diff --git a/tools/objtool/Makefile b/tools/objtool/Makefile
index 9b4503113ce5..a40f30232929 100644
--- a/tools/objtool/Makefile
+++ b/tools/objtool/Makefile
@@ -77,8 +77,21 @@ HOST_OVERRIDES := CC="$(HOSTCC)" LD="$(HOSTLD)" AR="$(HOSTAR)"
 # We check using HOSTCC directly rather than the shared feature framework
 # because objtool is a host tool that links against host libraries.
 #
-HAVE_LIBOPCODES := $(shell echo 'int main(void) { return 0; }' | \
-			$(HOSTCC) -xc - -o /dev/null -lopcodes 2>/dev/null && echo y)
+# When using shared libraries, -lopcodes is sufficient as dependencies are
+# resolved automatically. With static libraries, we must explicitly link
+# against libopcodes' dependencies: libbfd, libiberty, and sometimes libz.
+# Try each combination and use the first one that succeeds.
+#
+LIBOPCODES_LIBS := $(shell \
+	for libs in "-lopcodes" \
+		    "-lopcodes -lbfd" \
+		    "-lopcodes -lbfd -liberty" \
+		    "-lopcodes -lbfd -liberty -lz"; do \
+		echo 'extern void disassemble_init_for_target(void *);' \
+		     'int main(void) { disassemble_init_for_target(0); return 0; }' | \
+			$(HOSTCC) -xc - -o /dev/null $$libs 2>/dev/null && \
+			echo "$$libs" && break; \
+	done)
 
 # Styled disassembler support requires binutils >= 2.39
 HAVE_DISASM_STYLED := $(shell echo '$(pound)include <dis-asm.h>' | \
@@ -86,10 +99,10 @@ HAVE_DISASM_STYLED := $(shell echo '$(pound)include <dis-asm.h>' | \
 
 BUILD_DISAS := n
 
-ifeq ($(HAVE_LIBOPCODES),y)
+ifneq ($(LIBOPCODES_LIBS),)
 	BUILD_DISAS := y
 	OBJTOOL_CFLAGS += -DDISAS -DPACKAGE='"objtool"'
-	OBJTOOL_LDFLAGS += -lopcodes
+	OBJTOOL_LDFLAGS += $(LIBOPCODES_LIBS)
 ifeq ($(HAVE_DISASM_STYLED),y)
 	OBJTOOL_CFLAGS += -DDISASM_INIT_STYLED
 endif