diff --git a/Modules/_asynciomodule.c b/Modules/_asynciomodule.c
index f94819cad24..9d2f83bf6c7 100644
--- a/Modules/_asynciomodule.c
+++ b/Modules/_asynciomodule.c
@@ -631,8 +631,6 @@ create_cancelled_error(FutureObj *fut)
     } else {
         exc = PyObject_CallOneArg(asyncio_CancelledError, msg);
     }
-    PyException_SetContext(exc, fut->fut_cancelled_exc);
-    Py_CLEAR(fut->fut_cancelled_exc);
     return exc;
 }
 
@@ -640,6 +638,9 @@ static void
 future_set_cancelled_error(FutureObj *fut)
 {
     PyObject *exc = create_cancelled_error(fut);
+    if (exc == NULL) {
+        return;
+    }
     PyErr_SetObject(asyncio_CancelledError, exc);
     Py_DECREF(exc);
 }