An apparatus and method are described for performing forward and reverse memory sparing operations. For example, one embodiment of a processor comprises memory sparing logic to perform a first forward memory sparing operation at a first level of granularity in response to detecting a memory failure; the memory sparing logic to perform a reverse memory sparing operation in response to a determination of an improved sparing state having a second level of granularity; and the memory sparing logic to responsively perform a second forward memory sparing operation at the second level of granularity.