diff --git a/pyo3-macros-backend/src/method.rs b/pyo3-macros-backend/src/method.rs
index 42f22204..a9ba960d 100644
--- a/pyo3-macros-backend/src/method.rs
+++ b/pyo3-macros-backend/src/method.rs
@@ -645,8 +645,7 @@ impl<'a> FnSpec<'a> {
                         #( #holders )*
                         let result = #call;
                         let initializer: _pyo3::PyClassInitializer::<#cls> = result.convert(py)?;
-                        let cell = initializer.create_cell_from_subtype(py, _slf)?;
-                        ::std::result::Result::Ok(cell as *mut _pyo3::ffi::PyObject)
+                        _pyo3::impl_::pymethods::tp_new_impl(py, initializer, _slf)
                     }
                 }
             }
diff --git a/src/impl_/coroutine.rs b/src/impl_/coroutine.rs
index 9be95ba3..1d311940 100644
--- a/src/impl_/coroutine.rs
+++ b/src/impl_/coroutine.rs
@@ -1,15 +1,15 @@
 use std::{
     future::Future,
-    mem,
     ops::{Deref, DerefMut},
 };
 
 use crate::{
     coroutine::{cancel::ThrowCallback, Coroutine},
     instance::Bound,
+    pycell::impl_::PyClassBorrowChecker,
     pyclass::boolean_struct::False,
     types::{PyAnyMethods, PyString},
-    IntoPy, Py, PyAny, PyCell, PyClass, PyErr, PyObject, PyResult, Python,
+    IntoPy, Py, PyAny, PyClass, PyErr, PyObject, PyResult, Python,
 };
 
 pub fn new_coroutine<F, T, E>(
@@ -32,17 +32,16 @@ where
 }
 
 fn get_ptr<T: PyClass>(obj: &Py<T>) -> *mut T {
-    // SAFETY: Py<T> can be casted as *const PyCell<T>
-    unsafe { &*(obj.as_ptr() as *const PyCell<T>) }.get_ptr()
+    obj.get_class_object().get_ptr()
 }
 
 pub struct RefGuard<T: PyClass>(Py<T>);
 
 impl<T: PyClass> RefGuard<T> {
     pub fn new(obj: &Bound<'_, PyAny>) -> PyResult<Self> {
-        let owned = obj.downcast::<T>()?;
-        mem::forget(owned.try_borrow()?);
-        Ok(RefGuard(owned.clone().unbind()))
+        let bound = obj.downcast::<T>()?;
+        bound.get_class_object().borrow_checker().try_borrow()?;
+        Ok(RefGuard(bound.clone().unbind()))
     }
 }
 
@@ -57,9 +56,11 @@ impl<T: PyClass> Deref for RefGuard<T> {
 impl<T: PyClass> Drop for RefGuard<T> {
     fn drop(&mut self) {
         Python::with_gil(|gil| {
-            #[allow(deprecated)]
-            let self_ref = self.0.bind(gil);
-            self_ref.release_ref()
+            self.0
+                .bind(gil)
+                .get_class_object()
+                .borrow_checker()
+                .release_borrow()
         })
     }
 }
@@ -68,9 +69,9 @@ pub struct RefMutGuard<T: PyClass<Frozen = False>>(Py<T>);
 
 impl<T: PyClass<Frozen = False>> RefMutGuard<T> {
     pub fn new(obj: &Bound<'_, PyAny>) -> PyResult<Self> {
-        let owned = obj.downcast::<T>()?;
-        mem::forget(owned.try_borrow_mut()?);
-        Ok(RefMutGuard(owned.clone().unbind()))
+        let bound = obj.downcast::<T>()?;
+        bound.get_class_object().borrow_checker().try_borrow_mut()?;
+        Ok(RefMutGuard(bound.clone().unbind()))
     }
 }
 
@@ -92,9 +93,11 @@ impl<T: PyClass<Frozen = False>> DerefMut for RefMutGuard<T> {
 impl<T: PyClass<Frozen = False>> Drop for RefMutGuard<T> {
     fn drop(&mut self) {
         Python::with_gil(|gil| {
-            #[allow(deprecated)]
-            let self_ref = self.0.bind(gil);
-            self_ref.release_mut()
+            self.0
+                .bind(gil)
+                .get_class_object()
+                .borrow_checker()
+                .release_borrow_mut()
         })
     }
 }
diff --git a/src/impl_/pycell.rs b/src/impl_/pycell.rs
index 39811aeb..93514c7b 100644
--- a/src/impl_/pycell.rs
+++ b/src/impl_/pycell.rs
@@ -1,2 +1,4 @@
 //! Externally-accessible implementation of pycell
-pub use crate::pycell::impl_::{GetBorrowChecker, PyClassMutability};
+pub use crate::pycell::impl_::{
+    GetBorrowChecker, PyClassMutability, PyClassObject, PyClassObjectBase, PyClassObjectLayout,
+};
diff --git a/src/impl_/pyclass.rs b/src/impl_/pyclass.rs
index e2204fab..1a144f73 100644
--- a/src/impl_/pyclass.rs
+++ b/src/impl_/pyclass.rs
@@ -2,14 +2,13 @@ use crate::{
     exceptions::{PyAttributeError, PyNotImplementedError, PyRuntimeError, PyValueError},
     ffi,
     impl_::freelist::FreeList,
-    impl_::pycell::{GetBorrowChecker, PyClassMutability},
+    impl_::pycell::{GetBorrowChecker, PyClassMutability, PyClassObjectLayout},
     internal_tricks::extract_c_string,
-    pycell::PyCellLayout,
     pyclass_init::PyObjectInit,
     types::any::PyAnyMethods,
     types::PyBool,
-    Borrowed, Py, PyAny, PyCell, PyClass, PyErr, PyMethodDefType, PyNativeType, PyResult,
-    PyTypeInfo, Python,
+    Borrowed, Py, PyAny, PyClass, PyErr, PyMethodDefType, PyNativeType, PyResult, PyTypeInfo,
+    Python,
 };
 use std::{
     borrow::Cow,
@@ -26,13 +25,13 @@ pub use lazy_type_object::LazyTypeObject;
 /// Gets the offset of the dictionary from the start of the object in bytes.
 #[inline]
 pub fn dict_offset<T: PyClass>() -> ffi::Py_ssize_t {
-    PyCell::<T>::dict_offset()
+    PyClassObject::<T>::dict_offset()
 }
 
