diff --git a/reactor-core/src/main/java/reactor/core/publisher/MonoCacheInvalidateIf.java b/reactor-core/src/main/java/reactor/core/publisher/MonoCacheInvalidateIf.java
index c8e2b1565f..36f86607d8 100644
--- a/reactor-core/src/main/java/reactor/core/publisher/MonoCacheInvalidateIf.java
+++ b/reactor-core/src/main/java/reactor/core/publisher/MonoCacheInvalidateIf.java
@@ -1,5 +1,5 @@
 /*
- * Copyright (c) 2021 VMware Inc. or its affiliates, All Rights Reserved.
+ * Copyright (c) 2021-2024 VMware Inc. or its affiliates, All Rights Reserved.
  *
  * Licensed under the Apache License, Version 2.0 (the "License");
  * you may not use this file except in compliance with the License.
@@ -24,8 +24,6 @@
 import org.reactivestreams.Subscription;
 
 import reactor.core.CoreSubscriber;
-import reactor.util.Logger;
-import reactor.util.Loggers;
 import reactor.util.annotation.Nullable;
 import reactor.util.context.Context;
 
@@ -269,8 +267,12 @@ final void remove(CacheMonoSubscriber<T> toRemove) {
 
 				if (n == 1) {
 					if (SUBSCRIBERS.compareAndSet(this, a, COORDINATOR_DONE)) {
-						//cancel the subscription no matter what, at this point coordinator is done and cannot accept new subscribers
-						this.upstream.cancel();
+						// Cancel the subscription if it has been established.
+						// At this point coordinator is done and cannot accept new subscribers.
+						Subscription upstream = UPSTREAM.getAndSet(this, Operators.cancelledSubscription());
+						if (upstream != null) {
+							upstream.cancel();
+						}
 						//only switch to EMPTY_STATE if the current state is this coordinator
 						STATE.compareAndSet(this.main, this, EMPTY_STATE);
 						return;
@@ -294,7 +296,12 @@ void delayedSubscribe() {
 			if (old != null && old != Operators.cancelledSubscription()) {
 				old.cancel();
 			}
-			source.subscribe(this);
+			// Only trigger the upstream subscription if the coordinator has not been
+			// aborted. This can happen when meanwhile all the downstream Subscribers
+			// have been cancelled.
+			if (SUBSCRIBERS.get(this) != COORDINATOR_DONE) {
+				source.subscribe(this);
+			}
 		}
 
 		@Override
diff --git a/reactor-core/src/test/java/reactor/core/publisher/MonoCacheInvalidateIfTest.java b/reactor-core/src/test/java/reactor/core/publisher/MonoCacheInvalidateIfTest.java
index c391d20218..94f4aaea48 100644
--- a/reactor-core/src/test/java/reactor/core/publisher/MonoCacheInvalidateIfTest.java
+++ b/reactor-core/src/test/java/reactor/core/publisher/MonoCacheInvalidateIfTest.java
@@ -1,5 +1,5 @@
 /*
- * Copyright (c) 2021 VMware Inc. or its affiliates, All Rights Reserved.
+ * Copyright (c) 2021-2024 VMware Inc. or its affiliates, All Rights Reserved.
  *
  * Licensed under the Apache License, Version 2.0 (the "License");
  * you may not use this file except in compliance with the License.
@@ -17,11 +17,15 @@
 package reactor.core.publisher;
 
 import java.util.NoSuchElementException;
+import java.util.concurrent.CountDownLatch;
+import java.util.concurrent.TimeUnit;
 import java.util.concurrent.atomic.AtomicInteger;
+import java.util.concurrent.atomic.AtomicReference;
 
 import org.junit.jupiter.api.Test;
 
 import reactor.core.Disposable;
+import reactor.core.scheduler.Schedulers;
 import reactor.test.MemoryUtils;
 import reactor.test.StepVerifier;
 import reactor.test.publisher.TestPublisher;
@@ -153,4 +157,57 @@ void cancellingAllSubscribersBeforeOnNextInvalidates() {
 		sub3.dispose();
 		source.assertCancelled(1);
 	}
+
+	// See https://github.com/reactor/reactor-core/issues/3907
+	@Test
+	public void cancelBeforeUpstreamSubscribeDoesntFail() throws Exception {
+		AtomicReference<Throwable> error = new AtomicReference<>();
+		AtomicInteger upstreamCalled = new AtomicInteger();
+
+		CountDownLatch cancelled = new CountDownLatch(1);
+		CountDownLatch cacheInvalidateInnerSubscribed = new CountDownLatch(1);
+		CountDownLatch mainChainDone = new CountDownLatch(1);
+
+		Mono<String> cachedMono = Mono.fromSupplier(() -> {
+			                              upstreamCalled.incrementAndGet();
+			                              return "foobar";
+		                              })
+		                              .cacheInvalidateIf(c -> true);
+
+		Mono<String> mono = Mono.defer(() -> Mono.just("foo"))
+		                        .flatMap(x -> {
+			                        return cachedMono
+			                                          .doOnSubscribe(s -> {
+				                                          cacheInvalidateInnerSubscribed.countDown();
+				                                          try { cancelled.await(1, TimeUnit.SECONDS); } catch (Exception e) {}
+			                                          })
+			                                          .subscribeOn(Schedulers.boundedElastic());
+		                        })
+		                        .doOnError(error::set)
+		                        .doFinally(s -> mainChainDone.countDown());
+
+		Disposable d = mono.subscribe();
+
+		assertThat(cacheInvalidateInnerSubscribed.await(1, TimeUnit.SECONDS))
+				.as("Should assemble the chain")
+				.isTrue();
+
+		d.dispose();
+		cancelled.countDown();
+
+
+		assertThat(mainChainDone.await(1, TimeUnit.SECONDS))
+				.as("Should finish in time")
+				.isTrue();
+
+		// Force an actual upstream subscription to validate the count
+		cachedMono.block();
+
+		assertThat(upstreamCalled.get())
+				.as("No upstream subscription expected")
+				.isEqualTo(1);
+		assertThat(error.get())
+				.as("No errors expected")
+				.isNull();
+	}
 }