In one embodiment, a processor comprises: a first die including at least one core and at least one first die thermal sensor; a second die including at least one memory and at least one second die thermal sensor; and a thermal controller to receive first thermal data from the at least one first die thermal sensor and second thermal data from the at least one second die thermal sensor, calculate a first thermal margin for the first die based at least in part on the first thermal data and a first thermal loadline for the first die and calculate a second thermal margin for the second die based at least in part on the second thermal data and a second thermal loadline for the second die. Other embodiments are described and claimed.