 /// Gets the offset of the weakref list from the start of the object in bytes.
 #[inline]
 pub fn weaklist_offset<T: PyClass>() -> ffi::Py_ssize_t {
-    PyCell::<T>::weaklist_offset()
+    PyClassObject::<T>::weaklist_offset()
 }
 
 /// Represents the `__dict__` field for `#[pyclass]`.
@@ -883,6 +882,8 @@ macro_rules! generate_pyclass_richcompare_slot {
 }
 pub use generate_pyclass_richcompare_slot;
 
+use super::pycell::PyClassObject;
+
 /// Implements a freelist.
 ///
 /// Do not implement this trait manually. Instead, use `#[pyclass(freelist = N)]`
@@ -1095,7 +1096,7 @@ impl<T> PyClassThreadChecker<T> for ThreadCheckerImpl {
 
 /// Trait denoting that this class is suitable to be used as a base type for PyClass.
 pub trait PyClassBaseType: Sized {
-    type LayoutAsBase: PyCellLayout<Self>;
+    type LayoutAsBase: PyClassObjectLayout<Self>;
     type BaseNativeType;
     type Initializer: PyObjectInit<Self>;
     type PyClassMutability: PyClassMutability;
@@ -1105,7 +1106,7 @@ pub trait PyClassBaseType: Sized {
 ///
 /// In the future this will be extended to immutable PyClasses too.
 impl<T: PyClass> PyClassBaseType for T {
-    type LayoutAsBase = crate::pycell::PyCell<T>;
+    type LayoutAsBase = crate::impl_::pycell::PyClassObject<T>;
     type BaseNativeType = T::BaseNativeType;
     type Initializer = crate::pyclass_init::PyClassInitializer<Self>;
     type PyClassMutability = T::PyClassMutability;
@@ -1113,7 +1114,7 @@ impl<T: PyClass> PyClassBaseType for T {
 
 /// Implementation of tp_dealloc for pyclasses without gc
 pub(crate) unsafe extern "C" fn tp_dealloc<T: PyClass>(obj: *mut ffi::PyObject) {
-    crate::impl_::trampoline::dealloc(obj, PyCell::<T>::tp_dealloc)
+    crate::impl_::trampoline::dealloc(obj, PyClassObject::<T>::tp_dealloc)
 }
 
 /// Implementation of tp_dealloc for pyclasses with gc
@@ -1122,7 +1123,7 @@ pub(crate) unsafe extern "C" fn tp_dealloc_with_gc<T: PyClass>(obj: *mut ffi::Py
     {
         ffi::PyObject_GC_UnTrack(obj.cast());
     }
-    crate::impl_::trampoline::dealloc(obj, PyCell::<T>::tp_dealloc)
+    crate::impl_::trampoline::dealloc(obj, PyClassObject::<T>::tp_dealloc)
 }
 
 pub(crate) unsafe extern "C" fn get_sequence_item_from_mapping(
diff --git a/src/impl_/pymethods.rs b/src/impl_/pymethods.rs
index 70c95ca0..bc950baf 100644
--- a/src/impl_/pymethods.rs
+++ b/src/impl_/pymethods.rs
@@ -7,8 +7,8 @@ use crate::pycell::{PyBorrowError, PyBorrowMutError};
 use crate::pyclass::boolean_struct::False;
 use crate::types::{any::PyAnyMethods, PyModule, PyType};
 use crate::{
-    ffi, Borrowed, Bound, DowncastError, Py, PyAny, PyCell, PyClass, PyErr, PyObject, PyRef,
-    PyRefMut, PyResult, PyTraverseError, PyTypeCheck, PyVisit, Python,
+    ffi, Borrowed, Bound, DowncastError, Py, PyAny, PyCell, PyClass, PyClassInitializer, PyErr,
+    PyObject, PyRef, PyRefMut, PyResult, PyTraverseError, PyTypeCheck, PyVisit, Python,
 };
 use std::borrow::Cow;
 use std::ffi::CStr;
@@ -569,3 +569,13 @@ impl<'py, T> std::ops::Deref for BoundRef<'_, 'py, T> {
         self.0
     }
 }
+
+pub unsafe fn tp_new_impl<T: PyClass>(
+    py: Python<'_>,
+    initializer: PyClassInitializer<T>,
+    target_type: *mut ffi::PyTypeObject,
+) -> PyResult<*mut ffi::PyObject> {
+    initializer
+        .create_class_object_of_type(py, target_type)
+        .map(Bound::into_ptr)
+}
diff --git a/src/instance.rs b/src/instance.rs
index bc655caa..66c530d5 100644
--- a/src/instance.rs
+++ b/src/instance.rs
@@ -1,5 +1,5 @@
 use crate::err::{self, PyDowncastError, PyErr, PyResult};
-use crate::ffi_ptr_ext::FfiPtrExt;
+use crate::impl_::pycell::PyClassObject;
 use crate::pycell::{PyBorrowError, PyBorrowMutError, PyCell};
 use crate::pyclass::boolean_struct::{False, True};
 use crate::type_object::HasPyGilRef;
@@ -92,14 +92,7 @@ where
         py: Python<'py>,
         value: impl Into<PyClassInitializer<T>>,
     ) -> PyResult<Bound<'py, T>> {
-        let initializer = value.into();
-        let obj = initializer.create_cell(py)?;
-        let ob = unsafe {
-            obj.cast::<ffi::PyObject>()
-                .assume_owned(py)
-                .downcast_into_unchecked()
-        };
-        Ok(ob)
+        value.into().create_class_object(py)
     }
 }
 
