diff --git a/hw/ppc/ppc.c b/hw/ppc/ppc.c
index 7963feeab4..52a18eb7d7 100644
--- a/hw/ppc/ppc.c
+++ b/hw/ppc/ppc.c
@@ -1011,6 +1011,8 @@ static void timebase_save(PPCTimebase *tb)
      * there is no need to update it from KVM here
      */
     tb->guest_timebase = ticks + first_ppc_cpu->env.tb_env->tb_offset;
+
+    tb->runstate_paused = runstate_check(RUN_STATE_PAUSED);
 }
 
 static void timebase_load(PPCTimebase *tb)
@@ -1054,9 +1056,9 @@ void cpu_ppc_clock_vm_state_change(void *opaque, int running,
 }
 
 /*
- * When migrating, read the clock just before migration,
- * so that the guest clock counts during the events
- * between:
+ * When migrating a running guest, read the clock just
+ * before migration, so that the guest clock counts
+ * during the events between:
  *
  *  * vm_stop()
  *  *
@@ -1071,7 +1073,10 @@ static int timebase_pre_save(void *opaque)
 {
     PPCTimebase *tb = opaque;
 
-    timebase_save(tb);
+    /* guest_timebase won't be overridden in case of paused guest */
+    if (!tb->runstate_paused) {
+        timebase_save(tb);
+    }
 
     return 0;
 }
diff --git a/target/ppc/cpu-qom.h b/target/ppc/cpu-qom.h
index a2f202f021..5769fb78a9 100644
--- a/target/ppc/cpu-qom.h
+++ b/target/ppc/cpu-qom.h
@@ -201,6 +201,7 @@ typedef struct PowerPCCPUClass {
 typedef struct PPCTimebase {
     uint64_t guest_timebase;
     int64_t time_of_the_day_ns;
+    bool runstate_paused;
 } PPCTimebase;
 
 extern const VMStateDescription vmstate_ppc_timebase;