In an example, a system and method are provided for predicting in which way a requested memory address is most likely to be held in a multi-way cache, based on the last way accessed by the specified address register if available. If not available, then the system may determine that no best prediction is available. In that case, each way is read, and the superfluous values are disregarded, or a cache fill is performed as necessary. In certain embodiments, only a portion of the least significant bits of an add operation are used for way prediction in base-plus-offset addressing modes. This enables the decision to be made before the full-width add is complete, so that the clock cycle length is not unnecessarily lengthened by the prediction operation.