diff --git a/tools/perf/Makefile.config b/tools/perf/Makefile.config
index 46f7fba2306c..9832affd5d54 100644
--- a/tools/perf/Makefile.config
+++ b/tools/perf/Makefile.config
@@ -228,8 +228,17 @@ strip-libs  = $(filter-out -l%,$(1))
 
 PYTHON_CONFIG_SQ := $(call shell-sq,$(PYTHON_CONFIG))
 
+# Python 3.8 changed the output of `python-config --ldflags` to not include the
+# '-lpythonX.Y' flag unless '--embed' is also passed. The feature check for
+# libpython fails if that flag is not included in LDFLAGS
+ifeq ($(shell $(PYTHON_CONFIG_SQ) --ldflags --embed 2>&1 1>/dev/null; echo $$?), 0)
+  PYTHON_CONFIG_LDFLAGS := --ldflags --embed
+else
+  PYTHON_CONFIG_LDFLAGS := --ldflags
+endif
+
 ifdef PYTHON_CONFIG
-  PYTHON_EMBED_LDOPTS := $(shell $(PYTHON_CONFIG_SQ) --ldflags 2>/dev/null)
+  PYTHON_EMBED_LDOPTS := $(shell $(PYTHON_CONFIG_SQ) $(PYTHON_CONFIG_LDFLAGS) 2>/dev/null)
   PYTHON_EMBED_LDFLAGS := $(call strip-libs,$(PYTHON_EMBED_LDOPTS))
   PYTHON_EMBED_LIBADD := $(call grep-libs,$(PYTHON_EMBED_LDOPTS)) -lutil
   PYTHON_EMBED_CCOPTS := $(shell $(PYTHON_CONFIG_SQ) --includes 2>/dev/null)