@@ -332,19 +325,11 @@ where
     where
         T: PyClass<Frozen = True> + Sync,
     {
-        let cell = self.get_cell();
-        // SAFETY: The class itself is frozen and `Sync` and we do not access anything but `cell.contents.value`.
-        unsafe { &*cell.get_ptr() }
+        self.1.get()
     }
 
-    pub(crate) fn get_cell(&'py self) -> &'py PyCell<T> {
-        let cell = self.as_ptr().cast::<PyCell<T>>();
-        // SAFETY: Bound<T> is known to contain an object which is laid out in memory as a
-        // PyCell<T>.
-        //
-        // Strictly speaking for now `&'py PyCell<T>` is part of the "GIL Ref" API, so this
-        // could use some further refactoring later to avoid going through this reference.
-        unsafe { &*cell }
+    pub(crate) fn get_class_object(&self) -> &PyClassObject<T> {
+        self.1.get_class_object()
     }
 }
 
@@ -887,10 +872,7 @@ where
     /// # }
     /// ```
     pub fn new(py: Python<'_>, value: impl Into<PyClassInitializer<T>>) -> PyResult<Py<T>> {
-        let initializer = value.into();
-        let obj = initializer.create_cell(py)?;
-        let ob = unsafe { Py::from_owned_ptr(py, obj as _) };
-        Ok(ob)
+        Bound::new(py, value).map(Bound::unbind)
     }
 }
 
@@ -1194,12 +1176,16 @@ where
     where
         T: PyClass<Frozen = True> + Sync,
     {
-        let any = self.as_ptr() as *const PyAny;
-        // SAFETY: The class itself is frozen and `Sync` and we do not access anything but `cell.contents.value`.
-        unsafe {
-            let cell: &PyCell<T> = PyNativeType::unchecked_downcast(&*any);
-            &*cell.get_ptr()
-        }
+        // Safety: The class itself is frozen and `Sync`
+        unsafe { &*self.get_class_object().get_ptr() }
+    }
+
+    /// Get a view on the underlying `PyClass` contents.
+    pub(crate) fn get_class_object(&self) -> &PyClassObject<T> {
+        let class_object = self.as_ptr().cast::<PyClassObject<T>>();
+        // Safety: Bound<T: PyClass> is known to contain an object which is laid out in memory as a
+        // PyClassObject<T>.
+        unsafe { &*class_object }
     }
 }
 
diff --git a/src/pycell.rs b/src/pycell.rs
index 9d00de95..43c75314 100644
--- a/src/pycell.rs
+++ b/src/pycell.rs
@@ -192,13 +192,10 @@
 //! [guide]: https://pyo3.rs/latest/class.html#pycell-and-interior-mutability "PyCell and interior mutability"
 //! [Interior Mutability]: https://doc.rust-lang.org/book/ch15-05-interior-mutability.html "RefCell<T> and the Interior Mutability Pattern - The Rust Programming Language"
 
-#[allow(deprecated)]
-use crate::conversion::FromPyPointer;
+use crate::conversion::{AsPyPointer, ToPyObject};
 use crate::exceptions::PyRuntimeError;
 use crate::ffi_ptr_ext::FfiPtrExt;
-use crate::impl_::pyclass::{
-    PyClassBaseType, PyClassDict, PyClassImpl, PyClassThreadChecker, PyClassWeakRef,
-};
+use crate::impl_::pyclass::PyClassImpl;
 use crate::pyclass::{
     boolean_struct::{False, True},
     PyClass,
@@ -207,28 +204,15 @@ use crate::pyclass_init::PyClassInitializer;
 use crate::type_object::{PyLayout, PySizedLayout};
 use crate::types::any::PyAnyMethods;
 use crate::types::PyAny;
-use crate::{
-    conversion::{AsPyPointer, ToPyObject},
-    type_object::get_tp_free,
-    PyTypeInfo,
-};
 use crate::{ffi, Bound, IntoPy, PyErr, PyNativeType, PyObject, PyResult, PyTypeCheck, Python};
-use std::cell::UnsafeCell;
 use std::fmt;
 use std::mem::ManuallyDrop;
 use std::ops::{Deref, DerefMut};
 
 pub(crate) mod impl_;
-use impl_::{GetBorrowChecker, PyClassBorrowChecker, PyClassMutability};
+use impl_::PyClassBorrowChecker;
 
-/// Base layout of PyCell.
-#[doc(hidden)]
-#[repr(C)]
-pub struct PyCellBase<T> {
-    ob_base: T,
-}
-
-unsafe impl<T, U> PyLayout<T> for PyCellBase<U> where U: PySizedLayout<T> {}
+use self::impl_::{PyClassObject, PyClassObjectLayout};
 
