diff --git a/kernel/printk/printk.c b/kernel/printk/printk.c
index b7e50f8438df..72f6a564e832 100644
--- a/kernel/printk/printk.c
+++ b/kernel/printk/printk.c
@@ -1869,10 +1869,23 @@ static bool console_waiter;
  */
 static void console_lock_spinning_enable(void)
 {
+	/*
+	 * Do not use spinning in panic(). The panic CPU wants to keep the lock.
+	 * Non-panic CPUs abandon the flush anyway.
+	 *
+	 * Just keep the lockdep annotation. The panic-CPU should avoid
+	 * taking console_owner_lock because it might cause a deadlock.
+	 * This looks like the easiest way how to prevent false lockdep
+	 * reports without handling races a lockless way.
+	 */
+	if (panic_in_progress())
+		goto lockdep;
+
 	raw_spin_lock(&console_owner_lock);
 	console_owner = current;
 	raw_spin_unlock(&console_owner_lock);
 
+lockdep:
 	/* The waiter may spin on us after setting console_owner */
 	spin_acquire(&console_owner_dep_map, 0, 0, _THIS_IP_);
 }
@@ -1897,6 +1910,22 @@ static int console_lock_spinning_disable_and_check(int cookie)
 {
 	int waiter;
 
+	/*
+	 * Ignore spinning waiters during panic() because they might get stopped
+	 * or blocked at any time,
+	 *
+	 * It is safe because nobody is allowed to start spinning during panic
+	 * in the first place. If there has been a waiter then non panic CPUs
+	 * might stay spinning. They would get stopped anyway. The panic context
+	 * will never start spinning and an interrupted spin on panic CPU will
+	 * never continue.
+	 */
+	if (panic_in_progress()) {
+		/* Keep lockdep happy. */
+		spin_release(&console_owner_dep_map, _THIS_IP_);
+		return 0;
+	}
+
 	raw_spin_lock(&console_owner_lock);
 	waiter = READ_ONCE(console_waiter);
 	console_owner = NULL;