diff --git a/docs/3.api/2.composables/use-async-data.md b/docs/3.api/2.composables/use-async-data.md
index 6195001cda..854c2bbf59 100644
--- a/docs/3.api/2.composables/use-async-data.md
+++ b/docs/3.api/2.composables/use-async-data.md
@@ -64,6 +64,9 @@ const { data: posts } = await useAsyncData(
   - `pick`: only pick specified keys in this array from the `handler` function result
   - `watch`: watch reactive sources to auto-refresh
   - `deep`: return data in a deep ref object (it is `true` by default). It can be set to `false` to return data in a shallow ref object, which can improve performance if your data does not need to be deeply reactive.
+  - `dedupe`: avoid fetching same key more than once at a time (defaults to `cancel`). Possible options:
+    - `cancel` - cancels existing requests when a new one is made
+    - `defer` - does not make new requests at all if there is a pending request
 
 ::callout
 Under the hood, `lazy: false` uses `<Suspense>` to block the loading of the route before the data has been fetched. Consider using `lazy: true` and implementing a loading state instead for a snappier user experience.
@@ -105,6 +108,7 @@ type AsyncDataOptions<DataT> = {
   lazy?: boolean
   immediate?: boolean
   deep?: boolean
+  dedupe?: 'cancel' | 'defer'
   default?: () => DataT | Ref<DataT> | null
   transform?: (input: DataT) => DataT
   pick?: string[]
@@ -122,7 +126,7 @@ type AsyncData<DataT, ErrorT> = {
 };
 
 interface AsyncDataExecuteOptions {
-  dedupe?: boolean
+  dedupe?: 'cancel' | 'defer'
 }
 
 type AsyncDataRequestStatus = 'idle' | 'pending' | 'success' | 'error'
diff --git a/docs/3.api/2.composables/use-fetch.md b/docs/3.api/2.composables/use-fetch.md
index b92f102fe5..d8b1349f53 100644
--- a/docs/3.api/2.composables/use-fetch.md
+++ b/docs/3.api/2.composables/use-fetch.md
@@ -96,6 +96,9 @@ All fetch options can be given a `computed` or `ref` value. These will be watche
   - `pick`: only pick specified keys in this array from the `handler` function result
   - `watch`: watch an array of reactive sources and auto-refresh the fetch result when they change. Fetch options and URL are watched by default. You can completely ignore reactive sources by using `watch: false`. Together with `immediate: false`, this allows for a fully-manual `useFetch`.
   - `deep`: return data in a deep ref object (it is `true` by default). It can be set to `false` to return data in a shallow ref object, which can improve performance if your data does not need to be deeply reactive.
+  - `dedupe`: avoid fetching same key more than once at a time (defaults to `cancel`). Possible options:
+    - `cancel` - cancels existing requests when a new one is made
+    - `defer` - does not make new requests at all if there is a pending request
 
 ::callout
 If you provide a function or ref as the `url` parameter, or if you provide functions as arguments to the `options` parameter, then the `useFetch` call will not match other `useFetch` calls elsewhere in your codebase, even if the options seem to be identical. If you wish to force a match, you may provide your own key in `options`.
@@ -136,6 +139,7 @@ type UseFetchOptions<DataT> = {
   immediate?: boolean
   getCachedData?: (key: string) => DataT
   deep?: boolean
+  dedupe?: 'cancel' | 'defer'
   default?: () => DataT
   transform?: (input: DataT) => DataT
   pick?: string[]
@@ -152,7 +156,7 @@ type AsyncData<DataT, ErrorT> = {
 }
 
 interface AsyncDataExecuteOptions {
-  dedupe?: boolean
+  dedupe?: 'cancel' | 'defer'
 }
 
 type AsyncDataRequestStatus = 'idle' | 'pending' | 'success' | 'error'
diff --git a/packages/nuxt/src/app/composables/asyncData.ts b/packages/nuxt/src/app/composables/asyncData.ts
index 4702770445..b462e0d378 100644
--- a/packages/nuxt/src/app/composables/asyncData.ts
+++ b/packages/nuxt/src/app/composables/asyncData.ts
@@ -49,16 +49,21 @@ export interface AsyncDataOptions<
   watch?: MultiWatchSources
   immediate?: boolean
   deep?: boolean
+  dedupe?: 'cancel' | 'defer'
 }
 
