A method and apparatus are disclosed for performing dynamic arbitration of memory accesses by a CPU and at least one bus master interface module based on, at least in part, monitoring a CPU throttle control signal and monitoring CPU power and performance states, and making decisions based on the monitored parameters. Bus master memory access break events and memory read and write accesses are also monitored as part of the arbitration process in accordance with certain embodiments of the present invention. An arbitration (ARB) module performs the dynamic arbitration. A CPU throttle control module generates the CPU throttle control signal, indicating when the CPU is idle, and also monitors and outputs the CPU power and performance states. A memory controller (MC) module controls accesses to the memory subsystem based on, at least in part, the dynamic arbitration performed by the dynamic arbitration module.