 /// A container type for (mutably) accessing [`PyClass`] values
 ///
@@ -266,20 +250,8 @@ unsafe impl<T, U> PyLayout<T> for PyCellBase<U> where U: PySizedLayout<T> {}
 /// ```
 /// For more information on how, when and why (not) to use `PyCell` please see the
 /// [module-level documentation](self).
-#[repr(C)]
-pub struct PyCell<T: PyClassImpl> {
-    ob_base: <T::BaseType as PyClassBaseType>::LayoutAsBase,
-    contents: PyCellContents<T>,
-}
-
-#[repr(C)]
-pub(crate) struct PyCellContents<T: PyClassImpl> {
-    pub(crate) value: ManuallyDrop<UnsafeCell<T>>,
-    pub(crate) borrow_checker: <T::PyClassMutability as PyClassMutability>::Storage,
-    pub(crate) thread_checker: T::ThreadChecker,
-    pub(crate) dict: T::Dict,
-    pub(crate) weakref: T::WeakRef,
-}
+#[repr(transparent)]
+pub struct PyCell<T: PyClassImpl>(PyClassObject<T>);
 
 unsafe impl<T: PyClass> PyNativeType for PyCell<T> {
     type AsRefSource = T;
@@ -298,12 +270,7 @@ impl<T: PyClass> PyCell<T> {
         )
     )]
     pub fn new(py: Python<'_>, value: impl Into<PyClassInitializer<T>>) -> PyResult<&Self> {
-        unsafe {
-            let initializer = value.into();
-            let self_ = initializer.create_cell(py)?;
-            #[allow(deprecated)]
-            FromPyPointer::from_owned_ptr_or_err(py, self_ as _)
-        }
+        Bound::new(py, value).map(Bound::into_gil_ref)
     }
 
     /// Immutably borrows the value `T`. This borrow lasts as long as the returned `PyRef` exists.
@@ -423,10 +390,11 @@ impl<T: PyClass> PyCell<T> {
     /// });
     /// ```
     pub unsafe fn try_borrow_unguarded(&self) -> Result<&T, PyBorrowError> {
-        self.ensure_threadsafe();
-        self.borrow_checker()
+        self.0.ensure_threadsafe();
+        self.0
+            .borrow_checker()
             .try_borrow_unguarded()
-            .map(|_: ()| &*self.contents.value.get())
+            .map(|_: ()| &*self.0.get_ptr())
     }
 
     /// Provide an immutable borrow of the value `T` without acquiring the GIL.
@@ -506,45 +474,7 @@ impl<T: PyClass> PyCell<T> {
     }
 
     pub(crate) fn get_ptr(&self) -> *mut T {
-        self.contents.value.get()
-    }
-
-    /// Gets the offset of the dictionary from the start of the struct in bytes.
-    pub(crate) fn dict_offset() -> ffi::Py_ssize_t {
-        use memoffset::offset_of;
-
-        let offset = offset_of!(PyCell<T>, contents) + offset_of!(PyCellContents<T>, dict);
-
-        // Py_ssize_t may not be equal to isize on all platforms
-        #[allow(clippy::useless_conversion)]
-        offset.try_into().expect("offset should fit in Py_ssize_t")
-    }
-
-    /// Gets the offset of the weakref list from the start of the struct in bytes.
-    pub(crate) fn weaklist_offset() -> ffi::Py_ssize_t {
-        use memoffset::offset_of;
-
-        let offset = offset_of!(PyCell<T>, contents) + offset_of!(PyCellContents<T>, weakref);
-
-        // Py_ssize_t may not be equal to isize on all platforms
-        #[allow(clippy::useless_conversion)]
-        offset.try_into().expect("offset should fit in Py_ssize_t")
-    }
-
-    #[cfg(feature = "macros")]
-    pub(crate) fn release_ref(&self) {
-        self.borrow_checker().release_borrow();
-    }
-
-    #[cfg(feature = "macros")]
-    pub(crate) fn release_mut(&self) {
-        self.borrow_checker().release_borrow_mut();
-    }
-}
-
-impl<T: PyClassImpl> PyCell<T> {
-    fn borrow_checker(&self) -> &<T::PyClassMutability as PyClassMutability>::Checker {
-        T::PyClassMutability::borrow_checker(self)
+        self.0.get_ptr()
     }
 }
 
@@ -675,7 +605,7 @@ where
     U: PyClass,
 {
     fn as_ref(&self) -> &T::BaseType {
-        unsafe { &*self.inner.get_cell().ob_base.get_ptr() }
+        unsafe { &*self.inner.get_class_object().ob_base.get_ptr() }
     }
 }
 
@@ -709,7 +639,7 @@ impl<'py, T: PyClass> PyRef<'py, T> {
     }
 
     pub(crate) fn try_borrow(obj: &Bound<'py, T>) -> Result<Self, PyBorrowError> {
-        let cell = obj.get_cell();
+        let cell = obj.get_class_object();
         cell.ensure_threadsafe();
         cell.borrow_checker()
             .try_borrow()
@@ -717,7 +647,7 @@ impl<'py, T: PyClass> PyRef<'py, T> {
     }
 
     pub(crate) fn try_borrow_threadsafe(obj: &Bound<'py, T>) -> Result<Self, PyBorrowError> {
-        let cell = obj.get_cell();
+        let cell = obj.get_class_object();
         cell.check_threadsafe()?;
         cell.borrow_checker()
             .try_borrow()
@@ -793,13 +723,16 @@ impl<'p, T: PyClass> Deref for PyRef<'p, T> {
 
     #[inline]
     fn deref(&self) -> &T {
-        unsafe { &*self.inner.get_cell().get_ptr() }
+        unsafe { &*self.inner.get_class_object().get_ptr() }
     }
 }
 
 impl<'p, T: PyClass> Drop for PyRef<'p, T> {
     fn drop(&mut self) {
-        self.inner.get_cell().borrow_checker().release_borrow()
+        self.inner
+            .get_class_object()
+            .borrow_checker()
+            .release_borrow()
     }
 }
 
