A method and system for identifying multi-block indirect memory access chains. A method may include identifying basic blocks between an entry point and an exit point of a procedure, where the procedure includes a control statement governing its execution. It may be determined whether a probability of execution of a given basic block relative to the control statement equals or exceeds a first threshold value. If so, a respective set of one or more chains of indirect memory accesses may be generated, where each chain includes at least a respective head memory access that does not depend for its memory address computation on another memory access within the given basic block. Chains may be joined across basic blocks dependent upon whether the relative execution probabilities of the blocks exceed a threshold value.