diff --git a/csrc/host_ir/evaluator.cpp b/csrc/host_ir/evaluator.cpp
index 44b95274e2e..28d81548188 100644
--- a/csrc/host_ir/evaluator.cpp
+++ b/csrc/host_ir/evaluator.cpp
@@ -573,6 +573,16 @@ void HostIrEvaluator::handle(kir::Allocate* allocate) {
   if (expr_evaluator_.isKnown(tv)) {
     return;
   }
+
+  // Check the cache if enabled
+  if (params_.use_allocation_cache) {
+    auto it = allocation_cache_.find(allocate);
+    if (it != allocation_cache_.end()) {
+      expr_evaluator_.bind(tv, it->second);
+      return;
+    }
+  }
+
   GlobalBufferInfo info =
       getBufferInfos(expr_evaluator_, PrimDataType::Int, {tv}).at(0);
   c10::Device device =
@@ -584,6 +594,12 @@ void HostIrEvaluator::handle(kir::Allocate* allocate) {
       c10::nullopt,
       device,
       c10::nullopt);
+
+  // Cache the allocation if enabled
+  if (params_.use_allocation_cache) {
+    allocation_cache_[allocate] = tensor;
+  }
+
   if (allocate->zeroInit()) {
     tensor.zero_();
   }
diff --git a/csrc/host_ir/evaluator.h b/csrc/host_ir/evaluator.h
index 5747630a9e6..bba880a7ccb 100644
--- a/csrc/host_ir/evaluator.h
+++ b/csrc/host_ir/evaluator.h
@@ -37,6 +37,8 @@ struct HostIrEvaluatorParams {
   // number of additional cuda streams to use at runtime for comm+compute
   // pipelining
   int64_t number_of_streams = 4;
+  // Whether to use allocation cache for tensor allocations
+  bool use_allocation_cache = false;
 };
 
 // A HostIrEvaluator evaluates a host programs represented through a
@@ -135,6 +137,8 @@ class NVF_API HostIrEvaluator final : public OptOutDispatch {
   std::unordered_map<Expr*, c10::intrusive_ptr<c10d::Work>> works_;
   const int64_t my_local_device_index_;
   IpcHandleCache ipc_handle_cache_;
+  // Allocation cache
+  std::unordered_map<kir::Allocate*, at::Tensor> allocation_cache_;
 };
 
 } // namespace hir
diff --git a/python/python_direct/multidevice.cpp b/python/python_direct/multidevice.cpp
index 33313e537df..0855f4c281f 100644
--- a/python/python_direct/multidevice.cpp
+++ b/python/python_direct/multidevice.cpp
@@ -143,17 +143,37 @@ If the distributed tensor is replicated on that parallel type, returns -1.
 }
 
 void bindMultiDeviceExecutor(py::module& nvfuser) {
+  // Bind params type under the multidevice submodule. We'll alias it to the
+  // top-level module in bindMultiDevice to allow direct imports.
+  py::class_<MultiDeviceExecutorParams>(nvfuser, "MultiDeviceExecutorParams")
+      .def(py::init<>())
+      .def_property(
+          "use_allocation_cache",
+          [](const MultiDeviceExecutorParams& self) {
+            return self.executor.use_allocation_cache;
+          },
+          [](MultiDeviceExecutorParams& self, bool value) {
+            self.executor.use_allocation_cache = value;
+          })
+      .def_property(
+          "backend_type",
+          [](const MultiDeviceExecutorParams& self) {
+            return self.lower.communicator_backend;
+          },
+          [](MultiDeviceExecutorParams& self, CommunicatorBackend value) {
+            self.lower.communicator_backend = value;
+          });
+
   py::class_<MultiDeviceExecutor> multi_device_executor(
       nvfuser, "MultiDeviceExecutor");
   multi_device_executor.def(
-      py::init([](const Fusion& fusion, CommunicatorBackend backend) {
-        MultiDeviceExecutorParams params;
-        params.lower.communicator_backend = backend;
-        return std::make_unique<MultiDeviceExecutor>(
-            std::make_unique<Fusion>(fusion),
-            Communicator::getInstance(),
-            std::move(params));
-      }),
+      py::init(
+          [](const Fusion& fusion, const MultiDeviceExecutorParams& params) {
+            return std::make_unique<MultiDeviceExecutor>(
+                std::make_unique<Fusion>(fusion),
+                Communicator::getInstance(),
+                params);
+          }),
       R"(
 Create a new MultiDeviceExecutor.
 
@@ -161,16 +181,18 @@ Parameters
 ----------
 fusion : Fusion
     The fusion to be executed.
-backend : CommunicatorBackend
-    The backend to be used for the communicator.
+params : MultiDeviceExecutorParams
+    Parameters configuring the executor and communicator backend.
 
 Examples
 --------
->>> multi_device_executor = MultiDeviceExecutor(fusion, CommunicatorBackend.nccl)
+>>> params = MultiDeviceExecutorParams()
+>>> params.backend_type = CommunicatorBackend.nccl
+>>> multi_device_executor = MultiDeviceExecutor(fusion, params)
 >>> outputs = multi_device_executor.run(inputs)
 )",
       py::arg("fusion"),
-      py::arg("backend"));
+      py::arg("params"));
   multi_device_executor.def(
       "__str__",
       [](MultiDeviceExecutor& self) {
diff --git a/tests/python/multidevice/test_overlap.py b/tests/python/multidevice/test_overlap.py
index f6b805430ce..44e4bc3d079 100644
--- a/tests/python/multidevice/test_overlap.py
+++ b/tests/python/multidevice/test_overlap.py
@@ -64,9 +64,9 @@ def multidevice_schedule(fd, tensors, num_devices) -> None:
         tensors = fusion_definition(fd, m, k, n, s, d)
         multidevice_schedule(fd, tensors, d)
 
-    multidevice_executor = nvfuser.multidevice.MultiDeviceExecutor(
-        fd.fusion, backend_type
-    )
+    params = nvfuser.multidevice.MultiDeviceExecutorParams()
+    params.backend_type = backend_type
+    multidevice_executor = nvfuser.multidevice.MultiDeviceExecutor(fd.fusion, params)
 
     # warmup
     for _ in range(N_WARMUPS):
@@ -133,9 +133,10 @@ def multidevice_schedule(fd, tensors, num_devices) -> None:
         tensors = fusion_definition(fd, m, k, n, d)
         multidevice_schedule(fd, tensors, d)
 
-    multidevice_executor = nvfuser.multidevice.MultiDeviceExecutor(
-        fd.fusion, backend_type
-    )
+    params = nvfuser.multidevice.MultiDeviceExecutorParams()
+    params.backend_type = backend_type
+    params.use_allocation_cache = True
+    multidevice_executor = nvfuser.multidevice.MultiDeviceExecutor(fd.fusion, params)
 
     # warmup
     for _ in range(N_WARMUPS):