diff --git a/drivers/net/phy/phylink.c b/drivers/net/phy/phylink.c
index 0a0abe8e4be0b..5a58c77d00022 100644
--- a/drivers/net/phy/phylink.c
+++ b/drivers/net/phy/phylink.c
@@ -1333,7 +1333,10 @@ void phylink_suspend(struct phylink *pl, bool mac_wol)
 		 * but one would hope all packets have been sent. This
 		 * also means phylink_resolve() will do nothing.
 		 */
-		netif_carrier_off(pl->netdev);
+		if (pl->netdev)
+			netif_carrier_off(pl->netdev);
+		else
+			pl->old_link_state = false;
 
 		/* We do not call mac_link_down() here as we want the
 		 * link to remain up to receive the WoL packets.