 export interface AsyncDataExecuteOptions {
   _initial?: boolean
+  // TODO: deprecate boolean option in future minor
   /**
    * Force a refresh, even if there is already a pending request. Previous requests will
    * not be cancelled, but their result will not affect the data/pending state - and any
    * previously awaited promises will not resolve until this new request resolves.
+   *
+   * Instead of using `boolean` values, use `cancel` for `true` and `defer` for `false`.
+   * Boolean values will be removed in a future release.
    */
-  dedupe?: boolean
+  dedupe?: boolean | 'cancel' | 'defer'
 }
 
 export interface _AsyncData<DataT, ErrorT> {
@@ -72,6 +77,9 @@ export interface _AsyncData<DataT, ErrorT> {
 
 export type AsyncData<Data, Error> = _AsyncData<Data, Error> & Promise<_AsyncData<Data, Error>>
 
+// TODO: deprecate boolean option in future minor
+const isDefer = (dedupe?: boolean | 'cancel' | 'defer') => dedupe === 'defer' || dedupe === false
+
 export function useAsyncData<
   ResT,
   DataE = Error,
@@ -150,6 +158,7 @@ export function useAsyncData<
   options.lazy = options.lazy ?? false
   options.immediate = options.immediate ?? true
   options.deep = options.deep ?? asyncDataDefaults.deep
+  options.dedupe = options.dedupe ?? 'cancel'
 
   const hasCachedData = () => ![null, undefined].includes(options.getCachedData!(key) as any)
 
@@ -172,7 +181,7 @@ export function useAsyncData<
 
   asyncData.refresh = asyncData.execute = (opts = {}) => {
     if (nuxt._asyncDataPromises[key]) {
-      if (opts.dedupe === false) {
+      if (isDefer(opts.dedupe ?? options.dedupe)) {
         // Avoid fetching same key more than once at a time
         return nuxt._asyncDataPromises[key]!
       }
diff --git a/test/nuxt/composables.test.ts b/test/nuxt/composables.test.ts
index 4daa1b3270..43f6ef2dea 100644
--- a/test/nuxt/composables.test.ts
+++ b/test/nuxt/composables.test.ts
@@ -239,6 +239,33 @@ describe('useAsyncData', () => {
     const { data } = await useAsyncData(() => Promise.reject(new Error('test')), { default: () => 'default' })
     expect(data.value).toMatchInlineSnapshot('"default"')
   })
+
+  it('should execute the promise function once when dedupe option is "defer" for multiple calls', async () => {
+    const promiseFn = vi.fn(() => Promise.resolve('test'))
+    useAsyncData('dedupedKey', promiseFn, { dedupe: 'defer' })
+    useAsyncData('dedupedKey', promiseFn, { dedupe: 'defer' })
+    useAsyncData('dedupedKey', promiseFn, { dedupe: 'defer' })
+
+    expect(promiseFn).toHaveBeenCalledTimes(1)
+  })
+
+  it('should execute the promise function multiple times when dedupe option is not specified for multiple calls', async () => {
+    const promiseFn = vi.fn(() => Promise.resolve('test'))
+    useAsyncData('dedupedKey', promiseFn)
+    useAsyncData('dedupedKey', promiseFn)
+    useAsyncData('dedupedKey', promiseFn)
+
+    expect(promiseFn).toHaveBeenCalledTimes(3)
+  })
+
+  it('should execute the promise function as per dedupe option when different dedupe options are used for multiple calls', async () => {
+    const promiseFn = vi.fn(() => Promise.resolve('test'))
+    useAsyncData('dedupedKey', promiseFn, { dedupe: 'defer' })
+    useAsyncData('dedupedKey', promiseFn)
+    useAsyncData('dedupedKey', promiseFn, { dedupe: 'defer' })
+
+    expect(promiseFn).toHaveBeenCalledTimes(2)
+  })
 })
 
 describe('useFetch', () => {