Power supply voltage to an integrated circuit (IC) or a portion of an IC is maintained at an optimum level matching the IC performance. Voltage ranges and delay measures for corresponding operating frequencies are stored in tables in a voltage control block. When a new frequency of operation is desired, the voltage control block measures delay performance of the IC, and sets the supply voltage to a value specified in a corresponding entry in a table. The voltage control block then continues to measure delay performance, and dynamically adjusts the power supply voltage to an optimum value thereby minimizing power consumption.