diff --git a/tokio-util/Cargo.toml b/tokio-util/Cargo.toml
index d48ac8083..0104bcc4c 100644
--- a/tokio-util/Cargo.toml
+++ b/tokio-util/Cargo.toml
@@ -47,6 +47,7 @@ futures-util = { version = "0.3.0", optional = true }
 log = "0.4"
 pin-project-lite = "0.2.0"
 slab = { version = "0.4.1", optional = true } # Backs `DelayQueue`
+async-stream = "0.3.0"
 
 [dev-dependencies]
 tokio = { version = "1.0.0", features = ["full"] }
@@ -55,8 +56,6 @@ tokio-test = { version = "0.4.0" }
 futures = "0.3.0"
 futures-test = "0.3.5"
 
-async-stream = "0.3.0"
-
 [package.metadata.docs.rs]
 all-features = true
 rustdoc-args = ["--cfg", "docsrs"]
diff --git a/tokio-util/src/sync/mod.rs b/tokio-util/src/sync/mod.rs
index 159f12dbe..7a0637d32 100644
--- a/tokio-util/src/sync/mod.rs
+++ b/tokio-util/src/sync/mod.rs
@@ -4,3 +4,6 @@ mod cancellation_token;
 pub use cancellation_token::{CancellationToken, WaitForCancellationFuture};
 
 mod intrusive_double_linked_list;
+
+mod poll_semaphore;
+pub use poll_semaphore::PollSemaphore;
diff --git a/tokio-util/src/sync/poll_semaphore.rs b/tokio-util/src/sync/poll_semaphore.rs
new file mode 100644
index 000000000..6519bc663
--- /dev/null
+++ b/tokio-util/src/sync/poll_semaphore.rs
@@ -0,0 +1,85 @@
+use futures_core::Stream;
+use std::fmt;
+use std::pin::Pin;
+use std::sync::Arc;
+use std::task::{Context, Poll};
+use tokio::sync::{OwnedSemaphorePermit, Semaphore};
+
+/// A wrapper around [`Semaphore`] that provides a `poll_acquire` method.
+///
+/// [`Semaphore`]: tokio::sync::Semaphore
+pub struct PollSemaphore {
+    semaphore: Arc<Semaphore>,
+    inner: Pin<Box<dyn Stream<Item = OwnedSemaphorePermit> + Send + Sync>>,
+}
+
+impl PollSemaphore {
+    /// Create a new `PollSemaphore`.
+    pub fn new(semaphore: Arc<Semaphore>) -> Self {
+        Self {
+            semaphore: semaphore.clone(),
+            inner: Box::pin(async_stream::stream! {
+                loop {
+                    match semaphore.clone().acquire_owned().await {
+                        Ok(permit) => yield permit,
+                        Err(_closed) => break,
+                    }
+                }
+            }),
+        }
+    }
+
+    /// Closes the semaphore.
+    pub fn close(&self) {
+        self.semaphore.close()
+    }
+
+    /// Obtain a clone of the inner semaphore.
+    pub fn clone_inner(&self) -> Arc<Semaphore> {
+        self.semaphore.clone()
+    }
+
+    /// Get back the inner semaphore.
+    pub fn into_inner(self) -> Arc<Semaphore> {
+        self.semaphore
+    }
+
+    /// Poll to acquire a permit from the semaphore.
+    ///
+    /// This can return the following values:
+    ///
+    ///  - `Poll::Pending` if a permit is not currently available.
+    ///  - `Poll::Ready(Some(permit))` if a permit was acquired.
+    ///  - `Poll::Ready(None)` if the semaphore has been closed.
+    ///
+    /// When this method returns `Poll::Pending`, the current task is scheduled
+    /// to receive a wakeup when a permit becomes available, or when the
+    /// semaphore is closed. Note that on multiple calls to `poll_acquire`, only
+    /// the `Waker` from the `Context` passed to the most recent call is
+    /// scheduled to receive a wakeup.
+    pub fn poll_acquire(&mut self, cx: &mut Context<'_>) -> Poll<Option<OwnedSemaphorePermit>> {
+        self.inner.as_mut().poll_next(cx)
+    }
+}
+
+impl Stream for PollSemaphore {
+    type Item = OwnedSemaphorePermit;
+
+    fn poll_next(self: Pin<&mut Self>, cx: &mut Context<'_>) -> Poll<Option<OwnedSemaphorePermit>> {
+        Pin::into_inner(self).poll_acquire(cx)
+    }
+}
+
+impl Clone for PollSemaphore {
+    fn clone(&self) -> PollSemaphore {
+        PollSemaphore::new(self.clone_inner())
+    }
+}
+
+impl fmt::Debug for PollSemaphore {
+    fn fmt(&self, f: &mut fmt::Formatter<'_>) -> fmt::Result {
+        f.debug_struct("PollSemaphore")
+            .field("semaphore", &self.semaphore)
+            .finish()
+    }
+}