diff --git a/compiler/rustc_mir_transform/src/cost_checker.rs b/compiler/rustc_mir_transform/src/cost_checker.rs
index 2c692c9500303..a4862b2f3573d 100644
--- a/compiler/rustc_mir_transform/src/cost_checker.rs
+++ b/compiler/rustc_mir_transform/src/cost_checker.rs
@@ -40,14 +40,25 @@ impl<'b, 'tcx> CostChecker<'b, 'tcx> {
     }
 }
 
+fn rvalue_is_nop(rvalue: &Rvalue<'_>) -> bool {
+    match rvalue {
+        // Treat `&*pointer` and `addr_of!(*reference)` as free when inlining
+        Rvalue::Ref(_, _, place) | Rvalue::AddressOf(_, place) => {
+            **place.projection == [PlaceElem::Deref]
+        }
+        _ => false,
+    }
+}
+
 impl<'tcx> Visitor<'tcx> for CostChecker<'_, 'tcx> {
     fn visit_statement(&mut self, statement: &Statement<'tcx>, _: Location) {
         // Don't count StorageLive/StorageDead in the inlining cost.
-        match statement.kind {
+        match &statement.kind {
             StatementKind::StorageLive(_)
             | StatementKind::StorageDead(_)
             | StatementKind::Deinit(_)
             | StatementKind::Nop => {}
+            StatementKind::Assign(place_and_rvalue) if rvalue_is_nop(&place_and_rvalue.1) => {}
             _ => self.cost += INSTR_COST,
         }
     }
diff --git a/tests/mir-opt/pre-codegen/vec_deref.rs b/tests/mir-opt/pre-codegen/vec_deref.rs
new file mode 100644
index 0000000000000..3476e1760c0a8
--- /dev/null
+++ b/tests/mir-opt/pre-codegen/vec_deref.rs
@@ -0,0 +1,13 @@
+// skip-filecheck
+//@ compile-flags: -O -Zmir-opt-level=2 -Cdebuginfo=2
+// EMIT_MIR_FOR_EACH_PANIC_STRATEGY
+
+#![crate_type = "lib"]
+
+// Added after it stopped inlining in a nightly; see
+// <https://github.com/rust-lang/rust/issues/123174>
+
+// EMIT_MIR vec_deref.vec_deref_to_slice.PreCodegen.after.mir
+pub fn vec_deref_to_slice(v: &Vec<u8>) -> &[u8] {
+    v
+}
diff --git a/tests/mir-opt/pre-codegen/vec_deref.vec_deref_to_slice.PreCodegen.after.panic-abort.mir b/tests/mir-opt/pre-codegen/vec_deref.vec_deref_to_slice.PreCodegen.after.panic-abort.mir
new file mode 100644
index 0000000000000..b02d31fde400d
--- /dev/null
+++ b/tests/mir-opt/pre-codegen/vec_deref.vec_deref_to_slice.PreCodegen.after.panic-abort.mir
@@ -0,0 +1,80 @@
+// MIR for `vec_deref_to_slice` after PreCodegen
+
+fn vec_deref_to_slice(_1: &Vec<u8>) -> &[u8] {
+    debug v => _1;
+    let mut _0: &[u8];
+    scope 1 (inlined <Vec<u8> as Deref>::deref) {
+        debug self => _1;
+        let mut _4: *const u8;
+        let mut _5: usize;
+        scope 2 (inlined Vec::<u8>::as_ptr) {
+            debug self => _1;
+            let mut _2: &alloc::raw_vec::RawVec<u8>;
+            scope 3 (inlined alloc::raw_vec::RawVec::<u8>::ptr) {
+                debug self => _2;
+                let mut _3: std::ptr::NonNull<u8>;
+                scope 4 (inlined Unique::<u8>::as_ptr) {
+                    debug ((self: Unique<u8>).0: std::ptr::NonNull<u8>) => _3;
+                    debug ((self: Unique<u8>).1: std::marker::PhantomData<u8>) => const PhantomData::<u8>;
+                    scope 5 (inlined NonNull::<u8>::as_ptr) {
+                        debug self => _3;
+                    }
+                }
+            }
+        }
+        scope 6 (inlined std::slice::from_raw_parts::<'_, u8>) {
+            debug data => _4;
+            debug len => _5;
+            let _9: *const [u8];
+            scope 7 (inlined core::ub_checks::check_language_ub) {
+                scope 8 (inlined core::ub_checks::check_language_ub::runtime) {
+                }
+            }
+            scope 9 (inlined std::mem::size_of::<u8>) {
+            }
+            scope 10 (inlined align_of::<u8>) {
+            }
+            scope 11 (inlined slice_from_raw_parts::<u8>) {
+                debug data => _4;
+                debug len => _5;
+                let mut _6: *const ();
+                scope 12 (inlined std::ptr::const_ptr::<impl *const u8>::cast::<()>) {
+                    debug self => _4;
+                }
+                scope 13 (inlined std::ptr::from_raw_parts::<[u8]>) {
+                    debug data_pointer => _6;
+                    debug metadata => _5;
+                    let mut _7: std::ptr::metadata::PtrComponents<[u8]>;
+                    let mut _8: std::ptr::metadata::PtrRepr<[u8]>;
+                }