@@ -856,7 +789,7 @@ where
     U: PyClass<Frozen = False>,
 {
     fn as_ref(&self) -> &T::BaseType {
-        unsafe { &*self.inner.get_cell().ob_base.get_ptr() }
+        unsafe { &*self.inner.get_class_object().ob_base.get_ptr() }
     }
 }
 
@@ -866,7 +799,7 @@ where
     U: PyClass<Frozen = False>,
 {
     fn as_mut(&mut self) -> &mut T::BaseType {
-        unsafe { &mut *self.inner.get_cell().ob_base.get_ptr() }
+        unsafe { &mut *self.inner.get_class_object().ob_base.get_ptr() }
     }
 }
 
@@ -900,7 +833,7 @@ impl<'py, T: PyClass<Frozen = False>> PyRefMut<'py, T> {
     }
 
     pub(crate) fn try_borrow(obj: &Bound<'py, T>) -> Result<Self, PyBorrowMutError> {
-        let cell = obj.get_cell();
+        let cell = obj.get_class_object();
         cell.ensure_threadsafe();
         cell.borrow_checker()
             .try_borrow_mut()
@@ -934,20 +867,23 @@ impl<'p, T: PyClass<Frozen = False>> Deref for PyRefMut<'p, T> {
 
     #[inline]
     fn deref(&self) -> &T {
-        unsafe { &*self.inner.get_cell().get_ptr() }
+        unsafe { &*self.inner.get_class_object().get_ptr() }
     }
 }
 
 impl<'p, T: PyClass<Frozen = False>> DerefMut for PyRefMut<'p, T> {
     #[inline]
     fn deref_mut(&mut self) -> &mut T {
-        unsafe { &mut *self.inner.get_cell().get_ptr() }
+        unsafe { &mut *self.inner.get_class_object().get_ptr() }
     }
 }
 
 impl<'p, T: PyClass<Frozen = False>> Drop for PyRefMut<'p, T> {
     fn drop(&mut self) {
-        self.inner.get_cell().borrow_checker().release_borrow_mut()
+        self.inner
+            .get_class_object()
+            .borrow_checker()
+            .release_borrow_mut()
     }
 }
 
@@ -1034,81 +970,6 @@ impl From<PyBorrowMutError> for PyErr {
     }
 }
 
-#[doc(hidden)]
-pub trait PyCellLayout<T>: PyLayout<T> {
-    fn ensure_threadsafe(&self);
-    fn check_threadsafe(&self) -> Result<(), PyBorrowError>;
-    /// Implementation of tp_dealloc.
-    /// # Safety
-    /// - slf must be a valid pointer to an instance of a T or a subclass.
-    /// - slf must not be used after this call (as it will be freed).
-    unsafe fn tp_dealloc(py: Python<'_>, slf: *mut ffi::PyObject);
-}
-
-impl<T, U> PyCellLayout<T> for PyCellBase<U>
-where
-    U: PySizedLayout<T>,
-    T: PyTypeInfo,
-{
-    fn ensure_threadsafe(&self) {}
-    fn check_threadsafe(&self) -> Result<(), PyBorrowError> {
-        Ok(())
-    }
-    unsafe fn tp_dealloc(py: Python<'_>, slf: *mut ffi::PyObject) {
-        let type_obj = T::type_object_raw(py);
-        // For `#[pyclass]` types which inherit from PyAny, we can just call tp_free
-        if type_obj == std::ptr::addr_of_mut!(ffi::PyBaseObject_Type) {
-            return get_tp_free(ffi::Py_TYPE(slf))(slf as _);
-        }
-
-        // More complex native types (e.g. `extends=PyDict`) require calling the base's dealloc.
-        #[cfg(not(Py_LIMITED_API))]
-        {
-            if let Some(dealloc) = (*type_obj).tp_dealloc {
-                // Before CPython 3.11 BaseException_dealloc would use Py_GC_UNTRACK which
-                // assumes the exception is currently GC tracked, so we have to re-track
-                // before calling the dealloc so that it can safely call Py_GC_UNTRACK.
-                #[cfg(not(any(Py_3_11, PyPy)))]
-                if ffi::PyType_FastSubclass(type_obj, ffi::Py_TPFLAGS_BASE_EXC_SUBCLASS) == 1 {
-                    ffi::PyObject_GC_Track(slf.cast());
-                }
-                dealloc(slf as _);
-            } else {
-                get_tp_free(ffi::Py_TYPE(slf))(slf as _);
-            }
-        }
-
-        #[cfg(Py_LIMITED_API)]
-        unreachable!("subclassing native types is not possible with the `abi3` feature");
-    }
-}
-
-impl<T: PyClassImpl> PyCellLayout<T> for PyCell<T>
-where
-    <T::BaseType as PyClassBaseType>::LayoutAsBase: PyCellLayout<T::BaseType>,
-{
-    fn ensure_threadsafe(&self) {
-        self.contents.thread_checker.ensure();
-        self.ob_base.ensure_threadsafe();
-    }
-    fn check_threadsafe(&self) -> Result<(), PyBorrowError> {
-        if !self.contents.thread_checker.check() {
-            return Err(PyBorrowError { _private: () });
-        }
-        self.ob_base.check_threadsafe()
-    }
-    unsafe fn tp_dealloc(py: Python<'_>, slf: *mut ffi::PyObject) {
-        // Safety: Python only calls tp_dealloc when no references to the object remain.
-        let cell = &mut *(slf as *mut PyCell<T>);
-        if cell.contents.thread_checker.can_drop(py) {
-            ManuallyDrop::drop(&mut cell.contents.value);
-        }
-        cell.contents.dict.clear_dict(py);
-        cell.contents.weakref.clear_weakrefs(slf, py);
-        <T::BaseType as PyClassBaseType>::LayoutAsBase::tp_dealloc(py, slf)
-    }
-}
-
 #[cfg(test)]
 #[cfg(feature = "macros")]
 mod tests {
diff --git a/src/pycell/impl_.rs b/src/pycell/impl_.rs
index 29ba7eda..378bec04 100644
--- a/src/pycell/impl_.rs
+++ b/src/pycell/impl_.rs
@@ -1,11 +1,15 @@
 #![allow(missing_docs)]
-//! Crate-private implementation of pycell
+//! Crate-private implementation of PyClassObject
 
