Abstract: System and method for dynamically configuring a set associative cache way architecture based on an application is disclosed. In one embodiment, a memory size required for the application is determined by a cache controller. Further, a required cache way size and a required number of cache ways in a set associative cache way are computed based on the determined memory size. Furthermore, the set associative cache way architecture is configured to power off selected areas of the set associative cache way based on the computed required cache way size and the required number of cache ways for running the application.