diff --git a/CMakeLists.txt b/CMakeLists.txt
index bebff7a0fd..bb6bcda75f 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -9,6 +9,11 @@ option(TT_RUNTIME_ENABLE_PERF_TRACE "Enable performance mode" OFF)
 option(TTMLIR_ENABLE_RUNTIME "Enable runtime" OFF)
 option(TTMLIR_ENABLE_STABLEHLO "Enable StableHLO support" OFF)
 option(TTMLIR_ENABLE_OP_MODEL "Enable OpModel support" OFF)
+option(TTMLIR_ENABLE_SHARED_LIB "Enable Shared lib building" ON)
+
+if (NOT TTMLIR_ENABLE_RUNTIME)
+  set (TTMLIR_ENABLE_SHARED_LIB OFF)
+endif()
 
 if (TTMLIR_ENABLE_STABLEHLO)
   add_compile_definitions(TTMLIR_ENABLE_STABLEHLO)
@@ -50,6 +55,17 @@ set(Python3_EXECUTABLE $ENV{TTMLIR_VENV_DIR}/bin/python3)
 include(FindMLIR)
 include(TTMLIRVersion)
 
+if (CMAKE_BUILD_TYPE STREQUAL "Asan")
+  # Address sanitization does not work with python bindings.
+  if(MLIR_ENABLE_BINDINGS_PYTHON AND TTMLIR_ENABLE_BINDINGS_PYTHON)
+    message(FATAL_ERROR "TTMLIR_ENABLE_BINDINGS_PYTHON must be set to OFF when building TTMLIR with address sanitization")
+  endif()
+  # Clang only links in the sanitizer runtime for the main executable, not for the shared libraries.
+  if (TTMLIR_ENABLE_SHARED_LIB)
+    message(FATAL_ERROR "TTMLIR_ENABLE_SHARED_LIB must be set to OFF when building TTMLIR with address sanitization")
+  endif()
+endif()
+
 set(TTMLIR_TOOLCHAIN_DIR $ENV{TTMLIR_TOOLCHAIN_DIR})
 set(TTMLIR_SOURCE_DIR ${PROJECT_SOURCE_DIR})
 set(TTMLIR_BINARY_DIR ${PROJECT_BINARY_DIR})
diff --git a/lib/CMakeLists.txt b/lib/CMakeLists.txt
index 881d6545dc..76c6b215a0 100644
--- a/lib/CMakeLists.txt
+++ b/lib/CMakeLists.txt
@@ -10,7 +10,7 @@ add_subdirectory(Scheduler)
 
 # Shared library will include runtime code
 # so we only build it if runtime is enabled
-if (TTMLIR_ENABLE_RUNTIME)
+if (TTMLIR_ENABLE_SHARED_LIB)
     add_subdirectory(SharedLib)
 endif()