A method, system and computer program product for selecting a target hypervisor to run a migrated virtual machine. An “effective priority value,” representing the virtual machine's priority with respect to the other virtual machines running on the same hypervisor, is calculated for the virtual machine when it is running on the source hypervisor as well as if it were to run on a target hypervisor for each possible target hypervisor. The target hypervisor associated with the minimum difference in absolute value terms between the virtual machine's effective priority value calculated when it is running on the source hypervisor and its effective priority value calculated if it were to be migrated to run on a target hypervisor is selected to receive the migrating virtual machine. In this manner, the effective priority metric has enabled a target hypervisor to be chosen that most closely matches the priority environment of the source hypervisor.