diff --git a/xen/Makefile b/xen/Makefile
index 4c4990a753df..fd002ecd52d0 100644
--- a/xen/Makefile
+++ b/xen/Makefile
@@ -269,8 +269,21 @@ CFLAGS += -flto
 LDFLAGS-$(CONFIG_CC_IS_CLANG) += -plugin LLVMgold.so
 endif
 
+# Note that link order matters!
+ALL_OBJS-y               := common/built_in.o
+ALL_OBJS-y               += drivers/built_in.o
+ALL_OBJS-y               += lib/built_in.o
+ALL_OBJS-y               += xsm/built_in.o
+ALL_OBJS-y               += arch/$(TARGET_ARCH)/built_in.o
+ALL_OBJS-$(CONFIG_CRYPTO)   += crypto/built_in.o
+
+ALL_LIBS-y               := lib/lib.a
+
 include $(BASEDIR)/arch/$(TARGET_ARCH)/arch.mk
 
+export ALL_OBJS := $(ALL_OBJS-y)
+export ALL_LIBS := $(ALL_LIBS-y)
+
 # define new variables to avoid the ones defined in Config.mk
 export XEN_CFLAGS := $(CFLAGS)
 export XEN_AFLAGS := $(AFLAGS)
@@ -378,7 +391,8 @@ $(TARGET).gz: $(TARGET)
 	gzip -n -f -9 < $< > $@.new
 	mv $@.new $@
 
-$(TARGET): FORCE
+PHONY += prepare
+prepare:
 	$(MAKE) -C tools
 	$(MAKE) -f $(BASEDIR)/Rules.mk include/xen/compile.h
 	[ -e arch/$(TARGET_ARCH)/efi ] && for f in $$(cd common/efi; echo *.[ch]); \
@@ -389,6 +403,31 @@ $(TARGET): FORCE
 	$(MAKE) -f $(BASEDIR)/Rules.mk -C include
 	$(MAKE) -f $(BASEDIR)/Rules.mk -C arch/$(TARGET_ARCH) include
 	$(MAKE) -f $(BASEDIR)/Rules.mk include/arch-$(TARGET_ARCH)/asm/asm-offsets.h
+
+$(ALL_OBJS) $(ALL_LIBS): prepare
+
+# head.o is built by descending into arch/arm/$(TARGET_SUBARCH), depends on the
+# part of $(ALL_OBJS) that will eventually recurse into $(TARGET_SUBARCH)/ and
+# build head.o
+arch/arm/$(TARGET_SUBARCH)/head.o: arch/arm/built_in.o
+arch/arm/$(TARGET_SUBARCH)/head.o: ;
+
+ifeq ($(CONFIG_LTO),y)
+# Gather all LTO objects together
+prelink_lto.o: $(ALL_OBJS) $(ALL_LIBS)
+	$(LD_LTO) -r -o $@ $(filter-out %.a,$^) --start-group $(filter %.a,$^) --end-group
+
+# Link it with all the binary objects
+prelink.o: $(patsubst %/built_in.o,%/built_in_bin.o,$(ALL_OBJS)) prelink_lto.o FORCE
+	$(call if_changed,ld)
+else
+prelink.o: $(ALL_OBJS) $(ALL_LIBS) FORCE
+	$(call if_changed,ld)
+endif
+
+targets += prelink.o
+
+$(TARGET): prelink.o FORCE
 	$(MAKE) -f $(BASEDIR)/Rules.mk -C arch/$(TARGET_ARCH) $@
 
 quiet_cmd_banner = BANNER  $@
diff --git a/xen/Rules.mk b/xen/Rules.mk
index 894f2b83a04e..530aefa43ad9 100644
--- a/xen/Rules.mk
+++ b/xen/Rules.mk
@@ -11,25 +11,12 @@ include $(BASEDIR)/scripts/Kbuild.include
 
 TARGET := $(BASEDIR)/xen
 
-# Note that link order matters!
-ALL_OBJS-y               += $(BASEDIR)/common/built_in.o
-ALL_OBJS-y               += $(BASEDIR)/drivers/built_in.o
-ALL_OBJS-y               += $(BASEDIR)/lib/built_in.o
-ALL_OBJS-y               += $(BASEDIR)/xsm/built_in.o
-ALL_OBJS-y               += $(BASEDIR)/arch/$(TARGET_ARCH)/built_in.o
-ALL_OBJS-$(CONFIG_CRYPTO)   += $(BASEDIR)/crypto/built_in.o
-
-ALL_LIBS-y               := $(BASEDIR)/lib/lib.a
-
 # Initialise some variables
 lib-y :=
 targets :=
 CFLAGS-y :=
 AFLAGS-y :=
 
