An information handling system (IHS) is disclosed wherein the system includes a processor associated with at least one performance state (P-state), and a memory in communication with the processor. The memory is operable to store a virtualization software and a basic input/out system (BIOS). The BIOS is configured to report a parameter of the P-state to the virtualization software. In addition, the BIOS is configured to transition the processor into a desired P-state. A method for managing performance states in an information handling system (IHS) is further disclosed wherein the method includes providing a basic input/output system (BIOS) in communication with a processor, the processor associated with an at least one performance state (P-state) and reporting a parameter of the at least one P-state to a virtualization software via the BIOS. The method further includes transitioning the processor to a desired P-state via the BIOS.