diff --git a/pkgs/racket-doc/scribblings/reference/serialization.scrbl b/pkgs/racket-doc/scribblings/reference/serialization.scrbl
index 74a7dea586..b5e29d067e 100644
--- a/pkgs/racket-doc/scribblings/reference/serialization.scrbl
+++ b/pkgs/racket-doc/scribblings/reference/serialization.scrbl
@@ -556,7 +556,8 @@ serializable. The property value should be constructed with
                               [deserialize-id (or identifier?
                                                   symbol?
                                                   (cons/c symbol?
-                                                          module-path-index?))]
+                                                          module-path-index?)
+                                                  (-> any/c))]
                               [can-cycle? any/c]
                               [dir path-string?])
          any]{
@@ -590,6 +591,10 @@ must be one of the following:
  a symbol to name an exported identifier, and the @racket[cdr] must be
  a module path index to specify the exporting module.}
 
+ @item{If @racket[deserialize-id] is a procedure, then it is
+ applied during serialization and its result is used for
+ @racket[deserialize-id].}
+                                                      
 ]
 
 See @racket[make-deserialize-info] and @racket[deserialize] for more
@@ -605,7 +610,9 @@ resolve a module reference for the binding of @racket[deserialize-id].
 This directory path is used as a last resort when
 @racket[deserialize-id] indicates a module that was loaded through a
 relative path with respect to the top level. Usually, it should be
-@racket[(or (current-load-relative-directory) (current-directory))].}
+@racket[(or (current-load-relative-directory) (current-directory))].
+
+@history[#:changed "7.0.0.6" @elem{Allow @racket[deserialize-id] to be a procedure.}]}
 
 @examples[
  #:eval ser-eval
diff --git a/pkgs/racket-test-core/tests/racket/serialize.rktl b/pkgs/racket-test-core/tests/racket/serialize.rktl
index eec585a40d..7630d98de6 100644
--- a/pkgs/racket-test-core/tests/racket/serialize.rktl
+++ b/pkgs/racket-test-core/tests/racket/serialize.rktl
@@ -635,4 +635,36 @@
 
 ;; ----------------------------------------
 
+(module interchange-deserialize racket/base
+  (provide (all-defined-out))
+  (require racket/serialize)
+  (define current-des #'interchange-des-a)
+  (define (set-current-des! val)
+    (set! current-des val))
+  (struct interchange ()
+    #:property prop:serializable
+    (make-serialize-info
+     (λ (this) (vector))
+     (λ () current-des)
+     #t
+     (or (current-load-relative-directory) (current-directory))))
+  (define interchange-des-a
+    (make-deserialize-info
+     (λ () 42)
+     (λ ()
+       (values 42
+               (λ (other) (void))))))
+  (define interchange-des-b
+    (make-deserialize-info
+     (λ () 43)
+     (λ ()
+       (values 43
+               (λ (other) (void)))))))
+(require 'interchange-deserialize)
+(test 42 'interchange-default (deserialize (serialize (interchange))))
+(set-current-des! #'interchange-des-b)
+(test 43 'interchange-alternate (deserialize (serialize (interchange))))
+
+;; ----------------------------------------
+
 (report-errs)
diff --git a/racket/collects/racket/private/serialize.rkt b/racket/collects/racket/private/serialize.rkt
index 93b4688bf2..1bad079d5d 100644
--- a/racket/collects/racket/private/serialize.rkt
+++ b/racket/collects/racket/private/serialize.rkt
@@ -118,43 +118,46 @@
       (hash-ref 
        cache deserialize-id
        (lambda ()
-	 (let ([id
-		(let ([path+name
-		       (cond
-			[(identifier? deserialize-id)
-			 (let ([b (identifier-binding deserialize-id (variable-reference->phase varref))])
-			   (cons
-			    (and (list? b)
-				 (if (symbol? (caddr b))
-				     (caddr b)
-				     (protect-path
-				      (collapse/resolve-module-path-index 
-				       (caddr b)
-				       (build-path (serialize-info-dir info)
-						   "here.ss"))
-                                      rel-to)))
-			    (syntax-e deserialize-id)))]
-			[(symbol? deserialize-id)
-			 (cons #f deserialize-id)]
-			[else
-			 (cons
-			  (if (symbol? (cdr deserialize-id))
-			      (cdr deserialize-id)
-			      (protect-path
-			       (collapse/resolve-module-path-index 
-				(cdr deserialize-id)
-				(build-path (serialize-info-dir info)
-					    "here.ss"))
-                               rel-to))
-			  (car deserialize-id))])])
-		  (hash-ref 
-		   mod-map path+name
-		   (lambda ()
-		     (let ([id (hash-count mod-map)])
-		       (hash-set! mod-map path+name id)
-		       id))))])
-	   (hash-set! cache deserialize-id id)
-	   id)))))
+	 (define id
+           (let ([path+name
+                  (let loop ([deserialize-id deserialize-id])
+                    (cond
+                      [(procedure? deserialize-id)
+                       (loop (deserialize-id))]
+                      [(identifier? deserialize-id)
+                       (let ([b (identifier-binding deserialize-id (variable-reference->phase varref))])
+                         (cons
+                          (and (list? b)
+                               (if (symbol? (caddr b))
+                                   (caddr b)
+                                   (protect-path
+                                    (collapse/resolve-module-path-index 
+                                     (caddr b)
+                                     (build-path (serialize-info-dir info)
+                                                 "here.ss"))
+                                    rel-to)))
+                          (syntax-e deserialize-id)))]
+                      [(symbol? deserialize-id)
+                       (cons #f deserialize-id)]
+                      [else
+                       (cons
+                        (if (symbol? (cdr deserialize-id))
+                            (cdr deserialize-id)
+                            (protect-path
+                             (collapse/resolve-module-path-index 
+                              (cdr deserialize-id)
+                              (build-path (serialize-info-dir info)
+                                          "here.ss"))
+                             rel-to))
+                        (car deserialize-id))]))])
+             (hash-ref 
+              mod-map path+name
+              (lambda ()
+                (let ([id (hash-count mod-map)])
+                  (hash-set! mod-map path+name id)
+                  id)))))
+         (hash-set! cache deserialize-id id)
+         id))))
 
   (define (is-mutable? o)
     (or (and (or (mpair? o)