-ALL_OBJS := $(ALL_OBJS-y)
-ALL_LIBS := $(ALL_LIBS-y)
-
 SPECIAL_DATA_SECTIONS := rodata $(foreach a,1 2 4 8 16, \
                                             $(foreach w,1 2 4, \
                                                         rodata.str$(w).$(a)) \
diff --git a/xen/arch/arm/Makefile b/xen/arch/arm/Makefile
index dc1d09c8b429..067c0d9844e4 100644
--- a/xen/arch/arm/Makefile
+++ b/xen/arch/arm/Makefile
@@ -73,14 +73,6 @@ ifneq ($(CONFIG_DTB_FILE),"")
 obj-y += dtb.o
 endif
 
-ALL_OBJS := $(TARGET_SUBARCH)/head.o $(ALL_OBJS)
-
-# head.o is built by descending into the sub-directory, depends on the part of
-# $(ALL_OBJS) that will eventually recurse into $(TARGET_SUBARCH)/ and build
-# head.o
-$(TARGET_SUBARCH)/head.o: $(BASEDIR)/arch/arm/built_in.o
-$(TARGET_SUBARCH)/head.o: ;
-
 ifdef CONFIG_LIVEPATCH
 all_symbols = --all-symbols
 ifdef CONFIG_FAST_SYMBOL_LOOKUP
@@ -96,33 +88,18 @@ ifeq ($(CONFIG_ARM_64),y)
 	ln -sf $(@F) $@.efi
 endif
 
-ifeq ($(CONFIG_LTO),y)
-# Gather all LTO objects together
-prelink_lto.o: $(ALL_OBJS) $(ALL_LIBS)
-	$(LD_LTO) -r -o $@ $(filter-out %.a,$^) --start-group $(filter %.a,$^) --end-group
-
-# Link it with all the binary objects
-prelink.o: $(patsubst %/built_in.o,%/built_in_bin.o,$(ALL_OBJS)) prelink_lto.o
-	$(call if_changed,ld)
-else
-prelink.o: $(ALL_OBJS) $(ALL_LIBS) FORCE
-	$(call if_changed,ld)
-endif
-
-targets += prelink.o
-
-$(TARGET)-syms: prelink.o xen.lds
-	$(LD) $(XEN_LDFLAGS) -T xen.lds -N prelink.o \
+$(TARGET)-syms: $(BASEDIR)/prelink.o xen.lds
+	$(LD) $(XEN_LDFLAGS) -T xen.lds -N $< \
 	    $(BASEDIR)/common/symbols-dummy.o -o $(@D)/.$(@F).0
 	$(NM) -pa --format=sysv $(@D)/.$(@F).0 \
 		| $(BASEDIR)/tools/symbols $(all_symbols) --sysv --sort >$(@D)/.$(@F).0.S
 	$(MAKE) -f $(BASEDIR)/Rules.mk $(@D)/.$(@F).0.o
-	$(LD) $(XEN_LDFLAGS) -T xen.lds -N prelink.o \
+	$(LD) $(XEN_LDFLAGS) -T xen.lds -N $< \
 	    $(@D)/.$(@F).0.o -o $(@D)/.$(@F).1
 	$(NM) -pa --format=sysv $(@D)/.$(@F).1 \
 		| $(BASEDIR)/tools/symbols $(all_symbols) --sysv --sort >$(@D)/.$(@F).1.S
 	$(MAKE) -f $(BASEDIR)/Rules.mk $(@D)/.$(@F).1.o
-	$(LD) $(XEN_LDFLAGS) -T xen.lds -N prelink.o $(build_id_linker) \
+	$(LD) $(XEN_LDFLAGS) -T xen.lds -N $< $(build_id_linker) \
 	    $(@D)/.$(@F).1.o -o $@
 	$(NM) -pa --format=sysv $(@D)/$(@F) \
 		| $(BASEDIR)/tools/symbols --all-symbols --xensyms --sysv --sort \
diff --git a/xen/arch/arm/arch.mk b/xen/arch/arm/arch.mk
index f54e602301be..8a2b202f698e 100644
--- a/xen/arch/arm/arch.mk
+++ b/xen/arch/arm/arch.mk
@@ -26,3 +26,5 @@ ifeq ($(CONFIG_ARM64_ERRATUM_843419),y)
         LDFLAGS += --fix-cortex-a53-843419
     endif
 endif
+
+ALL_OBJS-y := arch/arm/$(TARGET_SUBARCH)/head.o $(ALL_OBJS-y)
diff --git a/xen/arch/x86/Makefile b/xen/arch/x86/Makefile
index d84062f48dfa..3bd302d28ccf 100644
--- a/xen/arch/x86/Makefile
+++ b/xen/arch/x86/Makefile
@@ -161,37 +161,20 @@ endif # $(XEN_BUILD_PE)
 
 endif # $(efi-y)
 
