diff --git a/src/sync.rs b/src/sync.rs
index 6aa42164a8b..ff7438a25a0 100644
--- a/src/sync.rs
+++ b/src/sync.rs
@@ -9,5 +9,7 @@
 //!   from one task to another.
 //! - [mpsc](mpsc/index.html), a multi-producer, single-consumer channel for
 //!   sending values between tasks.
+//! - [watch](watch/index.html), a single-producer, multi-consumer channel that
+//!   only stores the **most recently** sent value.
 
-pub use tokio_sync::{mpsc, oneshot};
+pub use tokio_sync::{mpsc, oneshot, watch};
diff --git a/tokio-sync/Cargo.toml b/tokio-sync/Cargo.toml
index 0cc800b954f..1b16d87f9ce 100644
--- a/tokio-sync/Cargo.toml
+++ b/tokio-sync/Cargo.toml
@@ -19,6 +19,7 @@ Synchronization utilities.
 categories = ["asynchronous"]
 
 [dependencies]
+fnv = "1.0.6"
 futures = "0.1.19"
 
 [dev-dependencies]
diff --git a/tokio-sync/src/lib.rs b/tokio-sync/src/lib.rs
index 4cbbbc0adfd..e7c62ece2af 100644
--- a/tokio-sync/src/lib.rs
+++ b/tokio-sync/src/lib.rs
@@ -6,6 +6,8 @@
 //!
 //! This crate provides primitives for synchronizing asynchronous tasks.
 
+extern crate fnv;
+#[macro_use]
 extern crate futures;
 
 macro_rules! debug {
@@ -27,3 +29,4 @@ pub mod mpsc;
 pub mod oneshot;
 pub mod semaphore;
 pub mod task;
+pub mod watch;
diff --git a/tokio-sync/src/watch.rs b/tokio-sync/src/watch.rs
new file mode 100644
index 00000000000..4c2b2972f0d
--- /dev/null
+++ b/tokio-sync/src/watch.rs
@@ -0,0 +1,404 @@
+//! A single-producer, multi-consumer channel that only retains the *last* sent
+//! value.
+//!
+//! This channel is useful for watching for changes to a value from multiple
+//! points in the code base, for example, changes to configuration values.
+//!
+//! # Usage
+//!
+//! [`channel`] returns a [`Sender`] / [`Receiver`] pair. These are the producer
+//! and sender halves of the channel. The channel is created with an initial
+//! value. `Receiver::poll` will always be ready upon creation and will yield
+//! either this initial value or the latest value that has been sent by
+//! `Sender`.
+//!
+//! Calls to [`Receiver::poll`] and [`Receiver::poll_ref`] will always yield
+//! the latest value.
+//!
+//! # Examples
+//!
+//! ```
+//! # extern crate futures;
+//! extern crate tokio;
+//!
+//! use tokio::prelude::*;
+//! use tokio::sync::watch;
+//!
+//! # tokio::run(futures::future::lazy(|| {
+//! let (mut tx, rx) = watch::channel("hello");
+//!
+//! tokio::spawn(rx.for_each(|value| {
+//!     println!("received = {:?}", value);
+//!     Ok(())
+//! }).map_err(|_| ()));
+//!
+//! tx.broadcast("world").unwrap();
+//! # Ok(())
+//! # }));
+//! ```
+//!
+//! # Closing
+//!
+//! [`Sender::poll_close`] allows the producer to detect when all [`Sender`]
+//! handles have been dropped. This indicates that there is no further interest
+//! in the values being produced and work can be stopped.
+//!
+//! # Thread safety
+//!
+//! Both [`Sender`] and [`Receiver`] are thread safe. They can be moved to other
+//! threads and can be used in a concurrent environment. Clones of [`Receiver`]
+//! handles may be moved to separate threads and also used concurrently.
+//!
