A system and method that provide dynamic reconfiguration of communication resources in a multi-transceiver configuration. Various aspects of the present invention may comprise communicating a first portion of a first communication using a plurality of transceivers. A determination may be made to reallocate at least one of the plurality of transceivers for a second communication. A second portion of the first communication may be communicated using the plurality of transceivers less the reallocated transceiver(s), and the second communication may be communicated using at least the reallocated transceiver(s). Various aspects of the present invention may also comprise communicating a first communication utilizing a first transceiver and a second communication utilizing a second transceiver. A determination may be made to utilize the first and second transceivers in a MIMO configuration to communicate next information. The next information may then be communicated utilizing the first and second transceivers in a MIMO configuration.