-ALL_OBJS := $(BASEDIR)/arch/x86/boot/built_in.o $(BASEDIR)/arch/x86/efi/built_in.o $(ALL_OBJS)
-
-ifeq ($(CONFIG_LTO),y)
-# Gather all LTO objects together
-prelink_lto.o: $(ALL_OBJS) $(ALL_LIBS)
-	$(LD_LTO) -r -o $@ $(filter-out %.a,$^) --start-group $(filter %.a,$^) --end-group
-
-# Link it with all the binary objects
-prelink.o: $(patsubst %/built_in.o,%/built_in_bin.o,$(ALL_OBJS)) prelink_lto.o FORCE
-	$(call if_changed,ld)
-else
-prelink.o: $(ALL_OBJS) $(ALL_LIBS) FORCE
-	$(call if_changed,ld)
-endif
-
-targets += prelink.o
-
-$(TARGET)-syms: prelink.o xen.lds
-	$(LD) $(XEN_LDFLAGS) -T xen.lds -N prelink.o $(build_id_linker) \
+$(TARGET)-syms: $(BASEDIR)/prelink.o xen.lds
+	$(LD) $(XEN_LDFLAGS) -T xen.lds -N $< $(build_id_linker) \
 	    $(BASEDIR)/common/symbols-dummy.o -o $(@D)/.$(@F).0
 	$(NM) -pa --format=sysv $(@D)/.$(@F).0 \
 		| $(BASEDIR)/tools/symbols $(all_symbols) --sysv --sort \
 		>$(@D)/.$(@F).0.S
 	$(MAKE) -f $(BASEDIR)/Rules.mk $(@D)/.$(@F).0.o
-	$(LD) $(XEN_LDFLAGS) -T xen.lds -N prelink.o $(build_id_linker) \
+	$(LD) $(XEN_LDFLAGS) -T xen.lds -N $< $(build_id_linker) \
 	    $(@D)/.$(@F).0.o -o $(@D)/.$(@F).1
 	$(NM) -pa --format=sysv $(@D)/.$(@F).1 \
 		| $(BASEDIR)/tools/symbols $(all_symbols) --sysv --sort $(syms-warn-dup-y) \
 		>$(@D)/.$(@F).1.S
 	$(MAKE) -f $(BASEDIR)/Rules.mk $(@D)/.$(@F).1.o
-	$(LD) $(XEN_LDFLAGS) -T xen.lds -N prelink.o $(build_id_linker) \
+	$(LD) $(XEN_LDFLAGS) -T xen.lds -N $< $(build_id_linker) \
 	    $(@D)/.$(@F).1.o -o $@
 	$(NM) -pa --format=sysv $(@D)/$(@F) \
 		| $(BASEDIR)/tools/symbols --all-symbols --xensyms --sysv --sort \
@@ -242,7 +225,7 @@ note_file_option ?= $(note_file)
 
 ifeq ($(XEN_BUILD_PE),y)
 extra-y += efi.lds
-$(TARGET).efi: prelink.o $(note_file) efi.lds efi/relocs-dummy.o efi/mkreloc
+$(TARGET).efi: $(BASEDIR)/prelink.o $(note_file) efi.lds efi/relocs-dummy.o efi/mkreloc
 ifeq ($(CONFIG_DEBUG_INFO),y)
 	$(if $(filter --strip-debug,$(EFI_LDFLAGS)),echo,:) "Will strip debug info from $(@F)"
 endif
diff --git a/xen/arch/x86/arch.mk b/xen/arch/x86/arch.mk
index 5a4a1704636f..c95caa303db8 100644
--- a/xen/arch/x86/arch.mk
+++ b/xen/arch/x86/arch.mk
@@ -67,3 +67,5 @@ endif
 
 # Set up the assembler include path properly for older toolchains.
 CFLAGS += -Wa,-I$(BASEDIR)/include
+
+ALL_OBJS-y := arch/x86/boot/built_in.o arch/x86/efi/built_in.o $(ALL_OBJS-y)
