diff --git a/llvm/cmake/modules/HandleLLVMOptions.cmake b/llvm/cmake/modules/HandleLLVMOptions.cmake
--- a/llvm/cmake/modules/HandleLLVMOptions.cmake
+++ b/llvm/cmake/modules/HandleLLVMOptions.cmake
@@ -1082,6 +1082,8 @@
   message(FATAL_ERROR "LLVM_BUILD_INSTRUMENTED and LLVM_BUILD_INSTRUMENTED_COVERAGE cannot both be specified")
 endif()
 
+set(LLVM_THINLTO_CACHE_PATH "${PROJECT_BINARY_DIR}/lto.cache" CACHE STRING "Set ThinLTO cache path. This can be used when building LLVM from several different directiories.")
+
 if(LLVM_ENABLE_LTO AND LLVM_ON_WIN32 AND NOT LINKER_IS_LLD_LINK AND NOT MINGW)
   message(FATAL_ERROR "When compiling for Windows, LLVM_ENABLE_LTO requires using lld as the linker (point CMAKE_LINKER at lld-link.exe)")
 endif()
@@ -1095,16 +1097,16 @@
   # improves incremental build time.
   # FIXME: We should move all this logic into the clang driver.
   if(APPLE)
-    append("-Wl,-cache_path_lto,${PROJECT_BINARY_DIR}/lto.cache"
+    append("-Wl,-cache_path_lto,${LLVM_THINLTO_CACHE_PATH}"
            CMAKE_EXE_LINKER_FLAGS CMAKE_SHARED_LINKER_FLAGS)
   elseif((UNIX OR MINGW) AND LLVM_USE_LINKER STREQUAL "lld")
-    append("-Wl,--thinlto-cache-dir=${PROJECT_BINARY_DIR}/lto.cache"
+    append("-Wl,--thinlto-cache-dir=${LLVM_THINLTO_CACHE_PATH}"
            CMAKE_EXE_LINKER_FLAGS CMAKE_SHARED_LINKER_FLAGS)
   elseif(LLVM_USE_LINKER STREQUAL "gold")
-    append("-Wl,--plugin-opt,cache-dir=${PROJECT_BINARY_DIR}/lto.cache"
+    append("-Wl,--plugin-opt,cache-dir=${LLVM_THINLTO_CACHE_PATH}"
            CMAKE_EXE_LINKER_FLAGS CMAKE_SHARED_LINKER_FLAGS)
   elseif(LINKER_IS_LLD_LINK)
-    append("/lldltocache:${PROJECT_BINARY_DIR}/lto.cache"
+    append("/lldltocache:${LLVM_THINLTO_CACHE_PATH}"
            CMAKE_EXE_LINKER_FLAGS CMAKE_SHARED_LINKER_FLAGS)
   endif()
 elseif(uppercase_LLVM_ENABLE_LTO STREQUAL "FULL")