Index: Objects/obmalloc.c
===================================================================
--- Objects/obmalloc.c	(revision 61828)
+++ Objects/obmalloc.c	(working copy)
@@ -2,6 +2,21 @@
 
 #ifdef WITH_PYMALLOC
 
+#ifdef WITH_VALGRIND
+#include <valgrind/valgrind.h>
+
+/* If we're using GCC, use __builtin_expect() to reduce overhead of
+   the valgrind checks */
+#if defined(__GNUC__) && (__GNUC__ > 2) && defined(__OPTIMIZE__)
+#  define UNLIKELY(value) __builtin_expect((value), 0)
+#else
+#  define UNLIKELY(value) (value)
+#endif
+
+/* -1 indicates that we haven't checked that we're running on valgrind yet. */
+static int running_on_valgrind = -1;
+#endif
+
 /* An object allocator for Python.
 
    Here is an introduction to the layers of the Python memory architecture,
@@ -726,6 +741,13 @@
 	poolp next;
 	uint size;
 
+#ifdef WITH_VALGRIND
+	if (UNLIKELY(running_on_valgrind == -1))
+		running_on_valgrind = RUNNING_ON_VALGRIND;
+	if (UNLIKELY(running_on_valgrind))
+		goto redirect;
+#endif
+
 	/*
 	 * This implicitly redirects malloc(0).
 	 */
@@ -916,6 +938,11 @@
 	if (p == NULL)	/* free(NULL) has no effect */
 		return;
 
+#ifdef WITH_VALGRIND
+	if (UNLIKELY(running_on_valgrind > 0))
+		goto redirect;
+#endif
+
 	pool = POOL_ADDR(p);
 	if (Py_ADDRESS_IN_RANGE(p, pool)) {
 		/* We allocated this address. */
@@ -1110,6 +1137,7 @@
 		return;
 	}
 
+redirect:
 	/* We didn't allocate this address. */
 	free(p);
 }
Index: configure.in
===================================================================
--- configure.in	(revision 61828)
+++ configure.in	(working copy)
@@ -2232,6 +2232,19 @@
 fi
 AC_MSG_RESULT($with_pymalloc)
 
+# Check for --with-valgrind
+AC_MSG_CHECKING(for --with-valgrind)
+AC_ARG_WITH(valgrind,
+[  --with(out)-valgrind     enable/disable valgrind support], [
+if test "$withval" != no
+then
+  AC_DEFINE(WITH_VALGRIND, 1,
+    [Define if you want to compile with valgrind support])
+    AC_MSG_RESULT(yes)
+else AC_MSG_RESULT(no)
+fi],
+[AC_MSG_RESULT(no)])
+
 # Check for --with-wctype-functions
 AC_MSG_CHECKING(for --with-wctype-functions)
 AC_ARG_WITH(wctype-functions,