diff --git a/src/atomic.rs b/src/atomic.rs
new file mode 100644
index 00000000000..0093c6d2c23
--- /dev/null
+++ b/src/atomic.rs
@@ -0,0 +1,220 @@
+use std::{
+    marker::PhantomData,
+    ptr::NonNull,
+    sync::atomic::{AtomicPtr, Ordering},
+};
+
+use crate::{ffi, Bound, Py, Python};
+
+/// Variant of [`Py<T>`] that can be atomically swapped
+#[repr(transparent)]
+#[derive(Debug)]
+pub struct AtomicPy<T> {
+    inner: AtomicPtr<ffi::PyObject>,
+    _marker: PhantomData<T>,
+}
+
+// SAFETY: same as `Py<T>`
+unsafe impl<T> Send for AtomicPy<T> {}
+unsafe impl<T> Sync for AtomicPy<T> {}
+
+impl<T> AtomicPy<T> {
+    /// Create an [`AtomicPy<T>`] holding the [`Py<T>`]
+    #[inline]
+    pub fn from_py(obj: Py<T>) -> Self {
+        Self {
+            inner: AtomicPtr::new(obj.into_ptr()),
+            _marker: PhantomData,
+        }
+    }
+
+    /// Create an [`AtomicPy<T>`] holding the [`Bound<T>`]
+    #[inline]
+    pub fn from_bound(obj: Bound<'_, T>) -> Self {
+        Self::from_py(obj.unbind())
+    }
+
+    /// Consumes the [`AtomicPy<T>`] and turns it back into a [`Py<T>`]
+    #[inline]
+    pub fn into_inner(self) -> Py<T> {
+        let ptr = *std::mem::ManuallyDrop::new(self).inner.get_mut();
+        // SAFETY: `ptr` is a non-null, owned pointer to `ffi::PyObject` of type `T`
+        unsafe { Py::from_owned_ptr_unchecked(ptr) }
+    }
+
+    /// Stores `obj` in the [`AtomicPy`], returning the previous value.
+    ///
+    /// See [`swap`](AtomicPy::swap)
+    #[inline]
+    pub fn swap_unbound(&self, obj: Py<T>, order: Ordering) -> Py<T> {
+        let ptr = self.inner.swap(obj.into_ptr(), order);
+        // SAFETY: `ptr` is a non-null, owned pointer to `ffi::PyObject` of type `T`
+        unsafe { Py::from_owned_ptr_unchecked(ptr) }
+    }
+
+    /// Stores `obj` in the [`AtomicPy`], returning the previous value.
+    ///
+    /// `swap` takes an [Ordering] argument which describes the memory ordering of this operation.
+    /// All ordering modes are possible. Note that using [Acquire](Ordering::Acquire) makes the
+    /// store part of this operation [Relaxed](Ordering::Relaxed), and using
+    /// [Release](Ordering::Release) makes the load part [Relaxed](Ordering::Relaxed).
+    #[inline]
+    pub fn swap<'py>(&self, obj: Bound<'py, T>, order: Ordering) -> Bound<'py, T> {
+        let py = obj.py();
+        self.swap_unbound(obj.unbind(), order).into_bound(py)
+    }
+}
+
+impl<T> From<Py<T>> for AtomicPy<T> {
+    /// Create an [`AtomicPy<T>`] holding the [`Py<T>`]
+    fn from(obj: Py<T>) -> Self {
+        Self::from_py(obj)
+    }
+}
+
+impl<T> From<Bound<'_, T>> for AtomicPy<T> {
+    /// Create an [`AtomicPy<T>`] holding the [`Bound<T>`]
+    fn from(obj: Bound<'_, T>) -> Self {
+        Self::from_bound(obj)
+    }
+}
+
+impl<T> Drop for AtomicPy<T> {
+    /// Drop the inner [`Py<T>`]
+    fn drop(&mut self) {
+        // SAFETY: `inner` is a non-null, owned pointer to `ffi::PyObject` of type `T`
+        unsafe { Py::<T>::from_owned_ptr_unchecked(*self.inner.get_mut()) };
+    }
+}
+
+/// Variant of [`Option<Py<T>>`] that can be atomically swapped
+#[repr(transparent)]
+#[derive(Debug)]
+pub struct AtomicOptionPy<T> {
+    inner: AtomicPtr<ffi::PyObject>,
+    _marker: PhantomData<T>,
+}
+
+// SAFETY: same as `Py<T>`
+unsafe impl<T> Send for AtomicOptionPy<T> {}
+unsafe impl<T> Sync for AtomicOptionPy<T> {}
+
+impl<T> AtomicOptionPy<T> {
+    /// Create an [`AtomicOptionPy<T>`] holding the [`Py<T>`]
+    #[inline]
+    pub fn from_py(obj: Py<T>) -> Self {
+        Self {
+            inner: AtomicPtr::new(obj.into_ptr()),
+            _marker: PhantomData,
+        }
+    }
+
+    /// Create an [`AtomicOptionPy<T>`] holding the [`Bound<T>`]
+    #[inline]
+    pub fn from_bound(obj: Bound<'_, T>) -> Self {
+        Self::from_py(obj.unbind())
+    }
+
+    /// Consumes the [`AtomicOptionPy<T>`] and turns it back into a [`Py<T>`] or [`None`] if empty
+    #[inline]
+    pub fn into_inner(self) -> Option<Py<T>> {
+        let ptr = *std::mem::ManuallyDrop::new(self).inner.get_mut();
+        // SAFETY: `ptr` is a owned pointer to `ffi::PyObject` of type `T`
+        NonNull::new(ptr).map(|ptr| unsafe { Py::from_owned_non_null(ptr) })
