diff --git a/llvm/CMakeLists.txt b/llvm/CMakeLists.txt
--- a/llvm/CMakeLists.txt
+++ b/llvm/CMakeLists.txt
@@ -486,7 +486,7 @@
 
 set(LLVM_ENABLE_ZSTD "ON" CACHE STRING "Use zstd for compression/decompression if available. Can be ON, OFF, or FORCE_ON")
 
-set(LLVM_PREFER_STATIC_ZSTD TRUE CACHE BOOL "Use static version of zstd if available. Can be TRUE, FALSE")
+set(LLVM_ZSTD_PREFERENCE_LIST "zstd::libzstd_shared;zstd::libzstd_static" CACHE STRING "Semicolon-separated list of targets to consider for zstd. First supported target in list will be used. EG: zstd::libzstd_shared;zstd::libzstd_static")
 
 set(LLVM_ENABLE_CURL "OFF" CACHE STRING "Use libcurl for the HTTP client if available. Can be ON, OFF, or FORCE_ON")
 
diff --git a/llvm/lib/Support/CMakeLists.txt b/llvm/lib/Support/CMakeLists.txt
--- a/llvm/lib/Support/CMakeLists.txt
+++ b/llvm/lib/Support/CMakeLists.txt
@@ -25,22 +25,15 @@
   list(APPEND imported_libs ZLIB::ZLIB)
 endif()
 
-set(zstd_target none)
+set(zstd_target zstd::libzstd_nonexistant)
 
 if(LLVM_ENABLE_ZSTD)
-  if(LLVM_PREFER_STATIC_ZSTD)
-    if(TARGET zstd::libzstd_static)
-      set(zstd_target zstd::libzstd_static)
-    else()
-      set(zstd_target zstd::libzstd_shared)
+  foreach( try_target ${LLVM_ZSTD_PREFERENCE_LIST} )
+    if( TARGET ${try_target} )
+      set(zstd_target ${try_target})
+      break()
     endif()
-  else()
-    if(TARGET zstd::libzstd_shared)
-      set(zstd_target zstd::libzstd_shared)
-    else()
-      set(zstd_target zstd::libzstd_static)
-    endif()
-  endif()
+  endforeach()
 endif()
 
 if(LLVM_ENABLE_ZSTD)