diff --git a/mlir/include/mlir/Dialect/Bufferization/Transforms/OneShotAnalysis.h b/mlir/include/mlir/Dialect/Bufferization/Transforms/OneShotAnalysis.h
--- a/mlir/include/mlir/Dialect/Bufferization/Transforms/OneShotAnalysis.h
+++ b/mlir/include/mlir/Dialect/Bufferization/Transforms/OneShotAnalysis.h
@@ -47,6 +47,10 @@
   /// Specifies whether returning newly allocated memrefs should be allowed.
   /// Otherwise, a pass failure is triggered.
   bool allowReturnAllocs = false;
+
+  /// Specifies whether buffer return values that are equivalent to a FuncOp
+  /// bbArg should be dropped.
+  bool dropEquivalentFuncResults = true;
 };
 
 /// The BufferizationAliasInfo class maintains a list of buffer aliases and
diff --git a/mlir/include/mlir/Dialect/Bufferization/Transforms/Passes.td b/mlir/include/mlir/Dialect/Bufferization/Transforms/Passes.td
--- a/mlir/include/mlir/Dialect/Bufferization/Transforms/Passes.td
+++ b/mlir/include/mlir/Dialect/Bufferization/Transforms/Passes.td
@@ -230,6 +230,9 @@
     `test-analysis-only`.
   }];
   let options = [
+    Option<"dropEquivalentFuncResults", "drop-equivalent-func-results", "bool",
+           /*default=*/"true",
+           "Drop buffer return values that are equivalent to a FuncOp arg.">,
     Option<"allowReturnAllocs", "allow-return-allocs", "bool",
             /*default=*/"false",
            "Allows returning/yielding new allocations from a block.">,
diff --git a/mlir/lib/Dialect/Bufferization/Transforms/Bufferize.cpp b/mlir/lib/Dialect/Bufferization/Transforms/Bufferize.cpp
--- a/mlir/lib/Dialect/Bufferization/Transforms/Bufferize.cpp
+++ b/mlir/lib/Dialect/Bufferization/Transforms/Bufferize.cpp
@@ -169,6 +169,7 @@
     if (!options) {
       // Make new bufferization options if none were provided when creating the
       // pass.
+      opt.dropEquivalentFuncResults = dropEquivalentFuncResults;
       opt.allowReturnAllocs = allowReturnAllocs;
       opt.allowUnknownOps = allowUnknownOps;
       opt.alwaysAliasingWithDest = alwaysAliasingWithDest;
diff --git a/mlir/lib/Dialect/Bufferization/Transforms/FuncBufferizableOpInterfaceImpl.cpp b/mlir/lib/Dialect/Bufferization/Transforms/FuncBufferizableOpInterfaceImpl.cpp
--- a/mlir/lib/Dialect/Bufferization/Transforms/FuncBufferizableOpInterfaceImpl.cpp
+++ b/mlir/lib/Dialect/Bufferization/Transforms/FuncBufferizableOpInterfaceImpl.cpp
@@ -269,17 +269,19 @@
         continue;
       }
 
-      if (Optional<int64_t> bbArgIdx =
-              getEquivalentFuncArgIdx(funcOp, funcState, returnValIdx)) {
-        // Return operands that are equivalent to some bbArg, are not
-        // returned.
-        FailureOr<Value> bufferOrFailure =
-            state.getBuffer(rewriter, callOp->getOpOperand(*bbArgIdx));
-        if (failed(bufferOrFailure))
-          return failure();
-        replacementValues[returnValIdx] = *bufferOrFailure;
-        newOperands[*bbArgIdx] = *bufferOrFailure;
-        continue;
+      if (options.dropEquivalentFuncResults) {
+        if (Optional<int64_t> bbArgIdx =
+                getEquivalentFuncArgIdx(funcOp, funcState, returnValIdx)) {
+          // Return operands that are equivalent to some bbArg, are not
+          // returned.
+          FailureOr<Value> bufferOrFailure =
+              state.getBuffer(rewriter, callOp->getOpOperand(*bbArgIdx));
+          if (failed(bufferOrFailure))
+            return failure();
+          replacementValues[returnValIdx] = *bufferOrFailure;
+          newOperands[*bbArgIdx] = *bufferOrFailure;
+          continue;
+        }
       }
 
       if (!options.allowReturnAllocs)
@@ -404,7 +406,8 @@
     FunctionType funcType = funcOp.getFunctionType();
     const FuncAnalysisState &funcState =
         getFuncAnalysisState(state.getAnalysisState());
-    const BufferizationOptions &options = state.getOptions();
+    const OneShotBufferizationOptions &options =
+        static_cast<const OneShotBufferizationOptions &>(state.getOptions());
 
