diff --git a/NEWS b/NEWS
index 1746e364db46c..a7091727a8b1d 100644
--- a/NEWS
+++ b/NEWS
@@ -5,6 +5,8 @@ PHP                                                                        NEWS
 - Core:
   . Fixed bug GH-8655 (Casting an object to array does not unwrap refcount=1
     references). (Nicolas Grekas)
+  . Fixed bug GH-8661 (Nullsafe in coalesce triggers undefined variable
+    warning). (ilutov)
 
 - MBString:
   . Backwards-compatible mappings for 0x5C/0x7E in Shift-JIS are restored,
diff --git a/Zend/Optimizer/sccp.c b/Zend/Optimizer/sccp.c
index ba4bdab6c0a7a..8317f9700ca6d 100644
--- a/Zend/Optimizer/sccp.c
+++ b/Zend/Optimizer/sccp.c
@@ -1563,7 +1563,7 @@ static void sccp_visit_instr(scdf_ctx *scdf, zend_op *opline, zend_ssa_op *ssa_o
 			SET_RESULT(result, op1);
 			break;
 		case ZEND_JMP_NULL:
-			switch (opline->extended_value) {
+			switch (opline->extended_value & ZEND_SHORT_CIRCUITING_CHAIN_MASK) {
 				case ZEND_SHORT_CIRCUITING_CHAIN_EXPR:
 					ZVAL_NULL(&zv);
 					break;
diff --git a/Zend/Optimizer/zend_inference.c b/Zend/Optimizer/zend_inference.c
index c17c73ad0efcd..1b8abd71aee0e 100644
--- a/Zend/Optimizer/zend_inference.c
+++ b/Zend/Optimizer/zend_inference.c
@@ -2457,16 +2457,19 @@ static zend_always_inline zend_result _zend_update_type_info(
 			COPY_SSA_OBJ_TYPE(ssa_op->op1_use, ssa_op->result_def);
 			break;
 		case ZEND_JMP_NULL:
-			if (opline->extended_value == ZEND_SHORT_CIRCUITING_CHAIN_EXPR) {
+		{
+			uint32_t short_circuiting_type = opline->extended_value & ZEND_SHORT_CIRCUITING_CHAIN_MASK;
+			if (short_circuiting_type == ZEND_SHORT_CIRCUITING_CHAIN_EXPR) {
 				tmp = MAY_BE_NULL;
-			} else if (opline->extended_value == ZEND_SHORT_CIRCUITING_CHAIN_ISSET) {
+			} else if (short_circuiting_type == ZEND_SHORT_CIRCUITING_CHAIN_ISSET) {
 				tmp = MAY_BE_FALSE;
 			} else {
-				ZEND_ASSERT(opline->extended_value == ZEND_SHORT_CIRCUITING_CHAIN_EMPTY);
+				ZEND_ASSERT(short_circuiting_type == ZEND_SHORT_CIRCUITING_CHAIN_EMPTY);
 				tmp = MAY_BE_TRUE;
 			}
 			UPDATE_SSA_TYPE(tmp, ssa_op->result_def);
 			break;
+		}
 		case ZEND_ASSIGN_OP:
 		case ZEND_ASSIGN_DIM_OP:
 		case ZEND_ASSIGN_OBJ_OP:
diff --git a/Zend/tests/nullsafe_operator/gh8661.phpt b/Zend/tests/nullsafe_operator/gh8661.phpt
new file mode 100644
index 0000000000000..9c4d47bec13c4
--- /dev/null
+++ b/Zend/tests/nullsafe_operator/gh8661.phpt
@@ -0,0 +1,10 @@
+--TEST--
+GH-8661: Nullsafe in coalesce triggers undefined variable error
+--FILE--
+<?php
+
+var_dump($a?->foo ?? null);
+
+?>
+--EXPECT--
+NULL
diff --git a/Zend/zend_compile.c b/Zend/zend_compile.c
index 0ec50dc58922c..b272a95ee3d64 100644
--- a/Zend/zend_compile.c
+++ b/Zend/zend_compile.c
@@ -2261,7 +2261,7 @@ static void zend_short_circuiting_commit(uint32_t checkpoint, znode *result, zen
 		zend_op *opline = &CG(active_op_array)->opcodes[opnum];
 		opline->op2.opline_num = get_next_op_number();
 		SET_NODE(opline->result, result);
-		opline->extended_value =
+		opline->extended_value |=
 			ast->kind == ZEND_AST_ISSET ? ZEND_SHORT_CIRCUITING_CHAIN_ISSET :
 			ast->kind == ZEND_AST_EMPTY ? ZEND_SHORT_CIRCUITING_CHAIN_EMPTY :
 			                              ZEND_SHORT_CIRCUITING_CHAIN_EXPR;
@@ -2269,13 +2269,16 @@ static void zend_short_circuiting_commit(uint32_t checkpoint, znode *result, zen
 	}
 }
 
