diff --git a/hmp-commands.hx b/hmp-commands.hx
index 848efee..4dc7899 100644
--- a/hmp-commands.hx
+++ b/hmp-commands.hx
@@ -1009,15 +1009,15 @@ ETEXI
 
     {
         .name       = "migrate_set_parameter",
-        .args_type  = "parameter:s,value:s",
-        .params     = "parameter value",
+        .args_type  = "parameter:s,value:s?,speed:o?",
+        .params     = "parameter value speed",
         .help       = "Set the parameter for migration",
         .mhandler.cmd = hmp_migrate_set_parameter,
         .command_completion = migrate_set_parameter_completion,
     },
 
 STEXI
-@item migrate_set_parameter @var{parameter} @var{value}
+@item migrate_set_parameter @var{parameter} @var{value} @var{speed}
 @findex migrate_set_parameter
 Set the parameter @var{parameter} for migration.
 ETEXI
diff --git a/hmp.c b/hmp.c
index cc2056e..fd50e83 100644
--- a/hmp.c
+++ b/hmp.c
@@ -304,6 +304,12 @@ void hmp_info_migrate_parameters(Monitor *mon, const QDict *qdict)
         monitor_printf(mon, " %s: '%s'",
             MigrationParameter_lookup[MIGRATION_PARAMETER_TLS_HOSTNAME],
             params->tls_hostname ? : "");
+        monitor_printf(mon, " %s: %" PRId64,
+            MigrationParameter_lookup[MIGRATION_PARAMETER_MIGRATE_SET_SPEED],
+            params->migrate_set_speed);
+        monitor_printf(mon, " %s: %" PRId64,
+            MigrationParameter_lookup[MIGRATION_PARAMETER_MIGRATE_SET_DOWNTIME],
+            params->migrate_set_downtime);
         monitor_printf(mon, "\n");
     }
 
@@ -1193,6 +1199,7 @@ void hmp_migrate_incoming(Monitor *mon, const QDict *qdict)
     hmp_handle_error(mon, &err);
 }
 
+/* Kept for old-commands compatibility */
 void hmp_migrate_set_downtime(Monitor *mon, const QDict *qdict)
 {
     double value = qdict_get_double(qdict, "value");
@@ -1211,6 +1218,7 @@ void hmp_migrate_set_cache_size(Monitor *mon, const QDict *qdict)
     }
 }
 
+/* Kept for old-commands compatibility */
 void hmp_migrate_set_speed(Monitor *mon, const QDict *qdict)
 {
     int64_t value = qdict_get_int(qdict, "value");
@@ -1250,8 +1258,11 @@ void hmp_migrate_set_capability(Monitor *mon, const QDict *qdict)
 void hmp_migrate_set_parameter(Monitor *mon, const QDict *qdict)
 {
     const char *param = qdict_get_str(qdict, "parameter");
-    const char *valuestr = qdict_get_str(qdict, "value");
+    const char *valuestr = qdict_get_try_str(qdict, "value");
+    int64_t valuespeed = 0;
+    double valuedowntime = 0;
     long valueint = 0;
+    char *endp;
     Error *err = NULL;
     bool has_compress_level = false;
     bool has_compress_threads = false;
@@ -1260,6 +1271,8 @@ void hmp_migrate_set_parameter(Monitor *mon, const QDict *qdict)
     bool has_cpu_throttle_increment = false;
     bool has_tls_creds = false;
     bool has_tls_hostname = false;
+    bool has_migrate_set_speed = false;
+    bool has_migrate_set_downtime = false;
     bool use_int_value = false;
     int i;
 
@@ -1291,6 +1304,19 @@ void hmp_migrate_set_parameter(Monitor *mon, const QDict *qdict)
             case MIGRATION_PARAMETER_TLS_HOSTNAME:
                 has_tls_hostname = true;
                 break;
+            case MIGRATION_PARAMETER_MIGRATE_SET_SPEED:
+                has_migrate_set_speed = true;
+                valuespeed = qdict_get_int(qdict, "speed");
+                break;
+            case MIGRATION_PARAMETER_MIGRATE_SET_DOWNTIME:
+                has_migrate_set_downtime = true;
+                valuedowntime = strtod(valuestr, &endp);
+                if (valuestr == endp) {
+                    error_setg(&err, "Unable to parse '%s' as a number",
+                               valuestr);
+                    goto cleanup;
+                }
+                break;
             }
 
             if (use_int_value) {
@@ -1308,6 +1334,8 @@ void hmp_migrate_set_parameter(Monitor *mon, const QDict *qdict)
                                        has_cpu_throttle_increment, valueint,
                                        has_tls_creds, valuestr,
                                        has_tls_hostname, valuestr,
+                                       has_migrate_set_speed, valuespeed,
+                                       has_migrate_set_downtime, valuedowntime,
                                        &err);
             break;
         }
diff --git a/include/migration/migration.h b/include/migration/migration.h
index 3c96623..a5429ee 100644
--- a/include/migration/migration.h
+++ b/include/migration/migration.h
@@ -129,7 +129,6 @@ struct MigrationSrcPageRequest {
 
