diff --git a/Help/policy/CMP0181.rst b/Help/policy/CMP0181.rst
index 88c05276f8..ca4bf3994d 100644
--- a/Help/policy/CMP0181.rst
+++ b/Help/policy/CMP0181.rst
@@ -38,4 +38,8 @@ expand the ``LINKER:`` prefix.
 .. |WARNS_OR_DOES_NOT_WARN| replace:: does *not* warn
 .. include:: include/STANDARD_ADVICE.rst
 
+.. versionchanged:: 4.5
+  The policy is now set in :command:`try_compile` test projects early enough
+  to be queried by :variable:`toolchain files <CMAKE_TOOLCHAIN_FILE>`.
+
 .. include:: include/DEPRECATED.rst
diff --git a/Source/cmCoreTryCompile.cxx b/Source/cmCoreTryCompile.cxx
index b240c2907f..5a4d8dc353 100644
--- a/Source/cmCoreTryCompile.cxx
+++ b/Source/cmCoreTryCompile.cxx
@@ -687,6 +687,12 @@ cm::optional<cmTryCompileResult> cmCoreTryCompile::TryCompileCode(
       fprintf(fout, "cmake_policy(SET CMP0128 OLD)\n");
     }
 
+    // Set LINKER: prefix expansion to match outer project.
+    if (this->Makefile->GetPolicyStatus(cmPolicies::CMP0181) !=
+        cmPolicies::NEW) {
+      fprintf(fout, "cmake_policy(SET CMP0181 OLD)\n");
+    }
+
     /* Set MSVC link -machine: policy to match outer project.  */
     if (cmValue cmp0197 = this->Makefile->GetDefinition(kCMAKE_MSVC_CMP0197)) {
       fprintf(fout, "cmake_policy(SET CMP0197 %s)\n",
@@ -907,15 +913,6 @@ cm::optional<cmTryCompileResult> cmCoreTryCompile::TryCompileCode(
         ? "OLD"
         : "NEW");
 
