diff --git a/drivers/net/phy/dp83867.c b/drivers/net/phy/dp83867.c
index 417527f8bbf55..7446d5c6c7146 100644
--- a/drivers/net/phy/dp83867.c
+++ b/drivers/net/phy/dp83867.c
@@ -682,6 +682,13 @@ static int dp83867_of_init(struct phy_device *phydev)
 	 */
 	dp83867->io_impedance = DP83867_IO_MUX_CFG_IO_IMPEDANCE_MIN / 2;
 
+	/* For non-OF device, the RX and TX FIFO depths are taken from
+	 * default value. So, we init RX & TX FIFO depths here
+	 * so that it is configured correctly later in dp83867_config_init();
+	 */
+	dp83867->tx_fifo_depth = DP83867_PHYCR_FIFO_DEPTH_4_B_NIB;
+	dp83867->rx_fifo_depth = DP83867_PHYCR_FIFO_DEPTH_4_B_NIB;
+
 	return 0;
 }
 #endif /* CONFIG_OF_MDIO */