diff --git a/Doc/whatsnew/3.12.rst b/Doc/whatsnew/3.12.rst
index 908cf3bb365..f4ee30b0d4d 100644
--- a/Doc/whatsnew/3.12.rst
+++ b/Doc/whatsnew/3.12.rst
@@ -610,6 +610,9 @@ Optimizations
   replacement strings containing group references by 2--3 times.
   (Contributed by Serhiy Storchaka in :gh:`91524`.)
 
+* Speed up :class:`asyncio.Task` creation by deferring expensive string formatting.
+  (Contributed by Itamar O in :gh:`103793`.)
+
 
 CPython bytecode changes
 ========================
diff --git a/Lib/test/test_asyncio/test_tasks.py b/Lib/test/test_asyncio/test_tasks.py
index 31622c91470..6e8a51ce255 100644
--- a/Lib/test/test_asyncio/test_tasks.py
+++ b/Lib/test/test_asyncio/test_tasks.py
@@ -399,6 +399,18 @@ class BaseTaskTests:
         self.loop.run_until_complete(t1)
         self.loop.run_until_complete(t2)
 
+    def test_task_set_name_pylong(self):
+        # test that setting the task name to a PyLong explicitly doesn't
+        # incorrectly trigger the deferred name formatting logic
+        async def notmuch():
+            return 123
+
+        t = self.new_task(self.loop, notmuch(), name=987654321)
+        self.assertEqual(t.get_name(), '987654321')
+        t.set_name(123456789)
+        self.assertEqual(t.get_name(), '123456789')
+        self.loop.run_until_complete(t)
+
     def test_task_repr_name_not_str(self):
         async def notmuch():
             return 123
diff --git a/Misc/NEWS.d/next/Core and Builtins/2023-04-24-14-38-16.gh-issue-103793.kqoH6Q.rst b/Misc/NEWS.d/next/Core and Builtins/2023-04-24-14-38-16.gh-issue-103793.kqoH6Q.rst
new file mode 100644
index 00000000000..c48348798e7
--- /dev/null
+++ b/Misc/NEWS.d/next/Core and Builtins/2023-04-24-14-38-16.gh-issue-103793.kqoH6Q.rst	
@@ -0,0 +1,3 @@
+Optimized asyncio Task creation by deferring expensive string formatting
+(task name generation) from Task creation to the first time ``get_name`` is
+called. This makes asyncio benchmarks up to 5% faster.
diff --git a/Modules/_asynciomodule.c b/Modules/_asynciomodule.c
index 2476dca6f58..82dbc087322 100644
--- a/Modules/_asynciomodule.c
+++ b/Modules/_asynciomodule.c
@@ -2069,8 +2069,10 @@ _asyncio_Task___init___impl(TaskObj *self, PyObject *coro, PyObject *loop,
     Py_XSETREF(self->task_coro, coro);
 
     if (name == Py_None) {
-        name = PyUnicode_FromFormat("Task-%" PRIu64,
-                                    ++state->task_name_counter);
+        // optimization: defer task name formatting
+        // store the task counter as PyLong in the name
+        // for deferred formatting in get_name
+        name = PyLong_FromUnsignedLongLong(++state->task_name_counter);
     } else if (!PyUnicode_CheckExact(name)) {
         name = PyObject_Str(name);
     } else {
@@ -2449,6 +2451,13 @@ _asyncio_Task_get_name_impl(TaskObj *self)
 /*[clinic end generated code: output=0ecf1570c3b37a8f input=a4a6595d12f4f0f8]*/
 {
     if (self->task_name) {
+        if (PyLong_CheckExact(self->task_name)) {
+            PyObject *name = PyUnicode_FromFormat("Task-%S", self->task_name);
+            if (name == NULL) {
+                return NULL;
+            }
+            Py_SETREF(self->task_name, name);
+        }
         return Py_NewRef(self->task_name);
     }