONF_TARGET_XIP_ENABLE
     /* The linker script allows storing data in external memory, if needed, enable access to that memory. */
     cybsp_serial_flash_init();
     cybsp_serial_flash_enable_xip(true);
-#endif /* defined(CYBSP_ENABLE_FLASH_STORAGE) */
+#endif
 
     /* Enable global interrupts (disabled in CM4 startup assembly) */
     __enable_irq();
diff --git a/targets/targets.json b/targets/targets.json
index 111e606bf8..a7d0018a80 100644
--- a/targets/targets.json
+++ b/targets/targets.json
@@ -51,6 +51,10 @@
             "init-us-ticker-at-boot": {
                 "help": "Initialize the microsecond ticker at boot rather than on first use, and leave it initialized. This speeds up wait_us in particular.",
                 "value": false
+            },
+            "xip-enable": {
+                "help": "Enable Execute In Place (XIP) on this target. Value is only significant if the board has executable external storage such as QSPIF. If this is enabled, customize the linker file to choose what text segments are placed on external storage",
+                "value": false
             }
         }
     },
diff --git a/tools/toolchains/mbed_toolchain.py b/tools/toolchains/mbed_toolchain.py
index 7352338831..0e042a8c0f 100755
--- a/tools/toolchains/mbed_toolchain.py
+++ b/tools/toolchains/mbed_toolchain.py
@@ -953,6 +953,7 @@ class mbedToolchain:
 
     STACK_PARAM = "target.boot-stack-size"
     TFM_LVL_PARAM = "tfm.level"
+    XIP_ENABLE_PARAM = "target.xip-enable"
 
     def add_linker_defines(self):
         params, _ = self.config_data
@@ -974,6 +975,14 @@ class mbedToolchain:
             self.ld.append(define_string)
             self.flags["ld"].append(define_string)
 
+        if self.XIP_ENABLE_PARAM in params:
+            define_string = self.make_ld_define(
+                "XIP_ENABLE",
+                params[self.XIP_ENABLE_PARAM].value
+            )
+            self.ld.append(define_string)
+            self.flags["ld"].append(define_string)
+
         if self.target.is_PSA_secure_target:
             for flag, param in [
                 ("MBED_PUBLIC_RAM_START", "target.public-ram-start"),