diff --git a/src/server/server.c b/src/server/server.c
index 6f0b23caa..64acd3689 100644
--- a/src/server/server.c
+++ b/src/server/server.c
@@ -437,6 +437,8 @@ int server_loop(struct command_context *command_context)
 	/* used in accept() */
 	int retval;
 
+	int64_t next_event = timeval_ms() + polling_period;
+
 #ifndef _WIN32
 	if (signal(SIGPIPE, SIG_IGN) == SIG_ERR)
 		LOG_ERROR("couldn't set SIGPIPE to SIG_IGN");
@@ -478,7 +480,12 @@ int server_loop(struct command_context *command_context)
 			retval = socket_select(fd_max + 1, &read_fds, NULL, NULL, &tv);
 		} else {
 			/* Every 100ms, can be changed with "poll_period" command */
-			tv.tv_usec = polling_period * 1000;
+			int timeout_ms = next_event - timeval_ms();
+			if (timeout_ms < 0)
+				timeout_ms = 0;
+			else if (timeout_ms > polling_period)
+				timeout_ms = polling_period;
+			tv.tv_usec = timeout_ms * 1000;
 			/* Only while we're sleeping we'll let others run */
 			openocd_sleep_prelude();
 			kept_alive();
@@ -511,7 +518,8 @@ int server_loop(struct command_context *command_context)
 		if (retval == 0) {
 			/* We only execute these callbacks when there was nothing to do or we timed
 			 *out */
-			target_call_timer_callbacks();
+			target_call_timer_callbacks_now();
+			next_event = target_timer_next_event();
 			process_jim_events(command_context);
 
 			FD_ZERO(&read_fds);	/* eCos leaves read_fds unchanged in this case!  */
diff --git a/src/target/target.c b/src/target/target.c
index cf1873c5e..a67712009 100644
--- a/src/target/target.c
+++ b/src/target/target.c
@@ -154,9 +154,10 @@ static struct target_type *target_types[] = {
 struct target *all_targets;
 static struct target_event_callback *target_event_callbacks;
 static struct target_timer_callback *target_timer_callbacks;
+static int64_t target_timer_next_event_value;
 static LIST_HEAD(target_reset_callback_list);
 static LIST_HEAD(target_trace_callback_list);
-static const int polling_interval = 100;
+static const int polling_interval = TARGET_DEFAULT_POLLING_INTERVAL;
 
 static const struct jim_nvp nvp_assert[] = {
 	{ .name = "assert", NVP_ASSERT },
@@ -1733,8 +1734,8 @@ int target_register_timer_callback(int (*callback)(void *priv),
 	(*callbacks_p)->time_ms = time_ms;
 	(*callbacks_p)->removed = false;
 
-	gettimeofday(&(*callbacks_p)->when, NULL);
-	timeval_add_time(&(*callbacks_p)->when, 0, time_ms * 1000);
+	(*callbacks_p)->when = timeval_ms() + time_ms;
+	target_timer_next_event_value = MIN(target_timer_next_event_value, (*callbacks_p)->when);
 
 	(*callbacks_p)->priv = priv;
 	(*callbacks_p)->next = NULL;
@@ -1868,15 +1869,14 @@ int target_call_trace_callbacks(struct target *target, size_t len, uint8_t *data
 }
 
 static int target_timer_callback_periodic_restart(
-		struct target_timer_callback *cb, struct timeval *now)
+		struct target_timer_callback *cb, int64_t *now)
 {
-	cb->when = *now;
-	timeval_add_time(&cb->when, 0, cb->time_ms * 1000L);
+	cb->when = *now + cb->time_ms;
 	return ERROR_OK;
 }
 
 static int target_call_timer_callback(struct target_timer_callback *cb,
-		struct timeval *now)
+		int64_t *now)
 {
 	cb->callback(cb->priv);
 
@@ -1898,8 +1898,12 @@ static int target_call_timer_callbacks_check_time(int checktime)
 
 	keep_alive();
 
-	struct timeval now;
-	gettimeofday(&now, NULL);
+	int64_t now = timeval_ms();
+
+	/* Initialize to a default value that's a ways into the future.
+	 * The loop below will make it closer to now if there are
+	 * callbacks that want to be called sooner. */
+	target_timer_next_event_value = now + 1000;
 
 	/* Store an address of the place containing a pointer to the
 	 * next item; initially, that's a standalone "root of the
@@ -1915,11 +1919,14 @@ static int target_call_timer_callbacks_check_time(int checktime)
 
 		bool call_it = (*callback)->callback &&
 			((!checktime && (*callback)->type == TARGET_TIMER_TYPE_PERIODIC) ||
-			 timeval_compare(&now, &(*callback)->when) >= 0);
+			 now >= (*callback)->when);
 
 		if (call_it)
 			target_call_timer_callback(*callback, &now);
 
+		if (!(*callback)->removed && (*callback)->when < target_timer_next_event_value)
+			target_timer_next_event_value = (*callback)->when;
+
 		callback = &(*callback)->next;
 	}
 
@@ -1927,17 +1934,22 @@ static int target_call_timer_callbacks_check_time(int checktime)
 	return ERROR_OK;
 }
 
-int target_call_timer_callbacks(void)
+int target_call_timer_callbacks()
 {
 	return target_call_timer_callbacks_check_time(1);
 }
 
 /* invoke periodic callbacks immediately */
-int target_call_timer_callbacks_now(void)
+int target_call_timer_callbacks_now()
 {
 	return target_call_timer_callbacks_check_time(0);
 }
 
+int64_t target_timer_next_event(void)
+{
+	return target_timer_next_event_value;
+}
+
 /* Prints the working area layout for debug purposes */
 static void print_wa_layout(struct target *target)
 {
diff --git a/src/target/target.h b/src/target/target.h
index 18a9516f5..1e19434e4 100644
--- a/src/target/target.h
+++ b/src/target/target.h
@@ -333,7 +333,7 @@ struct target_timer_callback {
 	unsigned int time_ms;
 	enum target_timer_type type;
 	bool removed;
-	struct timeval when;
+	int64_t when;	/* output of timeval_ms() */
 	void *priv;
 	struct target_timer_callback *next;
 };
@@ -407,6 +407,11 @@ int target_call_timer_callbacks(void);
  * a synchronous command completes.
  */
 int target_call_timer_callbacks_now(void);
+/**
+ * Returns when the next registered event will take place. Callers can use this
+ * to go to sleep until that time occurs.
+ */
+int64_t target_timer_next_event(void);
 
 struct target *get_target_by_num(int num);
 struct target *get_current_target(struct command_context *cmd_ctx);
@@ -790,4 +795,6 @@ int target_profiling_default(struct target *target, uint32_t *samples, uint32_t
 
 extern bool get_target_reset_nag(void);
 
+#define TARGET_DEFAULT_POLLING_INTERVAL		100
+
 #endif /* OPENOCD_TARGET_TARGET_H */