diff --git a/tokio/src/sync/watch.rs b/tokio/src/sync/watch.rs
index 3d52e4b0a10..dd95a8439e7 100644
--- a/tokio/src/sync/watch.rs
+++ b/tokio/src/sync/watch.rs
@@ -58,6 +58,7 @@ use crate::sync::notify::Notify;
 use crate::loom::sync::atomic::AtomicUsize;
 use crate::loom::sync::atomic::Ordering::Relaxed;
 use crate::loom::sync::{Arc, RwLock, RwLockReadGuard};
+use std::mem;
 use std::ops;
 
 /// Receives values from the associated [`Sender`](struct@Sender).
@@ -423,15 +424,34 @@ impl<T> Drop for Receiver<T> {
 impl<T> Sender<T> {
     /// Sends a new value via the channel, notifying all receivers.
     pub fn send(&self, value: T) -> Result<(), error::SendError<T>> {
+        self.send_replace(value)?;
+        Ok(())
+    }
+
+    /// Sends a new value via the channel, notifying all receivers and returning
+    /// the previous value in the channel.
+    ///
+    /// This can be useful for reusing the buffers inside a watched value.
+    ///
+    /// # Examples
+    ///
+    /// ```
+    /// use tokio::sync::watch;
+    ///
+    /// let (tx, _rx) = watch::channel(1);
+    /// assert_eq!(tx.send_replace(2).unwrap(), 1);
+    /// assert_eq!(tx.send_replace(3).unwrap(), 2);
+    /// ```
+    pub fn send_replace(&self, value: T) -> Result<T, error::SendError<T>> {
         // This is pretty much only useful as a hint anyway, so synchronization isn't critical.
         if 0 == self.shared.ref_count_rx.load(Relaxed) {
             return Err(error::SendError { inner: value });
         }
 
-        {
+        let old = {
             // Acquire the write lock and update the value.
             let mut lock = self.shared.value.write().unwrap();
-            *lock = value;
+            let old = mem::replace(&mut *lock, value);
 
             self.shared.state.increment_version();
 
@@ -441,12 +461,14 @@ impl<T> Sender<T> {
             // that receivers are able to figure out the version number of the
             // value they are currently looking at.
             drop(lock);
-        }
+
+            old
+        };
 
         // Notify all watchers
         self.shared.notify_rx.notify_waiters();
 
-        Ok(())
+        Ok(old)
     }
 
     /// Returns a reference to the most recently sent value