+//! [`Sender`]: struct.Sender.html
+//! [`Receiver`]: struct.Receiver.html
+//! [`channel`]: fn.channel.html
+//! [`Sender::poll_close`]: struct.Sender.html#method.poll_close
+//! [`Receiver::poll`]: struct.Receiver.html#method.poll
+//! [`Receiver::poll_ref`]: struct.Receiver.html#method.poll_ref
+
+use fnv::FnvHashMap;
+use futures::task::AtomicTask;
+use futures::{Async, AsyncSink, Poll, Sink, StartSend, Stream};
+
+use std::ops;
+use std::sync::atomic::AtomicUsize;
+use std::sync::atomic::Ordering::SeqCst;
+use std::sync::{Arc, Mutex, RwLock, RwLockReadGuard, Weak};
+
+/// Receives values from the associated `Sender`.
+///
+/// Instances are created by the [`channel`](fn.channel.html) function.
+#[derive(Debug)]
+pub struct Receiver<T> {
+    /// Pointer to the shared state
+    shared: Arc<Shared<T>>,
+
+    /// Pointer to the watcher's internal state
+    inner: Arc<WatchInner>,
+
+    /// Watcher ID.
+    id: u64,
+
+    /// Last observed version
+    ver: usize,
+}
+
+/// Sends values to the associated `Receiver`.
+///
+/// Instances are created by the [`channel`](fn.channel.html) function.
+#[derive(Debug)]
+pub struct Sender<T> {
+    shared: Weak<Shared<T>>,
+}
+
+/// Returns a reference to the inner value
+///
+/// Outstanding borrows hold a read lock on the inner value. This means that
+/// long lived borrows could cause the produce half to block. It is recommended
+/// to keep the borrow as short lived as possible.
+#[derive(Debug)]
+pub struct Ref<'a, T: 'a> {
+    inner: RwLockReadGuard<'a, T>,
+}
+
+pub mod error {
+    //! Watch error types
+
+    /// Error produced when receiving a value fails.
+    #[derive(Debug)]
+    pub struct RecvError {
+        pub(crate) _p: (),
+    }
+
+    /// Error produced when sending a value fails.
+    #[derive(Debug)]
+    pub struct SendError<T> {
+        pub(crate) inner: T,
+    }
+}
+
+#[derive(Debug)]
+struct Shared<T> {
+    /// The most recent value
+    value: RwLock<T>,
+
+    /// The current version
+    ///
+    /// The lowest bit represents a "closed" state. The rest of the bits
+    /// represent the current version.
+    version: AtomicUsize,
+
+    /// All watchers
+    watchers: Mutex<Watchers>,
+
+    /// Task to notify when all watchers drop
+    cancel: AtomicTask,
+}
+
+#[derive(Debug)]
+struct Watchers {
+    next_id: u64,
+    watchers: FnvHashMap<u64, Arc<WatchInner>>,
+}
+
+#[derive(Debug)]
+struct WatchInner {
+    task: AtomicTask,
+}
+
+const CLOSED: usize = 1;
+
+/// Create a new watch channel, returning the "send" and "receive" handles.
+///
+/// All values sent by `Sender` will become visible to the `Receiver` handles.
+/// Only the last value sent is made available to the `Receiver` half. All
+/// intermediate values are dropped.
+///
+/// # Examples
+///
+/// ```
+/// # extern crate futures;
+/// extern crate tokio;
+///
+/// use tokio::prelude::*;
+/// use tokio::sync::watch;
+///
+/// # tokio::run(futures::future::lazy(|| {
+/// let (mut tx, rx) = watch::channel("hello");
+///
+/// tokio::spawn(rx.for_each(|value| {
+///     println!("received = {:?}", value);
+///     Ok(())
+/// }).map_err(|_| ()));
+///
+/// tx.broadcast("world").unwrap();
+/// # Ok(())
+/// # }));
+/// ```
+pub fn channel<T>(init: T) -> (Sender<T>, Receiver<T>) {
+    const INIT_ID: u64 = 0;
+
+    let inner = Arc::new(WatchInner::new());
+
+    // Insert the watcher
+    let mut watchers = FnvHashMap::with_capacity_and_hasher(0, Default::default());
+    watchers.insert(INIT_ID, inner.clone());
+
+    let shared = Arc::new(Shared {
+        value: RwLock::new(init),
+        version: AtomicUsize::new(2),
+        watchers: Mutex::new(Watchers {
+            next_id: INIT_ID + 1,
+            watchers,
+        }),
+        cancel: AtomicTask::new(),
+    });
+
+    let tx = Sender {
+        shared: Arc::downgrade(&shared),
+    };
+
+    let rx = Receiver {
+        shared,
+        inner,
+        id: INIT_ID,
+        ver: 0,
+    };
+
+    (tx, rx)
+}
+
+impl<T> Receiver<T> {
+    /// Returns a reference to the most recently sent value
+    ///
+    /// Outstanding borrows hold a read lock. This means that long lived borrows
+    /// could cause the send half to block. It is recommended to keep the borrow
+    /// as short lived as possible.
