diff --git a/tests/unit/test_circular_dependencies.py b/tests/unit/test_circular_dependencies.py
index 2d63dbee3f..16a5c24514 100644
--- a/tests/unit/test_circular_dependencies.py
+++ b/tests/unit/test_circular_dependencies.py
@@ -381,6 +381,44 @@ class TestGerritCircularDependencies(ZuulTestCase):
         self.assertEqual(B.data["status"], "MERGED")
         self.assertEqual(C.data["status"], "MERGED")
 
+    def test_dependency_on_merged_cycle(self):
+        self.executor_server.hold_jobs_in_build = True
+        A = self.fake_gerrit.addFakeChange("org/project", "master", "A")
+        B = self.fake_gerrit.addFakeChange("org/project1", "master", "B")
+        C = self.fake_gerrit.addFakeChange("org/project2", "master", "C")
+
+        # A -> B -> C -> B (via commit-depends)
+        A.data["commitMessage"] = "{}\n\nDepends-On: {}\n".format(
+            A.subject, B.data["url"]
+        )
+        B.data["commitMessage"] = "{}\n\nDepends-On: {}\n".format(
+            B.subject, C.data["url"]
+        )
+        C.data["commitMessage"] = "{}\n\nDepends-On: {}\n".format(
+            C.subject, B.data["url"]
+        )
+
+        # Start jobs for A while B + C are still open so they get
+        # enqueued as a non-live item ahead of A.
+        self.fake_gerrit.addEvent(A.getPatchsetCreatedEvent(1))
+        self.waitUntilSettled()
+
+        # Fake merge of change B + C while those changes are
+        # still part of a non-live item as dependency for A.
+        B.setMerged()
+        C.setMerged()
+        self.fake_gerrit.addEvent(B.getChangeMergedEvent())
+        self.fake_gerrit.addEvent(C.getChangeMergedEvent())
+        self.waitUntilSettled()
+
+        self.executor_server.hold_jobs_in_build = False
+        self.executor_server.release()
+        self.waitUntilSettled()
+
+        self.assertHistory([
+            dict(name="project-job", result="SUCCESS", changes="3,1 2,1 1,1"),
+        ], ordered=False)
+
     def test_dependent_change_on_cycle(self):
         self.executor_server.hold_jobs_in_build = True
 
diff --git a/zuul/manager/__init__.py b/zuul/manager/__init__.py
index b06e437dc4..bf7c14866f 100644
--- a/zuul/manager/__init__.py
+++ b/zuul/manager/__init__.py
@@ -1633,11 +1633,18 @@ class PipelineManager(metaclass=ABCMeta):
         # Verify that the cycle dependency graph is correct
         cycle = self.cycleForChange(
             item.changes[0], dependency_graph, item.event, debug=False)
-        cycle = cycle or [item.changes[0]]
+        cycle = set(cycle or [item.changes[0]])
         item_cycle = set(item.changes)
-        if set(cycle) != item_cycle:
+        # We don't consider merged dependencies when building the
+        # dependency graph, so we need to ignore differences resulting
+        # from changes that have been merged in the meantime.  Put any
+        # missing merged changes back in the cycle for comparison
+        # purposes.
+        merged_changes = set(c for c in (item_cycle - cycle) if c.is_merged)
+        cycle |= merged_changes
+        if cycle != item_cycle:
             log.info("Item cycle has changed: %s, now: %s, was: %s", item,
-                     set(cycle), item_cycle)
+                     cycle, item_cycle)
             self.removeItem(item)
             if item.live:
                 self.reEnqueueChanges(item, item.changes)