diff --git a/drivers/phy/phy-core.c b/drivers/phy/phy-core.c
index d93ddf1262c5..e56bc020f695 100644
--- a/drivers/phy/phy-core.c
+++ b/drivers/phy/phy-core.c
@@ -1235,4 +1235,8 @@ static int __init phy_core_init(void)
 
 	return 0;
 }
+#ifdef CONFIG_INITCALL_ASYNC
+subsys_initcall(phy_core_init);
+#else
 device_initcall(phy_core_init);
+#endif