diff --git a/Include/cpython/pystate.h b/Include/cpython/pystate.h
index ac8798ff6129a0..3f777de0ec4af5 100644
--- a/Include/cpython/pystate.h
+++ b/Include/cpython/pystate.h
@@ -213,7 +213,7 @@ struct _ts {
     PyObject *threading_local_key;
 
     /* Used by `threading.local`s to be remove keys/values for dying threads.
-       The PyThreadObject must hold the only reference to this value.
+       The PyThreadState must hold the only reference to this value.
     */
     PyObject *threading_local_sentinel;
     _PyRemoteDebuggerSupport remote_debugger_support;
diff --git a/Lib/test/test_threading_local.py b/Lib/test/test_threading_local.py
index 3a58afd8194a32..e49d757a3c4e02 100644
--- a/Lib/test/test_threading_local.py
+++ b/Lib/test/test_threading_local.py
@@ -223,6 +223,25 @@ def __eq__(self, other):
         with self.assertRaisesRegex(AttributeError, 'Loop.*read-only'):
             loop.__setattr__(NameCompareTrue(), 2)
 
+    def test_finalizer_leak(self):
+        # See https://github.com/python/cpython/issues/140798
+
+        local = self._local()
+
+        class ClassWithDel:
+            def __del__(_):
+                local.b = 42
+                self.assertEqual(local.__dict__, {'b': 42})
+
+        def thread_func():
+            local.a = ClassWithDel()
+
+        t = threading.Thread(target=thread_func)
+        t.start()
+        t.join()
+
+        self.assertEqual(local.__dict__, {})
+
 
 class ThreadLocalTest(unittest.TestCase, BaseLocalTest):
     _local = _thread._local
diff --git a/Misc/NEWS.d/next/Core_and_Builtins/2025-10-31-17-50-28.gh-issue-140798.ZyXp_r.rst b/Misc/NEWS.d/next/Core_and_Builtins/2025-10-31-17-50-28.gh-issue-140798.ZyXp_r.rst
new file mode 100644
index 00000000000000..fc98364ecf0308
--- /dev/null
+++ b/Misc/NEWS.d/next/Core_and_Builtins/2025-10-31-17-50-28.gh-issue-140798.ZyXp_r.rst
@@ -0,0 +1,3 @@
+Fix possible memory leak with instance of :class:`!_thread._local` when
+some finalizer uses this object after ``thread_local_key`` was cleared.
+Patch by Mikhail Efimov.
diff --git a/Modules/_threadmodule.c b/Modules/_threadmodule.c
index cc8277c5783858..0f39bb6461d68e 100644
--- a/Modules/_threadmodule.c
+++ b/Modules/_threadmodule.c
@@ -1452,8 +1452,10 @@ typedef struct {
     PyObject *weakreflist;      /* List of weak references to self */
     /* A {localdummy -> localdict} dict */
     PyObject *localdicts;
-    /* A set of weakrefs to thread sentinels localdummies*/
+    /* A set of weakrefs to thread sentinels localdummies */
     PyObject *thread_watchdogs;
+    /* A set of thread sentinels that were created during finalization */
+    PyObject *abandoned_sentinels;
 } localobject;
 
 #define localobject_CAST(op)    ((localobject *)(op))
@@ -1544,6 +1546,11 @@ local_new(PyTypeObject *type, PyObject *args, PyObject *kw)
         goto err;
     }
 
+    self->abandoned_sentinels = PySet_New(NULL);
+    if (self->abandoned_sentinels == NULL) {
+        goto err;
+    }
+
     PyObject *localsdict = NULL;
     PyObject *sentinel_wr = NULL;
     if (create_localsdict(self, state, &localsdict, &sentinel_wr) < 0) {
@@ -1568,6 +1575,7 @@ local_traverse(PyObject *op, visitproc visit, void *arg)
     Py_VISIT(self->kw);
     Py_VISIT(self->localdicts);
     Py_VISIT(self->thread_watchdogs);
+    Py_VISIT(self->abandoned_sentinels);
     return 0;
 }
 
@@ -1579,6 +1587,7 @@ local_clear(PyObject *op)
     Py_CLEAR(self->kw);
     Py_CLEAR(self->localdicts);
     Py_CLEAR(self->thread_watchdogs);
+    Py_CLEAR(self->abandoned_sentinels);
     return 0;
 }
 
@@ -1862,6 +1871,25 @@ clear_locals(PyObject *locals_and_key, PyObject *dummyweakref)
                                    "thread local %R", (PyObject *)self);
         }
     }
+
+    PyThreadState *tstate = PyThreadState_Get();
+    if (tstate->threading_local_key != NULL) {
+        // gh-140798: It's possible that some finalizer recreates
+        // thread key and sentinel localdummies during clearing localsdict.
+        // In this case we save thread sentinel to local set and
+        // clear key and sentinel in thread state one more time.
+        if (PySet_Add(self->abandoned_sentinels, tstate->threading_local_sentinel) < 0) {
+            PyErr_FormatUnraisable("Exception ignored while adding "
+                                   "thread abandoned sentinel of %R", self);
+        }
+
+        Py_CLEAR(tstate->threading_local_key);
+        Py_CLEAR(tstate->threading_local_sentinel);
+    }
+
+    assert(tstate->threading_local_key == NULL);
+    assert(tstate->threading_local_sentinel == NULL);
+
     if (self->thread_watchdogs != NULL) {
         if (PySet_Discard(self->thread_watchdogs, dummyweakref) < 0) {
             PyErr_FormatUnraisable("Exception ignored while clearing "