+    ///
+    /// # Examples
+    ///
+    /// ```
+    /// # extern crate tokio;
+    /// # use tokio::sync::watch;
+    /// let (_, rx) = watch::channel("hello");
+    /// assert_eq!(*rx.get_ref(), "hello");
+    /// ```
+    pub fn get_ref(&self) -> Ref<T> {
+        let inner = self.shared.value.read().unwrap();
+        Ref { inner }
+    }
+
+    /// Attempts to receive the latest value sent via the channel.
+    ///
+    /// If a new, unobserved, value has been sent, a reference to it is
+    /// returned. If no new value has been sent, then `NotReady` is returned and
+    /// the current task is notified once a new value is sent.
+    ///
+    /// Only the **most recent** value is returned. If the receiver is falling
+    /// behind the sender, intermediate values are dropped.
+    pub fn poll_ref(&mut self) -> Poll<Option<Ref<T>>, error::RecvError> {
+        // Make sure the task is up to date
+        self.inner.task.register();
+
+        let state = self.shared.version.load(SeqCst);
+        let version = state & !CLOSED;
+
+        if version != self.ver {
+            // Track the latest version
+            self.ver = version;
+
+            let inner = self.shared.value.read().unwrap();
+
+            return Ok(Some(Ref { inner }).into());
+        }
+
+        if CLOSED == state & CLOSED {
+            // The `Store` handle has been dropped.
+            return Ok(None.into());
+        }
+
+        Ok(Async::NotReady)
+    }
+}
+
+impl<T: Clone> Stream for Receiver<T> {
+    type Item = T;
+    type Error = error::RecvError;
+
+    fn poll(&mut self) -> Poll<Option<T>, error::RecvError> {
+        let item = try_ready!(self.poll_ref());
+        Ok(Async::Ready(item.map(|v_ref| v_ref.clone())))
+    }
+}
+
+impl<T> Clone for Receiver<T> {
+    fn clone(&self) -> Self {
+        let inner = Arc::new(WatchInner::new());
+        let shared = self.shared.clone();
+
+        let id = {
+            let mut watchers = shared.watchers.lock().unwrap();
+            let id = watchers.next_id;
+
+            watchers.next_id += 1;
+            watchers.watchers.insert(id, inner.clone());
+
+            id
+        };
+
+        let ver = self.ver;
+
+        Receiver {
+            shared: shared,
+            inner,
+            id,
+            ver,
+        }
+    }
+}
+
+impl<T> Drop for Receiver<T> {
+    fn drop(&mut self) {
+        let mut watchers = self.shared.watchers.lock().unwrap();
+        watchers.watchers.remove(&self.id);
+    }
+}
+
+impl WatchInner {
+    fn new() -> Self {
+        WatchInner {
+            task: AtomicTask::new(),
+        }
+    }
+}
+
+impl<T> Sender<T> {
+    /// Broadcast a new value via the channel, notifying all receivers.
+    pub fn broadcast(&mut self, value: T) -> Result<(), error::SendError<T>> {
+        let shared = match self.shared.upgrade() {
+            Some(shared) => shared,
+            // All `Watch` handles have been canceled
+            None => return Err(error::SendError { inner: value }),
+        };
+
+        // Replace the value
+        {
+            let mut lock = shared.value.write().unwrap();
+            *lock = value;
+        }
+
+        // Update the version. 2 is used so that the CLOSED bit is not set.
+        shared.version.fetch_add(2, SeqCst);
+
+        // Notify all watchers
+        notify_all(&*shared);
+
+        // Return the old value
+        Ok(())
+    }
+
+    /// Returns `Ready` when all receivers have dropped.
+    ///
+    /// This allows the producer to get notified when interest in the produced
+    /// values is canceled and immediately stop doing work.
