diff --git a/Doc/c-api/refcounting.rst b/Doc/c-api/refcounting.rst
index 391907c8c2976a..6c3ab270c7f095 100644
--- a/Doc/c-api/refcounting.rst
+++ b/Doc/c-api/refcounting.rst
@@ -25,7 +25,7 @@ objects.
 
 .. c:function:: void Py_XINCREF(PyObject *o)
 
-   Increment the reference count for object *o*.  The object may be ``NULL``, in
+   Increment the reference count for object *o*.  The object can be ``NULL``, in
    which case the macro has no effect.
 
    See also :c:func:`Py_XNewRef`.
@@ -78,6 +78,9 @@ objects.
    The object must not be ``NULL``; if you aren't sure that it isn't ``NULL``,
    use :c:func:`Py_XDECREF`.
 
+   Use :c:func:`Py_CLEAR` to set a variable to ``NULL``. See also
+   :c:func:`Py_SetRef`.
+
    .. warning::
 
       The deallocation function can cause arbitrary Python code to be invoked (e.g.
@@ -92,19 +95,61 @@ objects.
 
 .. c:function:: void Py_XDECREF(PyObject *o)
 
-   Decrement the reference count for object *o*.  The object may be ``NULL``, in
+   Decrement the reference count for object *o*.  The object can be ``NULL``, in
    which case the macro has no effect; otherwise the effect is the same as for
    :c:func:`Py_DECREF`, and the same warning applies.
 
+   Use :c:func:`Py_CLEAR` to set a variable to ``NULL``. See also
+   :c:func:`Py_XSetRef`.
 
-.. c:function:: void Py_CLEAR(PyObject *o)
 
-   Decrement the reference count for object *o*.  The object may be ``NULL``, in
-   which case the macro has no effect; otherwise the effect is the same as for
-   :c:func:`Py_DECREF`, except that the argument is also set to ``NULL``.  The warning
-   for :c:func:`Py_DECREF` does not apply with respect to the object passed because
-   the macro carefully uses a temporary variable and sets the argument to ``NULL``
-   before decrementing its reference count.
+.. c:function:: void Py_SetRef(PyObject **ref, PyObject *new_obj)
+
+   Set the :term:`strong reference` ``*ref`` to *new_obj* object (without
+   increasing its reference count), and then decrement the reference count of
+   the object previously pointed by ``*ref``.
+
+   *ref* and ``*ref`` must not be ``NULL``.
+
+   This function avoids creating a temporary dangling pointer. Example::
+
+       Py_DECREF(global_var);   // unsafe
+       global_var = new_obj;
+
+   If the :c:func:`Py_DECREF` call destroys the object previously pointed by
+   *global_var*, the object finalizer can run arbitrary code which can use the
+   *global_var* variable. Since the *global_var* became a dangling pointer,
+   using it crashs Python. The example can be fixed by using
+   :c:func:`Py_SetRef`:
+
+       Py_SetRef(&global_var, new_obj);   // safe
+
+   See also the :c:func:`Py_CLEAR` macro.
+
+   .. versionadded:: 3.10
+
+
+.. c:function:: void Py_XSetRef(PyObject **ref, PyObject *new_obj)
+
+   Similar to :c:func:`Py_SetRef`, but ``*ref`` can be ``NULL``.
+
+   If ``*ref`` is ``NULL``, do nothing.
+
+   See also :c:func:`Py_CLEAR` macro.
+
+   .. versionadded:: 3.10
+
+
+.. c:function:: void Py_CLEAR(PyObject *op)
+
+   Clear a :term:`strong reference`: decrement the reference count for object
+   *op* and set *op* to ``NULL``.
+
+   If *op* is ``NULL``, do nothing.
+
+   The ``Py_CLEAR(var)`` macro is implemented with the :c:func:`Py_XSetRef`
+   function as ``Py_XSetRef(&var, NULL)`` to avoid creating a temporary
+   dangling pointer.
 
    It is a good idea to use this macro whenever decrementing the reference
    count of an object that might be traversed during garbage collection.
diff --git a/Doc/glossary.rst b/Doc/glossary.rst
index b410585ca818c1..d7ec4b71a73fff 100644
--- a/Doc/glossary.rst
+++ b/Doc/glossary.rst
@@ -1118,9 +1118,12 @@ Glossary
       decrements the object reference count when it is deleted.
 