-static void zend_emit_jmp_null(znode *obj_node)
+static void zend_emit_jmp_null(znode *obj_node, uint32_t bp_type)
 {
 	uint32_t jmp_null_opnum = get_next_op_number();
 	zend_op *opline = zend_emit_op(NULL, ZEND_JMP_NULL, obj_node, NULL);
 	if (opline->op1_type == IS_CONST) {
 		Z_TRY_ADDREF_P(CT_CONSTANT(opline->op1));
 	}
+	if (bp_type == BP_VAR_IS) {
+		opline->extended_value |= ZEND_JMP_NULL_BP_VAR_IS;
+	}
 	zend_stack_push(&CG(short_circuiting_opnums), &jmp_null_opnum);
 }
 
@@ -2850,7 +2853,7 @@ static zend_op *zend_delayed_compile_prop(znode *result, zend_ast *ast, uint32_t
 					}
 				}
 			}
-			zend_emit_jmp_null(&obj_node);
+			zend_emit_jmp_null(&obj_node, type);
 		}
 	}
 
@@ -4461,7 +4464,7 @@ static void zend_compile_method_call(znode *result, zend_ast *ast, uint32_t type
 		zend_short_circuiting_mark_inner(obj_ast);
 		zend_compile_expr(&obj_node, obj_ast);
 		if (nullsafe) {
-			zend_emit_jmp_null(&obj_node);
+			zend_emit_jmp_null(&obj_node, type);
 		}
 	}
 
diff --git a/Zend/zend_compile.h b/Zend/zend_compile.h
index 72726bdab02af..89c1b1f6579b4 100644
--- a/Zend/zend_compile.h
+++ b/Zend/zend_compile.h
@@ -372,10 +372,14 @@ typedef struct _zend_oparray_context {
 /* call through internal function handler. e.g. Closure::invoke() */
 #define ZEND_ACC_CALL_VIA_HANDLER     ZEND_ACC_CALL_VIA_TRAMPOLINE
 
+#define ZEND_SHORT_CIRCUITING_CHAIN_MASK 0x3
 #define ZEND_SHORT_CIRCUITING_CHAIN_EXPR 0
 #define ZEND_SHORT_CIRCUITING_CHAIN_ISSET 1
 #define ZEND_SHORT_CIRCUITING_CHAIN_EMPTY 2
 
+// Must not clash with ZEND_SHORT_CIRCUITING_CHAIN_MASK
+#define ZEND_JMP_NULL_BP_VAR_IS 4
+
 char *zend_visibility_string(uint32_t fn_flags);
 
 typedef struct _zend_property_info {
diff --git a/Zend/zend_vm_def.h b/Zend/zend_vm_def.h
index 0dc7f4d5f4d90..206d8ae733665 100644
--- a/Zend/zend_vm_def.h
+++ b/Zend/zend_vm_def.h
@@ -7574,19 +7574,23 @@ ZEND_VM_HOT_NOCONST_HANDLER(198, ZEND_JMP_NULL, CONST|TMP|VAR|CV, JMP_ADDR)
 	}
 