+            }
+        }
+    }
+
+    bb0: {
+        StorageLive(_4);
+        StorageLive(_2);
+        _2 = &((*_1).0: alloc::raw_vec::RawVec<u8>);
+        StorageLive(_3);
+        _3 = ((((*_1).0: alloc::raw_vec::RawVec<u8>).0: std::ptr::Unique<u8>).0: std::ptr::NonNull<u8>);
+        _4 = (_3.0: *const u8);
+        StorageDead(_3);
+        StorageDead(_2);
+        StorageLive(_5);
+        _5 = ((*_1).1: usize);
+        StorageLive(_6);
+        _6 = _4 as *const () (PtrToPtr);
+        StorageLive(_8);
+        StorageLive(_7);
+        _7 = std::ptr::metadata::PtrComponents::<[u8]> { data_pointer: _6, metadata: _5 };
+        _8 = std::ptr::metadata::PtrRepr::<[u8]> { const_ptr: move _7 };
+        StorageDead(_7);
+        _9 = (_8.0: *const [u8]);
+        StorageDead(_8);
+        StorageDead(_6);
+        StorageDead(_5);
+        StorageDead(_4);
+        _0 = &(*_9);
+        return;
+    }
+}
diff --git a/tests/mir-opt/pre-codegen/vec_deref.vec_deref_to_slice.PreCodegen.after.panic-unwind.mir b/tests/mir-opt/pre-codegen/vec_deref.vec_deref_to_slice.PreCodegen.after.panic-unwind.mir
new file mode 100644
index 0000000000000..b02d31fde400d
--- /dev/null
+++ b/tests/mir-opt/pre-codegen/vec_deref.vec_deref_to_slice.PreCodegen.after.panic-unwind.mir
@@ -0,0 +1,80 @@
+// MIR for `vec_deref_to_slice` after PreCodegen
+
+fn vec_deref_to_slice(_1: &Vec<u8>) -> &[u8] {
+    debug v => _1;
+    let mut _0: &[u8];
+    scope 1 (inlined <Vec<u8> as Deref>::deref) {
+        debug self => _1;
+        let mut _4: *const u8;
+        let mut _5: usize;
+        scope 2 (inlined Vec::<u8>::as_ptr) {
+            debug self => _1;
+            let mut _2: &alloc::raw_vec::RawVec<u8>;
+            scope 3 (inlined alloc::raw_vec::RawVec::<u8>::ptr) {
+                debug self => _2;
+                let mut _3: std::ptr::NonNull<u8>;
+                scope 4 (inlined Unique::<u8>::as_ptr) {
+                    debug ((self: Unique<u8>).0: std::ptr::NonNull<u8>) => _3;
+                    debug ((self: Unique<u8>).1: std::marker::PhantomData<u8>) => const PhantomData::<u8>;
+                    scope 5 (inlined NonNull::<u8>::as_ptr) {
+                        debug self => _3;
+                    }
+                }
+            }
+        }
+        scope 6 (inlined std::slice::from_raw_parts::<'_, u8>) {
+            debug data => _4;
+            debug len => _5;
+            let _9: *const [u8];
+            scope 7 (inlined core::ub_checks::check_language_ub) {
+                scope 8 (inlined core::ub_checks::check_language_ub::runtime) {
+                }
+            }
+            scope 9 (inlined std::mem::size_of::<u8>) {
+            }
+            scope 10 (inlined align_of::<u8>) {
+            }
+            scope 11 (inlined slice_from_raw_parts::<u8>) {
+                debug data => _4;
+                debug len => _5;
+                let mut _6: *const ();
+                scope 12 (inlined std::ptr::const_ptr::<impl *const u8>::cast::<()>) {
+                    debug self => _4;
+                }
+                scope 13 (inlined std::ptr::from_raw_parts::<[u8]>) {
+                    debug data_pointer => _6;
+                    debug metadata => _5;
+                    let mut _7: std::ptr::metadata::PtrComponents<[u8]>;
+                    let mut _8: std::ptr::metadata::PtrRepr<[u8]>;
+                }
+            }
+        }
+    }
+
+    bb0: {
+        StorageLive(_4);
+        StorageLive(_2);
+        _2 = &((*_1).0: alloc::raw_vec::RawVec<u8>);
+        StorageLive(_3);
+        _3 = ((((*_1).0: alloc::raw_vec::RawVec<u8>).0: std::ptr::Unique<u8>).0: std::ptr::NonNull<u8>);
+        _4 = (_3.0: *const u8);
+        StorageDead(_3);
+        StorageDead(_2);
+        StorageLive(_5);
+        _5 = ((*_1).1: usize);
+        StorageLive(_6);
+        _6 = _4 as *const () (PtrToPtr);
+        StorageLive(_8);
+        StorageLive(_7);
+        _7 = std::ptr::metadata::PtrComponents::<[u8]> { data_pointer: _6, metadata: _5 };
+        _8 = std::ptr::metadata::PtrRepr::<[u8]> { const_ptr: move _7 };
+        StorageDead(_7);
+        _9 = (_8.0: *const [u8]);
+        StorageDead(_8);
+        StorageDead(_6);
+        StorageDead(_5);
+        StorageDead(_4);
+        _0 = &(*_9);
+        return;
+    }
+}