A method, apparatus, and system for coordinated link power management. Some embodiments of a method include receiving an exit latency for each of a group of link states for a link, with a device being coupled to an interconnect via the first link. A latency tolerance value is determined and communicated, and a platform latency is received. The method further provides for determining a link budget for the device, the link budget indicating an amount of time available for an exit from a link state for the device; and selecting one of the link states based at least in part on the link budget.