An integrated circuit (IC) includes a multi-input multi-output transceiver system that includes a plurality of RF transceivers. Each RF transceiver includes an RF transmitter that transmits a transmit signal at a selected transmit power, based on a transmit power control signal and a corresponding RF receiver for receiving a corresponding one of a plurality of received signals from an external device and for generating a signal strength indication corresponding to each of the plurality of received signals. A processing module generates the transmit power control signal for each RF transmitter based on the signal strength indication of the corresponding RF receiver, and that generates a power mode signal for adjusting a power consumption parameter of each RF transmitter in accordance with the selected transmit power for each RF transmitter.