-    /* Set the appropriate policy information for the LINKER: prefix
-     * expansion
-     */
-    fprintf(fout, "cmake_policy(SET CMP0181 %s)\n",
-            this->Makefile->GetPolicyStatus(cmPolicies::CMP0181) ==
-                cmPolicies::NEW
-              ? "NEW"
-              : "OLD");
-
     // Honor CMAKE_EXE_LINKER_FLAGS in Swift if the outer project does.
     fprintf(fout, "cmake_policy(SET CMP0214 %s)\n",
             this->Makefile->GetPolicyStatus(cmPolicies::CMP0214) ==
diff --git a/Tests/RunCMake/ToolchainFile/CMP0181-NEW-stderr.txt b/Tests/RunCMake/ToolchainFile/CMP0181-NEW-stderr.txt
new file mode 100644
index 0000000000..07eee30398
--- /dev/null
+++ b/Tests/RunCMake/ToolchainFile/CMP0181-NEW-stderr.txt
@@ -0,0 +1 @@
+^try_compile CMP0181='NEW'
diff --git a/Tests/RunCMake/ToolchainFile/CMP0181-NEW-toolchain.cmake b/Tests/RunCMake/ToolchainFile/CMP0181-NEW-toolchain.cmake
new file mode 100644
index 0000000000..33b4d12dae
--- /dev/null
+++ b/Tests/RunCMake/ToolchainFile/CMP0181-NEW-toolchain.cmake
@@ -0,0 +1 @@
+include("${CMAKE_CURRENT_LIST_DIR}/CMP0181-toolchain.cmake")
diff --git a/Tests/RunCMake/ToolchainFile/CMP0181-NEW.cmake b/Tests/RunCMake/ToolchainFile/CMP0181-NEW.cmake
new file mode 100644
index 0000000000..3bf3d644c1
--- /dev/null
+++ b/Tests/RunCMake/ToolchainFile/CMP0181-NEW.cmake
@@ -0,0 +1,2 @@
+cmake_policy(SET CMP0181 NEW)
+enable_language(C)
diff --git a/Tests/RunCMake/ToolchainFile/CMP0181-OLD-stderr.txt b/Tests/RunCMake/ToolchainFile/CMP0181-OLD-stderr.txt
new file mode 100644
index 0000000000..08a79ec8e0
--- /dev/null
+++ b/Tests/RunCMake/ToolchainFile/CMP0181-OLD-stderr.txt
@@ -0,0 +1 @@
+^try_compile CMP0181='OLD'
diff --git a/Tests/RunCMake/ToolchainFile/CMP0181-OLD-toolchain.cmake b/Tests/RunCMake/ToolchainFile/CMP0181-OLD-toolchain.cmake
new file mode 100644
index 0000000000..33b4d12dae
--- /dev/null
+++ b/Tests/RunCMake/ToolchainFile/CMP0181-OLD-toolchain.cmake
@@ -0,0 +1 @@
+include("${CMAKE_CURRENT_LIST_DIR}/CMP0181-toolchain.cmake")
diff --git a/Tests/RunCMake/ToolchainFile/CMP0181-OLD.cmake b/Tests/RunCMake/ToolchainFile/CMP0181-OLD.cmake
new file mode 100644
index 0000000000..797a336922
--- /dev/null
+++ b/Tests/RunCMake/ToolchainFile/CMP0181-OLD.cmake
@@ -0,0 +1,2 @@
+cmake_policy(SET CMP0181 OLD)
+enable_language(C)
diff --git a/Tests/RunCMake/ToolchainFile/CMP0181-WARN-stderr.txt b/Tests/RunCMake/ToolchainFile/CMP0181-WARN-stderr.txt
new file mode 100644
index 0000000000..08a79ec8e0
--- /dev/null
+++ b/Tests/RunCMake/ToolchainFile/CMP0181-WARN-stderr.txt
@@ -0,0 +1 @@
+^try_compile CMP0181='OLD'
diff --git a/Tests/RunCMake/ToolchainFile/CMP0181-WARN-toolchain.cmake b/Tests/RunCMake/ToolchainFile/CMP0181-WARN-toolchain.cmake
new file mode 100644
index 0000000000..33b4d12dae
--- /dev/null
+++ b/Tests/RunCMake/ToolchainFile/CMP0181-WARN-toolchain.cmake
@@ -0,0 +1 @@
+include("${CMAKE_CURRENT_LIST_DIR}/CMP0181-toolchain.cmake")
diff --git a/Tests/RunCMake/ToolchainFile/CMP0181-WARN.cmake b/Tests/RunCMake/ToolchainFile/CMP0181-WARN.cmake
new file mode 100644
index 0000000000..304697b46c
--- /dev/null
+++ b/Tests/RunCMake/ToolchainFile/CMP0181-WARN.cmake
@@ -0,0 +1,2 @@
+# leave CMP0181 unset
+enable_language(C)
diff --git a/Tests/RunCMake/ToolchainFile/CMP0181-toolchain.cmake b/Tests/RunCMake/ToolchainFile/CMP0181-toolchain.cmake
new file mode 100644
index 0000000000..3b6d28be28
--- /dev/null
+++ b/Tests/RunCMake/ToolchainFile/CMP0181-toolchain.cmake
@@ -0,0 +1,5 @@
+get_property(_IN_TC GLOBAL PROPERTY IN_TRY_COMPILE)
+if(_IN_TC)
+  cmake_policy(GET CMP0181 cmp0181)
+  message("try_compile CMP0181='${cmp0181}'")
+endif()
diff --git a/Tests/RunCMake/ToolchainFile/RunCMakeTest.cmake b/Tests/RunCMake/ToolchainFile/RunCMakeTest.cmake
index 6320cd127e..c200e4f332 100644
--- a/Tests/RunCMake/ToolchainFile/RunCMakeTest.cmake
+++ b/Tests/RunCMake/ToolchainFile/RunCMakeTest.cmake
@@ -14,6 +14,9 @@ run_cmake_toolchain(LinkFlagsInit)
 run_cmake_toolchain(CMP0126-NEW)
 run_cmake_toolchain(CMP0126-OLD)
 run_cmake_toolchain(CMP0126-WARN)
+run_cmake_toolchain(CMP0181-NEW)
+run_cmake_toolchain(CMP0181-OLD)
+run_cmake_toolchain(CMP0181-WARN)
 run_cmake_toolchain(CMP0210-NEW)
 run_cmake_toolchain(CMP0210-OLD)
 run_cmake_toolchain(CMP0210-WARN)