diff --git a/Misc/NEWS.d/next/Core and Builtins/2020-01-16-16-30-18.bpo-1635741.bLqfQb.rst b/Misc/NEWS.d/next/Core and Builtins/2020-01-16-16-30-18.bpo-1635741.bLqfQb.rst
new file mode 100644
index 00000000000000..c994066546f8ee
--- /dev/null
+++ b/Misc/NEWS.d/next/Core and Builtins/2020-01-16-16-30-18.bpo-1635741.bLqfQb.rst	
@@ -0,0 +1 @@
+Port _asyncio extension module to multiphase initialization (:pep:`489`).
\ No newline at end of file
diff --git a/Modules/_asynciomodule.c b/Modules/_asynciomodule.c
index 70da40a8a3b863..5d1c5a07ea5288 100644
--- a/Modules/_asynciomodule.c
+++ b/Modules/_asynciomodule.c
@@ -3372,76 +3372,80 @@ static PyMethodDef asyncio_methods[] = {
     {NULL, NULL}
 };
 
-static struct PyModuleDef _asynciomodule = {
-    PyModuleDef_HEAD_INIT,      /* m_base */
-    "_asyncio",                 /* m_name */
-    module_doc,                 /* m_doc */
-    -1,                         /* m_size */
-    asyncio_methods,            /* m_methods */
-    NULL,                       /* m_slots */
-    NULL,                       /* m_traverse */
-    NULL,                       /* m_clear */
-    (freefunc)module_free       /* m_free */
-};
-
-
-PyMODINIT_FUNC
-PyInit__asyncio(void)
+static int
+_asyncio_exec(PyObject *module)
 {
-    if (module_init() < 0) {
-        return NULL;
-    }
     if (PyType_Ready(&FutureType) < 0) {
-        return NULL;
+        return -1;
     }
     if (PyType_Ready(&FutureIterType) < 0) {
-        return NULL;
+        return -1;
     }
     if (PyType_Ready(&TaskStepMethWrapper_Type) < 0) {
-        return NULL;
+        return -1;
     }
     if (PyType_Ready(&TaskWakeupMethWrapper_Type) < 0) {
-        return NULL;
+        return -1;
     }
     if (PyType_Ready(&TaskType) < 0) {
-        return NULL;
+        return -1;
     }
     if (PyType_Ready(&PyRunningLoopHolder_Type) < 0) {
-        return NULL;
-    }
-
-    PyObject *m = PyModule_Create(&_asynciomodule);
-    if (m == NULL) {
-        return NULL;
+        return -1;
     }
 
     Py_INCREF(&FutureType);
-    if (PyModule_AddObject(m, "Future", (PyObject *)&FutureType) < 0) {
+    if (PyModule_AddObject(module, "Future", (PyObject *)&FutureType) < 0) {
         Py_DECREF(&FutureType);
-        Py_DECREF(m);
-        return NULL;
+        Py_DECREF(module);
+        return -1;
     }
 
     Py_INCREF(&TaskType);
-    if (PyModule_AddObject(m, "Task", (PyObject *)&TaskType) < 0) {
+    if (PyModule_AddObject(module, "Task", (PyObject *)&TaskType) < 0) {
         Py_DECREF(&TaskType);
-        Py_DECREF(m);
-        return NULL;
+        Py_DECREF(module);
+        return -1;
     }
 
     Py_INCREF(all_tasks);
-    if (PyModule_AddObject(m, "_all_tasks", all_tasks) < 0) {
+    if (PyModule_AddObject(module, "_all_tasks", all_tasks) < 0) {
         Py_DECREF(all_tasks);
-        Py_DECREF(m);
-        return NULL;
+        Py_DECREF(module);
+        return -1;
     }
 
     Py_INCREF(current_tasks);
-    if (PyModule_AddObject(m, "_current_tasks", current_tasks) < 0) {
+    if (PyModule_AddObject(module, "_current_tasks", current_tasks) < 0) {
         Py_DECREF(current_tasks);
-        Py_DECREF(m);
-        return NULL;
+        Py_DECREF(module);
+        return -1;
     }
+    return 0;
+}
+
+static PyModuleDef_Slot _asyncio_slots[] = {
+    {Py_mod_exec, _asyncio_exec},
+    {0, NULL}
+};
+
+static struct PyModuleDef _asynciomodule = {
+    PyModuleDef_HEAD_INIT,      /* m_base */
+    "_asyncio",                 /* m_name */
+    module_doc,                 /* m_doc */
+    0,                          /* m_size */
+    asyncio_methods,            /* m_methods */
+    _asyncio_slots,             /* m_slots */
+    NULL,                       /* m_traverse */
+    NULL,                       /* m_clear */
+    (freefunc)module_free       /* m_free */
+};
 
-    return m;
+PyMODINIT_FUNC
+PyInit__asyncio(void)
+{
+    if (module_init() < 0) {
+        return NULL;
+    }
+    return PyModuleDef_Init(&_asynciomodule);
 }