 struct MigrationState
 {
-    int64_t bandwidth_limit;
     size_t bytes_xfer;
     size_t xfer_limit;
     QemuThread thread;
diff --git a/migration/migration.c b/migration/migration.c
index 955d5ee..3768911 100644
--- a/migration/migration.c
+++ b/migration/migration.c
@@ -44,6 +44,9 @@
 #define BUFFER_DELAY     100
 #define XFER_LIMIT_RATIO (1000 / BUFFER_DELAY)
 
+/* Amount of nanoseconds we are willing to wait for migration to be down. */
+#define DEFAULT_MIGRATE_SET_DOWNTIME 300000000
+
 /* Default compression thread count */
 #define DEFAULT_MIGRATE_COMPRESS_THREAD_COUNT 8
 /* Default decompression thread count, usually decompression is at
@@ -80,7 +83,6 @@ MigrationState *migrate_get_current(void)
     static bool once;
     static MigrationState current_migration = {
         .state = MIGRATION_STATUS_NONE,
-        .bandwidth_limit = MAX_THROTTLE,
         .xbzrle_cache_size = DEFAULT_MIGRATE_CACHE_SIZE,
         .mbps = -1,
         .parameters = {
@@ -89,6 +91,8 @@ MigrationState *migrate_get_current(void)
             .decompress_threads = DEFAULT_MIGRATE_DECOMPRESS_THREAD_COUNT,
             .cpu_throttle_initial = DEFAULT_MIGRATE_CPU_THROTTLE_INITIAL,
             .cpu_throttle_increment = DEFAULT_MIGRATE_CPU_THROTTLE_INCREMENT,
+            .migrate_set_speed = MAX_THROTTLE,
+            .migrate_set_downtime = DEFAULT_MIGRATE_SET_DOWNTIME,
         },
     };
 
@@ -566,6 +570,8 @@ MigrationParameters *qmp_query_migrate_parameters(Error **errp)
     params->cpu_throttle_increment = s->parameters.cpu_throttle_increment;
     params->tls_creds = g_strdup(s->parameters.tls_creds);
     params->tls_hostname = g_strdup(s->parameters.tls_hostname);
+    params->migrate_set_speed = s->parameters.migrate_set_speed;
+    params->migrate_set_downtime = s->parameters.migrate_set_downtime;
 
     return params;
 }
@@ -773,6 +779,10 @@ void qmp_migrate_set_parameters(bool has_compress_level,
                                 const char *tls_creds,
                                 bool has_tls_hostname,
                                 const char *tls_hostname,
+                                bool has_migrate_set_speed,
+                                int64_t migrate_set_speed,
+                                bool has_migrate_set_downtime,
+                                double migrate_set_downtime,
                                 Error **errp)
 {
     MigrationState *s = migrate_get_current();
@@ -832,6 +842,12 @@ void qmp_migrate_set_parameters(bool has_compress_level,
         g_free(s->parameters.tls_hostname);
         s->parameters.tls_hostname = g_strdup(tls_hostname);
     }
+    if (has_migrate_set_speed) {
+        qmp_migrate_set_speed(migrate_set_speed, NULL);
+    }
+    if (has_migrate_set_downtime) {
+        qmp_migrate_set_downtime(migrate_set_downtime, NULL);
+    }
 }
 
 
@@ -1175,18 +1191,24 @@ void qmp_migrate_set_speed(int64_t value, Error **errp)
     }
 
     s = migrate_get_current();
-    s->bandwidth_limit = value;
+    s->parameters.migrate_set_speed = value;
     if (s->to_dst_file) {
         qemu_file_set_rate_limit(s->to_dst_file,
-                                 s->bandwidth_limit / XFER_LIMIT_RATIO);
+                            s->parameters.migrate_set_speed / XFER_LIMIT_RATIO);
     }
 }
 
 void qmp_migrate_set_downtime(double value, Error **errp)
 {
+    MigrationState *s;
+
     value *= 1e9;
     value = MAX(0, MIN(UINT64_MAX, value));
+
+    s = migrate_get_current();
+
     max_downtime = (uint64_t)value;
+    s->parameters.migrate_set_downtime = max_downtime;
 }
 
 bool migrate_postcopy_ram(void)
@@ -1858,7 +1880,7 @@ void migrate_fd_connect(MigrationState *s)
 
     qemu_file_set_blocking(s->to_dst_file, true);
     qemu_file_set_rate_limit(s->to_dst_file,
-                             s->bandwidth_limit / XFER_LIMIT_RATIO);
+                             s->parameters.migrate_set_speed / XFER_LIMIT_RATIO);
 
