A cylindrical roller bearing having preloading capability is disclosed. A preloading mechanism having an annular groove having a deformable raceway and which is configured to accept a segmented support ring is incorporated into either the outer race of the inner race. A plurality of fasteners are installed in holes in the flanges of the annular groove and into the segmented support ring. By tightening the fasteners, the flanges of the annular groove are tightened against the segmented support ring, thereby deforming the deformable raceway from an arcuate shape to a flat or slightly crowned shape, placing a preload on the rollers of the bearing. The amount of preload is determined by the angular and dimensional interface between the segmented support ring and the annular groove.