 	result = EX_VAR(opline->result.var);
-	if (EXPECTED(opline->extended_value == ZEND_SHORT_CIRCUITING_CHAIN_EXPR)) {
+	uint32_t short_circuiting_type = opline->extended_value & ZEND_SHORT_CIRCUITING_CHAIN_MASK;
+	if (EXPECTED(short_circuiting_type == ZEND_SHORT_CIRCUITING_CHAIN_EXPR)) {
 		ZVAL_NULL(result);
-		if (OP1_TYPE == IS_CV && UNEXPECTED(Z_TYPE_P(val) == IS_UNDEF)) {
+		if (OP1_TYPE == IS_CV 
+			&& UNEXPECTED(Z_TYPE_P(val) == IS_UNDEF)
+			&& (opline->extended_value & ZEND_JMP_NULL_BP_VAR_IS) == 0
+		) {
 			SAVE_OPLINE();
 			ZVAL_UNDEFINED_OP1();
 			if (UNEXPECTED(EG(exception) != NULL)) {
 				HANDLE_EXCEPTION();
 			}
 		}
-	} else if (opline->extended_value == ZEND_SHORT_CIRCUITING_CHAIN_ISSET) {
+	} else if (short_circuiting_type == ZEND_SHORT_CIRCUITING_CHAIN_ISSET) {
 		ZVAL_FALSE(result);
 	} else {
-		ZEND_ASSERT(opline->extended_value == ZEND_SHORT_CIRCUITING_CHAIN_EMPTY);
+		ZEND_ASSERT(short_circuiting_type == ZEND_SHORT_CIRCUITING_CHAIN_EMPTY);
 		ZVAL_TRUE(result);
 	}
 
diff --git a/Zend/zend_vm_execute.h b/Zend/zend_vm_execute.h
index 87480a0c8ec16..5400dd3466e1f 100644
--- a/Zend/zend_vm_execute.h
+++ b/Zend/zend_vm_execute.h
@@ -5244,19 +5244,23 @@ static ZEND_VM_COLD ZEND_OPCODE_HANDLER_RET ZEND_FASTCALL ZEND_JMP_NULL_SPEC_CON
 	}
 
 	result = EX_VAR(opline->result.var);
-	if (EXPECTED(opline->extended_value == ZEND_SHORT_CIRCUITING_CHAIN_EXPR)) {
+	uint32_t short_circuiting_type = opline->extended_value & ZEND_SHORT_CIRCUITING_CHAIN_MASK;
+	if (EXPECTED(short_circuiting_type == ZEND_SHORT_CIRCUITING_CHAIN_EXPR)) {
 		ZVAL_NULL(result);
-		if (IS_CONST == IS_CV && UNEXPECTED(Z_TYPE_P(val) == IS_UNDEF)) {
+		if (IS_CONST == IS_CV
+			&& UNEXPECTED(Z_TYPE_P(val) == IS_UNDEF)
+			&& (opline->extended_value & ZEND_JMP_NULL_BP_VAR_IS) == 0
+		) {
 			SAVE_OPLINE();
 			ZVAL_UNDEFINED_OP1();
 			if (UNEXPECTED(EG(exception) != NULL)) {
 				HANDLE_EXCEPTION();
 			}
 		}
-	} else if (opline->extended_value == ZEND_SHORT_CIRCUITING_CHAIN_ISSET) {
+	} else if (short_circuiting_type == ZEND_SHORT_CIRCUITING_CHAIN_ISSET) {
 		ZVAL_FALSE(result);
 	} else {
-		ZEND_ASSERT(opline->extended_value == ZEND_SHORT_CIRCUITING_CHAIN_EMPTY);
+		ZEND_ASSERT(short_circuiting_type == ZEND_SHORT_CIRCUITING_CHAIN_EMPTY);
 		ZVAL_TRUE(result);
 	}
 
@@ -19344,19 +19348,23 @@ static ZEND_VM_HOT ZEND_OPCODE_HANDLER_RET ZEND_FASTCALL ZEND_JMP_NULL_SPEC_TMP_
 	}
 
 	result = EX_VAR(opline->result.var);
-	if (EXPECTED(opline->extended_value == ZEND_SHORT_CIRCUITING_CHAIN_EXPR)) {
+	uint32_t short_circuiting_type = opline->extended_value & ZEND_SHORT_CIRCUITING_CHAIN_MASK;
+	if (EXPECTED(short_circuiting_type == ZEND_SHORT_CIRCUITING_CHAIN_EXPR)) {
 		ZVAL_NULL(result);
-		if (IS_TMP_VAR == IS_CV && UNEXPECTED(Z_TYPE_P(val) == IS_UNDEF)) {
+		if (IS_TMP_VAR == IS_CV
+			&& UNEXPECTED(Z_TYPE_P(val) == IS_UNDEF)
+			&& (opline->extended_value & ZEND_JMP_NULL_BP_VAR_IS) == 0
+		) {
 			SAVE_OPLINE();
 			ZVAL_UNDEFINED_OP1();
 			if (UNEXPECTED(EG(exception) != NULL)) {
 				HANDLE_EXCEPTION();
 			}
 		}
-	} else if (opline->extended_value == ZEND_SHORT_CIRCUITING_CHAIN_ISSET) {
+	} else if (short_circuiting_type == ZEND_SHORT_CIRCUITING_CHAIN_ISSET) {
 		ZVAL_FALSE(result);
 	} else {
-		ZEND_ASSERT(opline->extended_value == ZEND_SHORT_CIRCUITING_CHAIN_EMPTY);
+		ZEND_ASSERT(short_circuiting_type == ZEND_SHORT_CIRCUITING_CHAIN_EMPTY);
 		ZVAL_TRUE(result);
 	}
 
