A method and apparatus for saving power in integrated circuits is disclosed. An IC includes functional circuit blocks which are not placed into a sleep mode when idle. A power management circuit may monitor the activity levels of the functional circuit blocks not placed into a sleep mode. When the power management circuit detects that an activity level of one of the non-sleep functional circuit blocks is less than a predefined threshold, it reduce the frequency of a clock signal provided thereto by scheduling only one pulse of a clock signal for every N pulses of the full frequency clock signal. The remaining N−1 pulses of the clock signal may be inhibited. If a high priority transaction inbound for the functional circuit block is detected, an inserted pulse of the clock signal may be provided to the functional unit irrespective of when a most recent regular pulse was provided.