+    pub fn poll_close(&mut self) -> Poll<(), ()> {
+        match self.shared.upgrade() {
+            Some(shared) => {
+                shared.cancel.register();
+                Ok(Async::NotReady)
+            }
+            None => Ok(Async::Ready(())),
+        }
+    }
+}
+
+impl<T> Sink for Sender<T> {
+    type SinkItem = T;
+    type SinkError = error::SendError<T>;
+
+    fn start_send(&mut self, item: T) -> StartSend<T, error::SendError<T>> {
+        let _ = self.broadcast(item)?;
+        Ok(AsyncSink::Ready)
+    }
+
+    fn poll_complete(&mut self) -> Poll<(), error::SendError<T>> {
+        Ok(().into())
+    }
+}
+
+/// Notify all watchers of a change
+fn notify_all<T>(shared: &Shared<T>) {
+    let watchers = shared.watchers.lock().unwrap();
+
+    for watcher in watchers.watchers.values() {
+        // Notify the task
+        watcher.task.notify();
+    }
+}
+
+impl<T> Drop for Sender<T> {
+    fn drop(&mut self) {
+        if let Some(shared) = self.shared.upgrade() {
+            shared.version.fetch_or(CLOSED, SeqCst);
+            notify_all(&*shared);
+        }
+    }
+}
+
+// ===== impl Ref =====
+
+impl<'a, T: 'a> ops::Deref for Ref<'a, T> {
+    type Target = T;
+
+    fn deref(&self) -> &T {
+        self.inner.deref()
+    }
+}
+
+// ===== impl Shared =====
+
+impl<T> Drop for Shared<T> {
+    fn drop(&mut self) {
+        self.cancel.notify();
+    }
+}
diff --git a/tokio-sync/tests/watch.rs b/tokio-sync/tests/watch.rs
new file mode 100644
index 00000000000..7e4e35b56b4
--- /dev/null
+++ b/tokio-sync/tests/watch.rs
@@ -0,0 +1,234 @@
+extern crate futures;
+extern crate tokio_mock_task;
+extern crate tokio_sync;
+
+use tokio_mock_task::*;
+use tokio_sync::watch;
+
+macro_rules! assert_ready {
+    ($e:expr) => {{
+        match $e {
+            Ok(futures::Async::Ready(v)) => v,
+            Ok(_) => panic!("not ready"),
+            Err(e) => panic!("error = {:?}", e),
+        }
+    }};
+}
+
+macro_rules! assert_not_ready {
+    ($e:expr) => {{
+        match $e {
+            Ok(futures::Async::NotReady) => {}
+            Ok(futures::Async::Ready(v)) => panic!("ready; value = {:?}", v),
+            Err(e) => panic!("error = {:?}", e),
+        }
+    }};
+}
+
+#[test]
+fn single_rx() {
+    let (mut tx, mut rx) = watch::channel("one");
+    let mut task = MockTask::new();
+
+    task.enter(|| {
+        let v = assert_ready!(rx.poll_ref()).unwrap();
+        assert_eq!(*v, "one");
+    });
+
+    task.enter(|| assert_not_ready!(rx.poll_ref()));
+
+    assert!(!task.is_notified());
+
+    tx.broadcast("two").unwrap();
+
+    assert!(task.is_notified());
+
+    task.enter(|| {
+        let v = assert_ready!(rx.poll_ref()).unwrap();
+        assert_eq!(*v, "two");
+    });
+
+    task.enter(|| assert_not_ready!(rx.poll_ref()));
+
+    drop(tx);
+
+    assert!(task.is_notified());
+
+    task.enter(|| {
+        let res = assert_ready!(rx.poll_ref());
+        assert!(res.is_none());
+    });
+}
+
+#[test]
+fn stream_impl() {
+    use futures::Stream;
+
+    let (mut tx, mut rx) = watch::channel("one");
+    let mut task = MockTask::new();
+
+    task.enter(|| {
+        let v = assert_ready!(rx.poll()).unwrap();
+        assert_eq!(v, "one");
+    });
+
+    task.enter(|| assert_not_ready!(rx.poll()));
+
+    assert!(!task.is_notified());
+
+    tx.broadcast("two").unwrap();
+
+    assert!(task.is_notified());
+
