diff --git a/llvm/lib/Transforms/Utils/InlineFunction.cpp b/llvm/lib/Transforms/Utils/InlineFunction.cpp
--- a/llvm/lib/Transforms/Utils/InlineFunction.cpp
+++ b/llvm/lib/Transforms/Utils/InlineFunction.cpp
@@ -1376,6 +1376,13 @@
     auto *NewRetVal = dyn_cast_or_null<CallBase>(VMap.lookup(RetVal));
     if (!NewRetVal)
       continue;
+    // Deoptimize calls are special since their deopt bundles are updated with
+    // the caller deopt bundle and the return type is updated to the caller
+    // return type later during inlining. So, we cannot update the return
+    // attribute(s) of the deopt call with that of the callee.
+    if (auto *F = NewRetVal->getCalledFunction())
+      if (F->getIntrinsicID() == Intrinsic::experimental_deoptimize)
+        continue;
     // Backward propagation of attributes to the returned value may be incorrect
     // if it is control flow dependent.
     // Consider:
diff --git a/llvm/test/Transforms/Inline/pr64804.ll b/llvm/test/Transforms/Inline/pr64804.ll
new file mode 100644
--- /dev/null
+++ b/llvm/test/Transforms/Inline/pr64804.ll
@@ -0,0 +1,18 @@
+; RUN: opt -S -passes=inline < %s | FileCheck %s
+
+declare ptr @llvm.experimental.deoptimize.p0(...)
+
+; Make sure we do not add incompatible attribute (noalias) to the deoptimize call.
+
+define ptr @callee_noalias(ptr %c) {
+  %v2 = call ptr (...) @llvm.experimental.deoptimize.p0(i32 42 ) [ "deopt"(i32 1) ]
+  ret ptr %v2
+}
+
+; CHECK-LABEL: caller_noalias
+; CHECK: call void (...) @llvm.experimental.deoptimize.isVoid(i32 42) [ "deopt"(i32 2, i32 1) ]
+define void @caller_noalias(ptr %c) {
+entry:
+  %v = call noalias ptr @callee_noalias(ptr %c)  [ "deopt"(i32 2) ]
+  ret void
+}