-use std::cell::Cell;
+use std::cell::{Cell, UnsafeCell};
 use std::marker::PhantomData;
+use std::mem::ManuallyDrop;
 
-use crate::impl_::pyclass::{PyClassBaseType, PyClassImpl};
-use crate::PyCell;
+use crate::impl_::pyclass::{
+    PyClassBaseType, PyClassDict, PyClassImpl, PyClassThreadChecker, PyClassWeakRef,
+};
+use crate::type_object::{get_tp_free, PyLayout, PySizedLayout};
+use crate::{ffi, PyClass, PyTypeInfo, Python};
 
 use super::{PyBorrowError, PyBorrowMutError};
 
@@ -156,29 +160,170 @@ impl PyClassBorrowChecker for BorrowChecker {
 }
 
 pub trait GetBorrowChecker<T: PyClassImpl> {
-    fn borrow_checker(cell: &PyCell<T>) -> &<T::PyClassMutability as PyClassMutability>::Checker;
+    fn borrow_checker(
+        class_object: &PyClassObject<T>,
+    ) -> &<T::PyClassMutability as PyClassMutability>::Checker;
 }
 
 impl<T: PyClassImpl<PyClassMutability = Self>> GetBorrowChecker<T> for MutableClass {
-    fn borrow_checker(cell: &PyCell<T>) -> &BorrowChecker {
-        &cell.contents.borrow_checker
+    fn borrow_checker(class_object: &PyClassObject<T>) -> &BorrowChecker {
+        &class_object.contents.borrow_checker
     }
 }
 
 impl<T: PyClassImpl<PyClassMutability = Self>> GetBorrowChecker<T> for ImmutableClass {
-    fn borrow_checker(cell: &PyCell<T>) -> &EmptySlot {
-        &cell.contents.borrow_checker
+    fn borrow_checker(class_object: &PyClassObject<T>) -> &EmptySlot {
+        &class_object.contents.borrow_checker
     }
 }
 