       The :c:func:`Py_NewRef` function can be used to create a strong reference
-      to an object. Usually, the :c:func:`Py_DECREF` function must be called on
-      the strong reference before exiting the scope of the strong reference, to
-      avoid leaking one reference.
+      to an object. Usually, the :c:func:`Py_CLEAR` or :c:func:`Py_DECREF`
+      function must be called on the strong reference before exiting the scope
+      of the strong reference, to avoid leaking a reference.
+
+      The :c:func:`Py_SetRef` function can be used to set a strong reference to
+      a new object without creating a temporary dangling pointer.
 
       See also :term:`borrowed reference`.
 
diff --git a/Doc/whatsnew/3.10.rst b/Doc/whatsnew/3.10.rst
index a735bf235435ca..17de0631b42a5e 100644
--- a/Doc/whatsnew/3.10.rst
+++ b/Doc/whatsnew/3.10.rst
@@ -429,6 +429,11 @@ New Features
   slot.
   (Contributed by Hai Shi in :issue:`41832`.)
 
+* Added :c:func:`Py_SetRef` and :c:func:`Py_XSetRef` functions to set a
+  :term:`strong reference` to a new object without a creating temporary
+  dangling pointer.
+  (Contributed by Victor Stinner in :issue:`42294`.)
+
 
 Porting to Python 3.10
 ----------------------
diff --git a/Include/cpython/object.h b/Include/cpython/object.h
index 0db53c312f07b7..891eeffca95bf9 100644
--- a/Include/cpython/object.h
+++ b/Include/cpython/object.h
@@ -337,38 +337,15 @@ _PyObject_GenericSetAttrWithDict(PyObject *, PyObject *,
 
 PyAPI_FUNC(PyObject *) _PyObject_FunctionStr(PyObject *);
 
-/* Safely decref `op` and set `op` to `op2`.
- *
- * As in case of Py_CLEAR "the obvious" code can be deadly:
- *
- *     Py_DECREF(op);
- *     op = op2;
- *
- * The safe way is:
- *
- *      Py_SETREF(op, op2);
- *
- * That arranges to set `op` to `op2` _before_ decref'ing, so that any code
- * triggered as a side-effect of `op` getting torn down no longer believes
- * `op` points to a valid object.
- *
- * Py_XSETREF is a variant of Py_SETREF that uses Py_XDECREF instead of
- * Py_DECREF.
- */
-
-#define Py_SETREF(op, op2)                      \
-    do {                                        \
-        PyObject *_py_tmp = _PyObject_CAST(op); \
-        (op) = (op2);                           \
-        Py_DECREF(_py_tmp);                     \
-    } while (0)
-
-#define Py_XSETREF(op, op2)                     \
-    do {                                        \
-        PyObject *_py_tmp = _PyObject_CAST(op); \
-        (op) = (op2);                           \
-        Py_XDECREF(_py_tmp);                    \
-    } while (0)
+// Set op to new_obj without creating a temporary dangling pointer (op).
+// See also the Py_SetRef() function and the Py_CLEAR() macro.
+#define Py_SETREF(op, new_obj) \
+    Py_SetRef(_PyObjectPtr_CAST(&(op)), _PyObject_CAST(new_obj))
+
+// Similar to Py_SETREF() but op can be NULL.
+// See also the Py_XSetRef() function and the Py_CLEAR() macro.
+#define Py_XSETREF(op, new_obj) \
+    Py_XSetRef(_PyObjectPtr_CAST(&(op)), _PyObject_CAST(new_obj))
 
 
 PyAPI_DATA(PyTypeObject) _PyNone_Type;
diff --git a/Include/object.h b/Include/object.h
index eab3228f3abe41..046502c059fcc8 100644
--- a/Include/object.h
+++ b/Include/object.h
@@ -112,6 +112,9 @@ typedef struct _object {
 #define _PyObject_CAST(op) ((PyObject*)(op))
 #define _PyObject_CAST_CONST(op) ((const PyObject*)(op))
 
+/* Cast argument to PyObject** type. */
+#define _PyObjectPtr_CAST(op) ((PyObject**)(op))
+
 typedef struct {
     PyObject ob_base;
     Py_ssize_t ob_size; /* Number of items in variable part */
@@ -491,14 +494,7 @@ static inline void _Py_DECREF(
  * Python integers aren't currently weakly referencable.  Best practice is
  * to use Py_CLEAR() even if you can't think of a reason for why you need to.
  */
-#define Py_CLEAR(op)                            \
-    do {                                        \
-        PyObject *_py_tmp = _PyObject_CAST(op); \
-        if (_py_tmp != NULL) {                  \
-            (op) = NULL;                        \
-            Py_DECREF(_py_tmp);                 \
-        }                                       \
-    } while (0)
+#define Py_CLEAR(op) Py_XSetRef(_PyObjectPtr_CAST(&(op)), NULL)
 
