A microprocessor including a level two cache memory including asynchronously accessible cache blocks. The microprocessor includes an execution unit coupled to a cache memory subsystem which includes a plurality of storage blocks, each configured to store a plurality of data units. Each of the plurality of storage blocks may be accessed asynchronously. In addition, the cache subsystem includes a plurality of tag units which are coupled to the plurality of storage blocks. Each of the tag units may be configured to store a plurality of tags each including an address tag value which corresponds to a given unit of data stored within the plurality of storage blocks. Each of the plurality of tag units may be accessed synchronously.