 impl<T: PyClassImpl<PyClassMutability = Self>, M: PyClassMutability> GetBorrowChecker<T>
     for ExtendsMutableAncestor<M>
 where
-    T::BaseType: PyClassImpl + PyClassBaseType<LayoutAsBase = PyCell<T::BaseType>>,
+    T::BaseType: PyClassImpl + PyClassBaseType<LayoutAsBase = PyClassObject<T::BaseType>>,
     <T::BaseType as PyClassImpl>::PyClassMutability: PyClassMutability<Checker = BorrowChecker>,
 {
-    fn borrow_checker(cell: &PyCell<T>) -> &BorrowChecker {
-        <<T::BaseType as PyClassImpl>::PyClassMutability as GetBorrowChecker<T::BaseType>>::borrow_checker(&cell.ob_base)
+    fn borrow_checker(class_object: &PyClassObject<T>) -> &BorrowChecker {
+        <<T::BaseType as PyClassImpl>::PyClassMutability as GetBorrowChecker<T::BaseType>>::borrow_checker(&class_object.ob_base)
+    }
+}
+
+/// Base layout of PyClassObject.
+#[doc(hidden)]
+#[repr(C)]
+pub struct PyClassObjectBase<T> {
+    ob_base: T,
+}
+
+unsafe impl<T, U> PyLayout<T> for PyClassObjectBase<U> where U: PySizedLayout<T> {}
+
+#[doc(hidden)]
+pub trait PyClassObjectLayout<T>: PyLayout<T> {
+    fn ensure_threadsafe(&self);
+    fn check_threadsafe(&self) -> Result<(), PyBorrowError>;
+    /// Implementation of tp_dealloc.
+    /// # Safety
+    /// - slf must be a valid pointer to an instance of a T or a subclass.
+    /// - slf must not be used after this call (as it will be freed).
+    unsafe fn tp_dealloc(py: Python<'_>, slf: *mut ffi::PyObject);
+}
+
+impl<T, U> PyClassObjectLayout<T> for PyClassObjectBase<U>
+where
+    U: PySizedLayout<T>,
+    T: PyTypeInfo,
+{
+    fn ensure_threadsafe(&self) {}
+    fn check_threadsafe(&self) -> Result<(), PyBorrowError> {
+        Ok(())
+    }
+    unsafe fn tp_dealloc(py: Python<'_>, slf: *mut ffi::PyObject) {
+        let type_obj = T::type_object_raw(py);
+        // For `#[pyclass]` types which inherit from PyAny, we can just call tp_free
+        if type_obj == std::ptr::addr_of_mut!(ffi::PyBaseObject_Type) {
+            return get_tp_free(ffi::Py_TYPE(slf))(slf.cast());
+        }
+
+        // More complex native types (e.g. `extends=PyDict`) require calling the base's dealloc.
+        #[cfg(not(Py_LIMITED_API))]
+        {
+            if let Some(dealloc) = (*type_obj).tp_dealloc {
+                // Before CPython 3.11 BaseException_dealloc would use Py_GC_UNTRACK which
+                // assumes the exception is currently GC tracked, so we have to re-track
+                // before calling the dealloc so that it can safely call Py_GC_UNTRACK.
+                #[cfg(not(any(Py_3_11, PyPy)))]
+                if ffi::PyType_FastSubclass(type_obj, ffi::Py_TPFLAGS_BASE_EXC_SUBCLASS) == 1 {
+                    ffi::PyObject_GC_Track(slf.cast());
+                }
+                dealloc(slf);
+            } else {
+                get_tp_free(ffi::Py_TYPE(slf))(slf.cast());
+            }
+        }
+
+        #[cfg(Py_LIMITED_API)]
+        unreachable!("subclassing native types is not possible with the `abi3` feature");
+    }
+}
+
+/// The layout of a PyClass as a Python object
+#[repr(C)]
+pub struct PyClassObject<T: PyClassImpl> {
+    pub(crate) ob_base: <T::BaseType as PyClassBaseType>::LayoutAsBase,
+    contents: PyClassObjectContents<T>,
+}
+
+#[repr(C)]
+pub(crate) struct PyClassObjectContents<T: PyClassImpl> {
+    pub(crate) value: ManuallyDrop<UnsafeCell<T>>,
+    pub(crate) borrow_checker: <T::PyClassMutability as PyClassMutability>::Storage,
+    pub(crate) thread_checker: T::ThreadChecker,
+    pub(crate) dict: T::Dict,
+    pub(crate) weakref: T::WeakRef,
+}
+
+impl<T: PyClassImpl> PyClassObject<T> {
+    pub(crate) fn get_ptr(&self) -> *mut T {
+        self.contents.value.get()
+    }
+
+    /// Gets the offset of the dictionary from the start of the struct in bytes.
+    pub(crate) fn dict_offset() -> ffi::Py_ssize_t {
+        use memoffset::offset_of;
+
+        let offset =
+            offset_of!(PyClassObject<T>, contents) + offset_of!(PyClassObjectContents<T>, dict);
+
+        // Py_ssize_t may not be equal to isize on all platforms
+        #[allow(clippy::useless_conversion)]
+        offset.try_into().expect("offset should fit in Py_ssize_t")
+    }
+
+    /// Gets the offset of the weakref list from the start of the struct in bytes.
+    pub(crate) fn weaklist_offset() -> ffi::Py_ssize_t {
+        use memoffset::offset_of;
+
+        let offset =
+            offset_of!(PyClassObject<T>, contents) + offset_of!(PyClassObjectContents<T>, weakref);
+
+        // Py_ssize_t may not be equal to isize on all platforms
+        #[allow(clippy::useless_conversion)]
+        offset.try_into().expect("offset should fit in Py_ssize_t")
+    }
+}
+
+impl<T: PyClassImpl> PyClassObject<T> {
+    pub(crate) fn borrow_checker(&self) -> &<T::PyClassMutability as PyClassMutability>::Checker {
+        T::PyClassMutability::borrow_checker(self)
+    }
+}
+
+unsafe impl<T: PyClassImpl> PyLayout<T> for PyClassObject<T> {}
+impl<T: PyClass> PySizedLayout<T> for PyClassObject<T> {}
+
+impl<T: PyClassImpl> PyClassObjectLayout<T> for PyClassObject<T>
+where
+    <T::BaseType as PyClassBaseType>::LayoutAsBase: PyClassObjectLayout<T::BaseType>,
+{
+    fn ensure_threadsafe(&self) {
+        self.contents.thread_checker.ensure();
+        self.ob_base.ensure_threadsafe();
+    }
+    fn check_threadsafe(&self) -> Result<(), PyBorrowError> {
+        if !self.contents.thread_checker.check() {
+            return Err(PyBorrowError { _private: () });
+        }
+        self.ob_base.check_threadsafe()
+    }
+    unsafe fn tp_dealloc(py: Python<'_>, slf: *mut ffi::PyObject) {
+        // Safety: Python only calls tp_dealloc when no references to the object remain.
+        let class_object = &mut *(slf.cast::<PyClassObject<T>>());
+        if class_object.contents.thread_checker.can_drop(py) {
+            ManuallyDrop::drop(&mut class_object.contents.value);
+        }
+        class_object.contents.dict.clear_dict(py);
+        class_object.contents.weakref.clear_weakrefs(slf, py);
+        <T::BaseType as PyClassBaseType>::LayoutAsBase::tp_dealloc(py, slf)
     }
 }
 
@@ -189,7 +334,6 @@ mod tests {
 
     use crate::prelude::*;
     use crate::pyclass::boolean_struct::{False, True};
-    use crate::PyClass;
 
     #[pyclass(crate = "crate", subclass)]
     struct MutableBase;
diff --git a/src/pyclass.rs b/src/pyclass.rs
index ebdc52dc..eb4a5595 100644
--- a/src/pyclass.rs
+++ b/src/pyclass.rs
@@ -1,7 +1,7 @@
 //! `PyClass` and related traits.
 use crate::{
-    callback::IntoPyCallbackOutput, ffi, impl_::pyclass::PyClassImpl, Bound, IntoPy, PyCell,
-    PyObject, PyResult, PyTypeInfo, Python,
+    callback::IntoPyCallbackOutput, ffi, impl_::pyclass::PyClassImpl, IntoPy, PyCell, PyObject,
+    PyResult, PyTypeInfo, Python,
 };
 use std::{cmp::Ordering, os::raw::c_int};
 
@@ -216,18 +216,6 @@ pub trait Frozen: boolean_struct::private::Boolean {}
 impl Frozen for boolean_struct::True {}
 impl Frozen for boolean_struct::False {}
 
