diff --git a/Makefile b/Makefile
index 386e13a6ea..ecb788b2ce 100644
--- a/Makefile
+++ b/Makefile
@@ -626,7 +626,6 @@ ifneq ($(EXESUF),)
 qemu-ga: qemu-ga$(EXESUF) $(QGA_VSS_PROVIDER) $(QEMU_GA_MSI)
 endif
 
-elf2dmp$(EXESUF): LIBS += $(CURL_LIBS)
 elf2dmp$(EXESUF): $(elf2dmp-obj-y)
 	$(call LINK, $^)
 
diff --git a/contrib/elf2dmp/Makefile.objs b/contrib/elf2dmp/Makefile.objs
index e3140f58cf..1505716916 100644
--- a/contrib/elf2dmp/Makefile.objs
+++ b/contrib/elf2dmp/Makefile.objs
@@ -1 +1,4 @@
 elf2dmp-obj-y = main.o addrspace.o download.o pdb.o qemu_elf.o
+
+download.o-cflags := $(CURL_CFLAGS)
+download.o-libs   := $(CURL_LIBS)