diff --git a/target/m68k/meson.build b/target/m68k/meson.build
index 8d3f9ce288..4d213daaf6 100644
--- a/target/m68k/meson.build
+++ b/target/m68k/meson.build
@@ -11,9 +11,12 @@ m68k_ss.add(files(
 
 m68k_system_ss = ss.source_set()
 m68k_system_ss.add(files(
-  'm68k-semi.c',
   'monitor.c'
 ))
+m68k_system_ss.add(when: ['CONFIG_SEMIHOSTING'],
+  if_true: files('m68k-semi.c'),
+  if_false: files('semihosting-stub.c')
+)
 
 target_arch += {'m68k': m68k_ss}
 target_system_arch += {'m68k': m68k_system_ss}
diff --git a/target/m68k/semihosting-stub.c b/target/m68k/semihosting-stub.c
new file mode 100644
index 0000000000..d6a5965e29
--- /dev/null
+++ b/target/m68k/semihosting-stub.c
@@ -0,0 +1,15 @@
+/*
+ *  m68k/ColdFire semihosting stub
+ *
+ * SPDX-FileContributor: Philippe Mathieu-Daudé <philmd@linaro.org>
+ * SPDX-FileCopyrightText: 2024 Linaro Ltd.
+ * SPDX-License-Identifier: GPL-2.0-or-later
+ */
+
+#include "qemu/osdep.h"
+#include "cpu.h"
+
+void do_m68k_semihosting(CPUM68KState *env, int nr)
+{
+    g_assert_not_reached();
+}