 /* Function to use in case the object pointer can be NULL: */
 static inline void _Py_XINCREF(PyObject *op)
@@ -551,6 +547,35 @@ static inline PyObject* _Py_XNewRef(PyObject *obj)
 #define Py_NewRef(obj) _Py_NewRef(obj)
 #define Py_XNewRef(obj) _Py_XNewRef(obj)
 
+// Set a strong reference *ref to obj and then decrement the reference count
+// of the object previously pointed by *ref.
+// See also the Py_SETREF() macro.
+PyAPI_FUNC(void) Py_SetRef(PyObject **ref, PyObject *new_obj);
+
+// Similar to Py_SetRef(), but *ref can be NULL.
+// See also the Py_XSETREF() macros.
+PyAPI_FUNC(void) Py_XSetRef(PyObject **ref, PyObject *new_obj);
+
+static inline void _Py_SetRef(PyObject **ref, PyObject *new_obj)
+{
+    PyObject *old = *ref;
+    *ref = new_obj;
+    Py_DECREF(old);
+}
+
+static inline void _Py_XSetRef(PyObject **ref, PyObject *new_obj)
+{
+    PyObject *old = *ref;
+    *ref = new_obj;
+    Py_XDECREF(old);
+}
+
+// Py_SetRef() and Py_XSetRef() are exported as functions for the stable ABI.
+// Names overriden with macros by static inline functions for best
+// performances.
+#define Py_SetRef(ref, new_obj) _Py_SetRef(ref, new_obj)
+#define Py_XSetRef(ref, new_obj) _Py_XSetRef(ref, new_obj)
+
 
 /*
 _Py_NoneStruct is an object of undefined type which can be used in contexts
diff --git a/Misc/NEWS.d/next/C API/2020-11-09-14-30-09.bpo-42294.PJ90wP.rst b/Misc/NEWS.d/next/C API/2020-11-09-14-30-09.bpo-42294.PJ90wP.rst
new file mode 100644
index 00000000000000..7cf3f322aa2a37
--- /dev/null
+++ b/Misc/NEWS.d/next/C API/2020-11-09-14-30-09.bpo-42294.PJ90wP.rst	
@@ -0,0 +1,3 @@
+Add :c:func:`Py_SetRef` and :c:func:`Py_XSetRef` functions to set a
+:term:`strong reference` to a new reference without creating a temporary
+dangling pointer. Patch by Victor Stinner.
diff --git a/Objects/object.c b/Objects/object.c
index be7790eefd118f..5046561c234f30 100644
--- a/Objects/object.c
+++ b/Objects/object.c
@@ -2224,6 +2224,23 @@ Py_XNewRef(PyObject *obj)
     return _Py_XNewRef(obj);
 }
 
+
+#undef Py_SetRef
+#undef Py_XSetRef
+
+// Export Py_SetRef() and Py_XSetRef() as regular functions for the stable ABI.
+void
+Py_SetRef(PyObject **ref, PyObject *new_obj)
+{
+    return _Py_SetRef(ref, new_obj);
+}
+
+void
+Py_XSetRef(PyObject **ref, PyObject *new_obj)
+{
+    return _Py_XSetRef(ref, new_obj);
+}
+
 #ifdef __cplusplus
 }
 #endif
diff --git a/PC/python3dll.c b/PC/python3dll.c
index d1fdd0ac54ca8d..64dfd756438af3 100644
--- a/PC/python3dll.c
+++ b/PC/python3dll.c
@@ -79,9 +79,11 @@ EXPORT_FUNC(Py_SetPath)
 EXPORT_FUNC(Py_SetProgramName)
 EXPORT_FUNC(Py_SetPythonHome)
 EXPORT_FUNC(Py_SetRecursionLimit)
+EXPORT_FUNC(Py_SetRef)
 EXPORT_FUNC(Py_SymtableString)
 EXPORT_FUNC(Py_VaBuildValue)
 EXPORT_FUNC(Py_XNewRef)
+EXPORT_FUNC(Py_XSetRef)
 EXPORT_FUNC(PyArg_Parse)
 EXPORT_FUNC(PyArg_ParseTuple)
 EXPORT_FUNC(PyArg_ParseTupleAndKeywords)