+    task.enter(|| {
+        let v = assert_ready!(rx.poll()).unwrap();
+        assert_eq!(v, "two");
+    });
+
+    task.enter(|| assert_not_ready!(rx.poll()));
+
+    drop(tx);
+
+    assert!(task.is_notified());
+
+    task.enter(|| {
+        let res = assert_ready!(rx.poll());
+        assert!(res.is_none());
+    });
+}
+
+#[test]
+fn multi_rx() {
+    let (mut tx, mut rx1) = watch::channel("one");
+    let mut rx2 = rx1.clone();
+
+    let mut task1 = MockTask::new();
+    let mut task2 = MockTask::new();
+
+    task1.enter(|| {
+        let res = assert_ready!(rx1.poll_ref());
+        assert_eq!(*res.unwrap(), "one");
+    });
+
+    task2.enter(|| {
+        let res = assert_ready!(rx2.poll_ref());
+        assert_eq!(*res.unwrap(), "one");
+    });
+
+    tx.broadcast("two").unwrap();
+
+    assert!(task1.is_notified());
+    assert!(task2.is_notified());
+
+    task1.enter(|| {
+        let res = assert_ready!(rx1.poll_ref());
+        assert_eq!(*res.unwrap(), "two");
+    });
+
+    tx.broadcast("three").unwrap();
+
+    assert!(task1.is_notified());
+    assert!(task2.is_notified());
+
+    task1.enter(|| {
+        let res = assert_ready!(rx1.poll_ref());
+        assert_eq!(*res.unwrap(), "three");
+    });
+
+    task2.enter(|| {
+        let res = assert_ready!(rx2.poll_ref());
+        assert_eq!(*res.unwrap(), "three");
+    });
+
+    tx.broadcast("four").unwrap();
+
+    task1.enter(|| {
+        let res = assert_ready!(rx1.poll_ref());
+        assert_eq!(*res.unwrap(), "four");
+    });
+
+    drop(tx);
+
+    task1.enter(|| {
+        let res = assert_ready!(rx1.poll_ref());
+        assert!(res.is_none());
+    });
+
+    task2.enter(|| {
+        let res = assert_ready!(rx2.poll_ref());
+        assert_eq!(*res.unwrap(), "four");
+    });
+
+    task2.enter(|| {
+        let res = assert_ready!(rx2.poll_ref());
+        assert!(res.is_none());
+    });
+}
+
+#[test]
+fn rx_observes_final_value() {
+    // Initial value
+
+    let (tx, mut rx) = watch::channel("one");
+    let mut task = MockTask::new();
+
+    drop(tx);
+
+    task.enter(|| {
+        let res = assert_ready!(rx.poll_ref());
+        assert!(res.is_some());
+        assert_eq!(*res.unwrap(), "one");
+    });
+
+    task.enter(|| {
+        let res = assert_ready!(rx.poll_ref());
+        assert!(res.is_none());
+    });
+
+    // Sending a value
+
+    let (mut tx, mut rx) = watch::channel("one");
+    let mut task = MockTask::new();
+
+    tx.broadcast("two").unwrap();
+
+    task.enter(|| {
+        let res = assert_ready!(rx.poll_ref());
+        assert!(res.is_some());
+        assert_eq!(*res.unwrap(), "two");
+    });
+
+    task.enter(|| assert_not_ready!(rx.poll_ref()));
+
+    tx.broadcast("three").unwrap();
+    drop(tx);
+
+    assert!(task.is_notified());
+
+    task.enter(|| {
+        let res = assert_ready!(rx.poll_ref());
+        assert!(res.is_some());
+        assert_eq!(*res.unwrap(), "three");
+    });
+
+    task.enter(|| {
+        let res = assert_ready!(rx.poll_ref());
+        assert!(res.is_none());
+    });
+}
+
+#[test]
+fn poll_close() {
+    let (mut tx, rx) = watch::channel("one");
+    let mut task = MockTask::new();
+
+    task.enter(|| assert_not_ready!(tx.poll_close()));
+
+    drop(rx);
+
+    assert!(task.is_notified());
+
+    task.enter(|| assert_ready!(tx.poll_close()));
+
+    assert!(tx.broadcast("two").is_err());
+}