A method, device, and non-transitory computer readable medium that dynamically allocates cache resources includes monitoring a hit or miss rate of a service level objective for each of a plurality of prior workloads and a performance of each of a plurality of cache storage resources. At least one configuration for the cache storage resources for one or more current workloads is determined based at least on a service level objective for each of the current workloads, the monitored hit or miss rate for each of the plurality of prior workloads and the monitored performance of each of the plurality of cache storage resources. The cache storage resources are dynamically partitioned among each of the current workloads based on the determined configuration.