diff --git a/Makefile.target b/Makefile.target
index b791492897..c8281e90a9 100644
--- a/Makefile.target
+++ b/Makefile.target
@@ -191,7 +191,7 @@ obj-y += rtl8139.o
 obj-y += e1000.o
 
 # Inter-VM PCI shared memory
-obj-y += ivshmem.o
+obj-$(CONFIG_KVM) += ivshmem.o
 
 # Hardware support
 obj-i386-y += vga.o