+    }
+
+    /// Takes the object out of the [`AtomicOptionPy`], leaving [`None`] in its place
+    ///
+    /// Note: This uses [`swap`](Self::swap) under the hood.
+    #[inline]
+    pub fn take<'py>(&self, py: Python<'py>, order: Ordering) -> Option<Bound<'py, T>> {
+        self.swap(py, None, order)
+    }
+
+    /// Stores `obj` in the [`AtomicPy`], returning the previous value.
+    ///
+    /// See [`swap`](AtomicPy::swap)
+    #[inline]
+    pub fn swap_unbound(&self, obj: Option<Py<T>>, order: Ordering) -> Option<Py<T>> {
+        let ptr = self
+            .inner
+            .swap(obj.map(Py::into_ptr).unwrap_or_default(), order);
+        // SAFETY: `ptr` is an owned pointer to `ffi::PyObject` of type `T`
+        NonNull::new(ptr).map(|ptr| unsafe { Py::from_owned_non_null(ptr) })
+    }
+
+    /// Stores `obj` in the [`AtomicPy`], returning the previous value.
+    ///
+    /// `swap` takes an [Ordering] argument which describes the memory ordering of this operation.
+    /// All ordering modes are possible. Note that using [Acquire](Ordering::Acquire) makes the
+    /// store part of this operation [Relaxed](Ordering::Relaxed), and using
+    /// [Release](Ordering::Release) makes the load part [Relaxed](Ordering::Relaxed).
+    #[inline]
+    pub fn swap<'py>(
+        &self,
+        py: Python<'py>,
+        obj: Option<Bound<'py, T>>,
+        order: Ordering,
+    ) -> Option<Bound<'py, T>> {
+        self.swap_unbound(obj.map(Bound::unbind), order)
+            .map(|obj| obj.into_bound(py))
+    }
+}
+
+impl<T> Default for AtomicOptionPy<T> {
+    fn default() -> Self {
+        Self {
+            inner: Default::default(),
+            _marker: Default::default(),
+        }
+    }
+}
+
+impl<T> From<Py<T>> for AtomicOptionPy<T> {
+    /// Create an [`AtomicPy<T>`] holding the [`Py<T>`]
+    fn from(obj: Py<T>) -> Self {
+        Self::from_py(obj)
+    }
+}
+
+impl<T> From<Bound<'_, T>> for AtomicOptionPy<T> {
+    /// Create an [`AtomicPy<T>`] holding the [`Bound<T>`]
+    fn from(obj: Bound<'_, T>) -> Self {
+        Self::from_bound(obj)
+    }
+}
+
+impl<T> From<Option<Py<T>>> for AtomicOptionPy<T> {
+    /// Create an [`AtomicPy<T>`] holding the [`Py<T>`]
+    fn from(obj: Option<Py<T>>) -> Self {
+        if let Some(obj) = obj {
+            Self::from_py(obj)
+        } else {
+            Self::default()
+        }
+    }
+}
+
+impl<T> From<Option<Bound<'_, T>>> for AtomicOptionPy<T> {
+    /// Create an [`AtomicPy<T>`] holding the [`Bound<T>`]
+    fn from(obj: Option<Bound<'_, T>>) -> Self {
+        if let Some(obj) = obj {
+            Self::from_bound(obj)
+        } else {
+            Self::default()
+        }
+    }
+}
+
+impl<T> Drop for AtomicOptionPy<T> {
+    /// Drop the inner [`Py<T>`]
+    fn drop(&mut self) {
+        if let Some(ptr) = NonNull::new(*self.inner.get_mut()) {
+            // SAFETY: `ptr` is an owned pointer to `ffi::PyObject` of type `T`
+            unsafe { Py::<T>::from_owned_non_null(ptr) };
+        }
+    }
+}
+
+#[cfg(test)]
+mod tests {}
diff --git a/src/instance.rs b/src/instance.rs
index 3bbbb4729b5..cd2e65b57d8 100644
--- a/src/instance.rs
+++ b/src/instance.rs
@@ -1876,6 +1876,15 @@ impl<T> Py<T> {
         Py(unsafe { NonNull::new_unchecked(ptr) }, PhantomData)
     }
 
+    /// Constructs a new `Py<T>` instance by taking ownership of the given FFI pointer.
+    ///
+    /// # Safety
+    ///
+    /// - `ptr` must be an owned Python reference or type `T`.
+    pub(crate) unsafe fn from_owned_non_null(ptr: NonNull<ffi::PyObject>) -> Self {
+        Py(ptr, PhantomData)
+    }
+
     /// Create a `Py<T>` instance by creating a new reference from the given FFI pointer.
     ///
     /// # Safety
diff --git a/src/lib.rs b/src/lib.rs
index 34b4a6ae156..5e4407f00cb 100644
--- a/src/lib.rs
+++ b/src/lib.rs
@@ -422,6 +422,7 @@ pub mod impl_;
 mod internal_tricks;
 mod internal;
 
+mod atomic;
 pub mod buffer;
 pub mod call;
 pub mod conversion;
@@ -449,6 +450,7 @@ mod version;
 
 #[allow(unused_imports)] // with no features enabled this module has no public exports
 pub use crate::conversions::*;
+pub use atomic::{AtomicOptionPy, AtomicPy};
 
 #[cfg(feature = "macros")]
 pub use pyo3_macros::{