@@ -22267,19 +22275,23 @@ static ZEND_VM_HOT ZEND_OPCODE_HANDLER_RET ZEND_FASTCALL ZEND_JMP_NULL_SPEC_VAR_
 	}
 
 	result = EX_VAR(opline->result.var);
-	if (EXPECTED(opline->extended_value == ZEND_SHORT_CIRCUITING_CHAIN_EXPR)) {
+	uint32_t short_circuiting_type = opline->extended_value & ZEND_SHORT_CIRCUITING_CHAIN_MASK;
+	if (EXPECTED(short_circuiting_type == ZEND_SHORT_CIRCUITING_CHAIN_EXPR)) {
 		ZVAL_NULL(result);
-		if (IS_VAR == IS_CV && UNEXPECTED(Z_TYPE_P(val) == IS_UNDEF)) {
+		if (IS_VAR == IS_CV
+			&& UNEXPECTED(Z_TYPE_P(val) == IS_UNDEF)
+			&& (opline->extended_value & ZEND_JMP_NULL_BP_VAR_IS) == 0
+		) {
 			SAVE_OPLINE();
 			ZVAL_UNDEFINED_OP1();
 			if (UNEXPECTED(EG(exception) != NULL)) {
 				HANDLE_EXCEPTION();
 			}
 		}
-	} else if (opline->extended_value == ZEND_SHORT_CIRCUITING_CHAIN_ISSET) {
+	} else if (short_circuiting_type == ZEND_SHORT_CIRCUITING_CHAIN_ISSET) {
 		ZVAL_FALSE(result);
 	} else {
-		ZEND_ASSERT(opline->extended_value == ZEND_SHORT_CIRCUITING_CHAIN_EMPTY);
+		ZEND_ASSERT(short_circuiting_type == ZEND_SHORT_CIRCUITING_CHAIN_EMPTY);
 		ZVAL_TRUE(result);
 	}
 
@@ -39116,19 +39128,23 @@ static ZEND_VM_HOT ZEND_OPCODE_HANDLER_RET ZEND_FASTCALL ZEND_JMP_NULL_SPEC_CV_H
 	}
 
 	result = EX_VAR(opline->result.var);
-	if (EXPECTED(opline->extended_value == ZEND_SHORT_CIRCUITING_CHAIN_EXPR)) {
+	uint32_t short_circuiting_type = opline->extended_value & ZEND_SHORT_CIRCUITING_CHAIN_MASK;
+	if (EXPECTED(short_circuiting_type == ZEND_SHORT_CIRCUITING_CHAIN_EXPR)) {
 		ZVAL_NULL(result);
-		if (IS_CV == IS_CV && UNEXPECTED(Z_TYPE_P(val) == IS_UNDEF)) {
+		if (IS_CV == IS_CV
+			&& UNEXPECTED(Z_TYPE_P(val) == IS_UNDEF)
+			&& (opline->extended_value & ZEND_JMP_NULL_BP_VAR_IS) == 0
+		) {
 			SAVE_OPLINE();
 			ZVAL_UNDEFINED_OP1();
 			if (UNEXPECTED(EG(exception) != NULL)) {
 				HANDLE_EXCEPTION();
 			}
 		}
-	} else if (opline->extended_value == ZEND_SHORT_CIRCUITING_CHAIN_ISSET) {
+	} else if (short_circuiting_type == ZEND_SHORT_CIRCUITING_CHAIN_ISSET) {
 		ZVAL_FALSE(result);
 	} else {
-		ZEND_ASSERT(opline->extended_value == ZEND_SHORT_CIRCUITING_CHAIN_EMPTY);
+		ZEND_ASSERT(short_circuiting_type == ZEND_SHORT_CIRCUITING_CHAIN_EMPTY);
 		ZVAL_TRUE(result);
 	}