diff --git a/index.ts b/index.ts
index c5c71d0..67d861d 100644
--- a/index.ts
+++ b/index.ts
@@ -58,12 +58,14 @@ export type Options<
 	readonly cacheKey?: (arguments_: Parameters<FunctionToMemoize>) => CacheKeyType;
 
 	/**
-	Use a different cache storage. Must implement the following methods: `.has(key)`, `.get(key)`, `.set(key, value)`, `.delete(key)`, and optionally `.clear()`. You could for example use a `WeakMap` instead or [`quick-lru`](https://github.com/sindresorhus/quick-lru) for a LRU cache. To disable caching so that only concurrent executions resolve with the same value, pass `false`.
+	Use a different cache storage. Must implement the following methods: `.has(key)`, `.get(key)`, `.set(key, value)`, `.delete(key)`, and optionally `.clear()`. You could for example use a `WeakMap` instead or [`quick-lru`](https://github.com/sindresorhus/quick-lru) for a LRU cache.
+
+	To disable caching so that only concurrent executions resolve with the same value, pass `false` or `'while-pending'`.
 
 	@default new Map()
 	@example new WeakMap()
 	*/
-	readonly cache?: CacheStorage<CacheKeyType, AsyncReturnType<FunctionToMemoize>> | false;
+	readonly cache?: CacheStorage<CacheKeyType, AsyncReturnType<FunctionToMemoize>> | false | 'while-pending';
 
 	/**
 	Controls whether a fulfilled value should be written to the cache.
@@ -137,6 +139,9 @@ export default function pMemoize<
 		cache = new Map<CacheKeyType, AsyncReturnType<FunctionToMemoize>>(),
 	} = options ?? {};
 
+	// Normalize 'while-pending' to false for internal use
+	const normalizedCache = cache === 'while-pending' ? false : cache;
+
 	// Promise objects can't be serialized so we keep track of them internally and only provide their resolved values to `cache`
 	// `Promise<AsyncReturnType<FunctionToMemoize>>` is used instead of `ReturnType<FunctionToMemoize>` because promise properties are not kept
 	const promiseCache = new Map<CacheKeyType, Promise<AsyncReturnType<FunctionToMemoize>>>();
@@ -150,8 +155,8 @@ export default function pMemoize<
 
 		const promise = (async () => {
 			try {
-				if (cache && await cache.has(key)) {
-					return (await cache.get(key)) as AsyncReturnType<FunctionToMemoize>;
+				if (normalizedCache && await normalizedCache.has(key)) {
+					return (await normalizedCache.get(key)) as AsyncReturnType<FunctionToMemoize>;
 				}
 
 				const promise = fn.apply(this, arguments_) as Promise<AsyncReturnType<FunctionToMemoize>>;
@@ -161,13 +166,13 @@ export default function pMemoize<
 				try {
 					return result;
 				} finally {
-					if (cache) {
+					if (normalizedCache) {
 						const allow = options?.shouldCache
 							? await options.shouldCache(result, {key, argumentsList: arguments_})
 							: true;
 
 						if (allow) {
-							await cache.set(key, result);
+							await normalizedCache.set(key, result);
 						}
 					}
 				}
@@ -185,7 +190,7 @@ export default function pMemoize<
 		ignoreNonConfigurable: true,
 	});
 
-	cacheStore.set(memoized, cache);
+	cacheStore.set(memoized, normalizedCache);
 
 	return memoized;
 }
diff --git a/readme.md b/readme.md
index 531ad21..d72f53e 100644
--- a/readme.md
+++ b/readme.md
@@ -68,10 +68,12 @@ See the [caching strategy](#caching-strategy) section for more information.
 
 ##### cache
 
-Type: `object | false`\
+Type: `object | false | 'while-pending'`\
 Default: `new Map()`
 
-Use a different cache storage. Must implement the following methods: `.has(key)`, `.get(key)`, `.set(key, value)`, `.delete(key)`, and optionally `.clear()`. You could for example use a `WeakMap` instead or [`quick-lru`](https://github.com/sindresorhus/quick-lru) for a LRU cache. To disable caching so that only concurrent executions resolve with the same value, pass `false`.
+Use a different cache storage. Must implement the following methods: `.has(key)`, `.get(key)`, `.set(key, value)`, `.delete(key)`, and optionally `.clear()`. You could for example use a `WeakMap` instead or [`quick-lru`](https://github.com/sindresorhus/quick-lru) for a LRU cache.
+
+To disable caching so that only concurrent executions resolve with the same value, pass `false` or `'while-pending'`.
 
 See the [caching strategy](https://github.com/sindresorhus/mem#caching-strategy) section in the `mem` package for more information.
 
diff --git a/test-d/index.test-d.ts b/test-d/index.test-d.ts
index d419cb0..1ec34e3 100644
--- a/test-d/index.test-d.ts
+++ b/test-d/index.test-d.ts
@@ -12,6 +12,7 @@ expectType<typeof fn>(pMemoize(fn, {
 }));
 expectType<typeof fn>(pMemoize(fn, {cache: new Map<string, boolean>()}));
 expectType<typeof fn>(pMemoize(fn, {cache: false}));
+expectType<typeof fn>(pMemoize(fn, {cache: 'while-pending'}));
 
 /* Overloaded function tests */
 async function overloadedFn(parameter: false): Promise<false>;
diff --git a/test.ts b/test.ts
index 0f191f8..2ffe504 100644
--- a/test.ts
+++ b/test.ts
@@ -207,6 +207,17 @@ test('disables caching', async t => {
 	t.deepEqual(await Promise.all([memoized(), memoized()]), [3, 3]);
 });
 
+test('cache: "while-pending" disables caching but deduplicates in-flight requests', async t => {
+	let index = 0;
+
+	const memoized = pMemoize(async () => index++, {cache: 'while-pending'});
+
+	t.is(await memoized(), 0);
+	t.is(await memoized(), 1);
+	t.is(await memoized(), 2);
+	t.deepEqual(await Promise.all([memoized(), memoized()]), [3, 3]);
+});
+
 test('.pMemoizeClear()', async t => {
 	let index = 0;
 	const fixture = async () => index++;
@@ -297,6 +308,20 @@ test('.pMemoizeClear() throws when called on a disabled cache', t => {
 	});
 });
 
+test('.pMemoizeClear() throws when called on a while-pending cache', t => {
+	const fixture = async () => 1;
+	const memoized = pMemoize(fixture, {
+		cache: 'while-pending',
+	});
+
+	t.throws(() => {
+		pMemoizeClear(memoized);
+	}, {
+		message: 'Can\'t clear a function that doesn\'t use a cache!',
+		instanceOf: TypeError,
+	});
+});
+
 test.serial('shouldCache: skips cache.set when predicate false', async t => {
 	let calls = 0;
 	const cache = new Map<unknown, unknown>();