diff --git a/migration/savevm.c b/migration/savevm.c
index 6bfd4893e0..5846d9c369 100644
--- a/migration/savevm.c
+++ b/migration/savevm.c
@@ -2144,6 +2144,14 @@ int save_snapshot(const char *name, Error **errp)
         goto the_end;
     }
 
+    /* The bdrv_all_create_snapshot() call that follows acquires the AioContext
+     * for itself.  BDRV_POLL_WHILE() does not support nested locking because
+     * it only releases the lock once.  Therefore synchronous I/O will deadlock
+     * unless we release the AioContext before bdrv_all_create_snapshot().
+     */
+    aio_context_release(aio_context);
+    aio_context = NULL;
+
     ret = bdrv_all_create_snapshot(sn, bs, vm_state_size, &bs);
     if (ret < 0) {
         error_setg(errp, "Error while creating snapshot on '%s'",
@@ -2154,7 +2162,9 @@ int save_snapshot(const char *name, Error **errp)
     ret = 0;
 
  the_end:
-    aio_context_release(aio_context);
+    if (aio_context) {
+        aio_context_release(aio_context);
+    }
     if (saved_vm_running) {
         vm_start();
     }