     /* Notify before starting migration thread */
     notifier_list_notify(&migration_state_notifiers, s);
diff --git a/qapi-schema.json b/qapi-schema.json
index 5658723..b98be44 100644
--- a/qapi-schema.json
+++ b/qapi-schema.json
@@ -637,12 +637,18 @@
 #                hostname must be provided so that the server's x509
 #                certificate identity can be validated. (Since 2.7)
 #
+# @migrate-set-speed: to set maximum speed for migration. A value lesser than
+#                     zero will be automatically round upto zero.
+#
+# @migrate-set-downtime: set maximum tolerated downtime for migration.
+#
 # Since: 2.4
 ##
 { 'enum': 'MigrationParameter',
   'data': ['compress-level', 'compress-threads', 'decompress-threads',
            'cpu-throttle-initial', 'cpu-throttle-increment',
-           'tls-creds', 'tls-hostname'] }
+           'tls-creds', 'tls-hostname', 'migrate-set-speed',
+           'migrate-set-downtime'] }
 
 #
 # @migrate-set-parameters
@@ -678,6 +684,11 @@
 #                hostname must be provided so that the server's x509
 #                certificate identity can be validated. (Since 2.7)
 #
+# @migrate-set-speed: to set maximum speed for migration. A value lesser than
+#                     zero will be automatically round upto zero.
+#
+# @migrate-set-downtime: set maximum tolerated downtime for migration.
+#
 # Since: 2.4
 ##
 { 'command': 'migrate-set-parameters',
@@ -687,7 +698,9 @@
             '*cpu-throttle-initial': 'int',
             '*cpu-throttle-increment': 'int',
             '*tls-creds': 'str',
-            '*tls-hostname': 'str'} }
+            '*tls-hostname': 'str',
+            '*migrate-set-speed': 'int',
+            '*migrate-set-downtime': 'number'} }
 
 #
 # @MigrationParameters
@@ -721,6 +734,11 @@
 #                hostname must be provided so that the server's x509
 #                certificate identity can be validated. (Since 2.7)
 #
+# @migrate-set-speed: to set maximum speed for migration. A value lesser than
+#                     zero will be automatically round upto zero.
+#
+# @migrate-set-downtime: set maximum tolerated downtime for migration.
+#
 # Since: 2.4
 ##
 { 'struct': 'MigrationParameters',
@@ -730,7 +748,9 @@
             'cpu-throttle-initial': 'int',
             'cpu-throttle-increment': 'int',
             'tls-creds': 'str',
-            'tls-hostname': 'str'} }
+            'tls-hostname': 'str',
+            'migrate-set-speed': 'int',
+            'migrate-set-downtime': 'int'} }
 ##
 # @query-migrate-parameters
 #
diff --git a/qmp-commands.hx b/qmp-commands.hx
index 6866264..c4d3809 100644
--- a/qmp-commands.hx
+++ b/qmp-commands.hx
@@ -3790,7 +3790,9 @@ Set migration parameters
                           throttled for auto-converge (json-int)
 - "cpu-throttle-increment": set throttle increasing percentage for
                             auto-converge (json-int)
-
+- "migrate-set-speed": set maximum speed for migrations (json-octets)
+- "migrate-set-downtime": set maximum tolerated downtime (in seconds) for
+                          migrations (json-number)
 Arguments:
 
 Example:
@@ -3803,7 +3805,7 @@ EQMP
     {
         .name       = "migrate-set-parameters",
         .args_type  =
-            "compress-level:i?,compress-threads:i?,decompress-threads:i?,cpu-throttle-initial:i?,cpu-throttle-increment:i?",
+            "compress-level:i?,compress-threads:i?,decompress-threads:i?,cpu-throttle-initial:i?,cpu-throttle-increment:i?,migrate-set-speed:o?,migrate-set-downtime:T?",
         .mhandler.cmd_new = qmp_marshal_migrate_set_parameters,
     },
 SQMP
@@ -3820,6 +3822,9 @@ Query current migration parameters
                                     throttled (json-int)
          - "cpu-throttle-increment" : throttle increasing percentage for
                                       auto-converge (json-int)
+         - "migrate-set-speed" : maximium migration speed (json-octets)
+         - "migration-set-downtime" : maximum tolerated downtime of migration
+                                      (json-number)
 
 Arguments:
 
@@ -3832,7 +3837,9 @@ Example:
          "cpu-throttle-increment": 10,
          "compress-threads": 8,
          "compress-level": 1,
-         "cpu-throttle-initial": 20
+         "cpu-throttle-initial": 20,
+         "migration-set-speed": 33554432,
+         "migration-set-downtime": 300000000
       }
    }
 