     // Construct the bufferized function type.
     SmallVector<Type> argTypes;
@@ -479,20 +482,23 @@
       }
 
       // If return operand is equivalent to some bbArg, no need to return it.
-      if (Optional<int64_t> equivBbArgIdx = getEquivalentFuncArgIdx(
-              funcOp, funcState, returnOperand.getOperandNumber())) {
-        rewriter.setInsertionPoint(returnOp);
-        Location loc = returnOp.getLoc();
-        Value toMemrefOp = rewriter.create<bufferization::ToMemrefOp>(
-            loc, getMemRefType(returnVal.getType().cast<TensorType>(), options),
-            returnVal);
-        BlockArgument equivBbArg = funcOp.getArgument(*equivBbArgIdx);
-        // Note: This copy will fold away. It must be inserted here to ensure
-        // that `returnVal` still has at least one use and does not fold away.
-        if (failed(
-                createMemCpy(rewriter, loc, toMemrefOp, equivBbArg, options)))
-          return funcOp->emitError("could not generate copy for bbArg");
-        continue;
+      if (options.dropEquivalentFuncResults) {
+        if (Optional<int64_t> equivBbArgIdx = getEquivalentFuncArgIdx(
+                funcOp, funcState, returnOperand.getOperandNumber())) {
+          rewriter.setInsertionPoint(returnOp);
+          Location loc = returnOp.getLoc();
+          Value toMemrefOp = rewriter.create<bufferization::ToMemrefOp>(
+              loc,
+              getMemRefType(returnVal.getType().cast<TensorType>(), options),
+              returnVal);
+          BlockArgument equivBbArg = funcOp.getArgument(*equivBbArgIdx);
+          // Note: This copy will fold away. It must be inserted here to ensure
+          // that `returnVal` still has at least one use and does not fold away.
+          if (failed(
+                  createMemCpy(rewriter, loc, toMemrefOp, equivBbArg, options)))
+            return funcOp->emitError("could not generate copy for bbArg");
+          continue;
+        }
       }
 
       returnValues.push_back(*state.getBuffer(rewriter, returnOperand));
diff --git a/mlir/test/Dialect/Bufferization/Transforms/one-shot-module-bufferize-allow-return-allocs.mlir b/mlir/test/Dialect/Bufferization/Transforms/one-shot-module-bufferize-allow-return-allocs.mlir
--- a/mlir/test/Dialect/Bufferization/Transforms/one-shot-module-bufferize-allow-return-allocs.mlir
+++ b/mlir/test/Dialect/Bufferization/Transforms/one-shot-module-bufferize-allow-return-allocs.mlir
@@ -1,4 +1,5 @@
 // RUN: mlir-opt %s -one-shot-bufferize="bufferize-function-boundaries=1 allow-return-allocs" -split-input-file | FileCheck %s
+// RUN: mlir-opt %s -one-shot-bufferize="bufferize-function-boundaries=1 allow-return-allocs drop-equivalent-func-results=false" -split-input-file | FileCheck %s --check-prefix=EQUIV
 
 // Run fuzzer with different seeds.
 // RUN: mlir-opt %s -one-shot-bufferize="bufferize-function-boundaries=1 allow-return-allocs test-analysis-only analysis-fuzzer-seed=23" -split-input-file -o /dev/null
@@ -62,3 +63,16 @@
   %r2 = tensor.extract %filled[%idx] : tensor<?xf32>
   return %r1, %r2 : f32, f32
 }
+
+// -----
+
+func.func @return_arg(%A: tensor<?xf32>) -> tensor<?xf32> {
+  func.return %A : tensor<?xf32>
+}
+// CHECK-LABEL: func @return_arg
+// CHECK-SAME:      %[[A:.*]]: memref<?xf32
+//  CHECK-NOT:    return %[[A]]
+
+// EQUIV-LABEL: func @return_arg
+// EQUIV-SAME:      %[[A:.*]]: memref<?xf32
+//      EQUIV:    return %[[A]]