-impl<'py, T: PyClass> Bound<'py, T> {
-    #[cfg(feature = "macros")]
-    pub(crate) fn release_ref(&self) {
-        self.get_cell().release_ref();
-    }
-
-    #[cfg(feature = "macros")]
-    pub(crate) fn release_mut(&self) {
-        self.get_cell().release_mut();
-    }
-}
-
 mod tests {
     #[test]
     fn test_compare_op_matches() {
diff --git a/src/pyclass/create_type_object.rs b/src/pyclass/create_type_object.rs
index d0c271cf..52e34621 100644
--- a/src/pyclass/create_type_object.rs
+++ b/src/pyclass/create_type_object.rs
@@ -3,6 +3,7 @@ use pyo3_ffi::PyType_IS_GC;
 use crate::{
     exceptions::PyTypeError,
     ffi,
+    impl_::pycell::PyClassObject,
     impl_::pyclass::{
         assign_sequence_item_from_mapping, get_sequence_item_from_mapping, tp_dealloc,
         tp_dealloc_with_gc, PyClassItemsIter,
@@ -13,7 +14,7 @@ use crate::{
     },
     types::typeobject::PyTypeMethods,
     types::PyType,
-    Py, PyCell, PyClass, PyGetterDef, PyMethodDefType, PyResult, PySetterDef, PyTypeInfo, Python,
+    Py, PyClass, PyGetterDef, PyMethodDefType, PyResult, PySetterDef, PyTypeInfo, Python,
 };
 use std::{
     borrow::Cow,
@@ -94,7 +95,7 @@ where
             T::items_iter(),
             T::NAME,
             T::MODULE,
-            std::mem::size_of::<PyCell<T>>(),
+            std::mem::size_of::<PyClassObject<T>>(),
         )
     }
 }
diff --git a/src/pyclass_init.rs b/src/pyclass_init.rs
index 94d377a7..923bc5b7 100644
--- a/src/pyclass_init.rs
+++ b/src/pyclass_init.rs
@@ -1,13 +1,12 @@
 //! Contains initialization utilities for `#[pyclass]`.
 use crate::callback::IntoPyCallbackOutput;
+use crate::ffi_ptr_ext::FfiPtrExt;
 use crate::impl_::pyclass::{PyClassBaseType, PyClassDict, PyClassThreadChecker, PyClassWeakRef};
-use crate::{ffi, Py, PyCell, PyClass, PyErr, PyResult, Python};
+use crate::types::PyAnyMethods;
+use crate::{ffi, Bound, Py, PyClass, PyErr, PyResult, Python};
 use crate::{
     ffi::PyTypeObject,
-    pycell::{
-        impl_::{PyClassBorrowChecker, PyClassMutability},
-        PyCellContents,
-    },
+    pycell::impl_::{PyClassBorrowChecker, PyClassMutability, PyClassObjectContents},
     type_object::{get_tp_alloc, PyTypeInfo},
 };
 use std::{
@@ -207,29 +206,55 @@ impl<T: PyClass> PyClassInitializer<T> {
     }
 
     /// Creates a new PyCell and initializes it.
-    #[doc(hidden)]
-    pub fn create_cell(self, py: Python<'_>) -> PyResult<*mut PyCell<T>>
+    pub(crate) fn create_class_object(self, py: Python<'_>) -> PyResult<Bound<'_, T>>
     where
         T: PyClass,
     {
-        unsafe { self.create_cell_from_subtype(py, T::type_object_raw(py)) }
+        unsafe { self.create_class_object_of_type(py, T::type_object_raw(py)) }
     }
 
-    /// Creates a new PyCell and initializes it given a typeobject `subtype`.
-    /// Called by the Python `tp_new` implementation generated by a `#[new]` function in a `#[pymethods]` block.
+    /// Creates a new class object and initializes it given a typeobject `subtype`.
     ///
     /// # Safety
     /// `subtype` must be a valid pointer to the type object of T or a subclass.
-    #[doc(hidden)]
-    pub unsafe fn create_cell_from_subtype(
+    pub(crate) unsafe fn create_class_object_of_type(
         self,
         py: Python<'_>,
-        subtype: *mut crate::ffi::PyTypeObject,
-    ) -> PyResult<*mut PyCell<T>>
+        target_type: *mut crate::ffi::PyTypeObject,
+    ) -> PyResult<Bound<'_, T>>
     where
         T: PyClass,
     {
-        self.into_new_object(py, subtype).map(|obj| obj as _)
+        /// Layout of a PyClassObject after base new has been called, but the contents have not yet been
+        /// written.
+        #[repr(C)]
+        struct PartiallyInitializedClassObject<T: PyClass> {
+            _ob_base: <T::BaseType as PyClassBaseType>::LayoutAsBase,
+            contents: MaybeUninit<PyClassObjectContents<T>>,
+        }
+
+        let (init, super_init) = match self.0 {
+            PyClassInitializerImpl::Existing(value) => return Ok(value.into_bound(py)),
+            PyClassInitializerImpl::New { init, super_init } => (init, super_init),
+        };
+
+        let obj = super_init.into_new_object(py, target_type)?;
+
+        let part_init: *mut PartiallyInitializedClassObject<T> = obj.cast();
+        std::ptr::write(
+            (*part_init).contents.as_mut_ptr(),
+            PyClassObjectContents {
+                value: ManuallyDrop::new(UnsafeCell::new(init)),
+                borrow_checker: <T::PyClassMutability as PyClassMutability>::Storage::new(),
+                thread_checker: T::ThreadChecker::new(),
+                dict: T::Dict::INIT,
+                weakref: T::WeakRef::INIT,
+            },
+        );
+
+        // Safety: obj is a valid pointer to an object of type `target_type`, which` is a known
+        // subclass of `T`
+        Ok(obj.assume_owned(py).downcast_into_unchecked())
     }
 }
 
@@ -239,33 +264,8 @@ impl<T: PyClass> PyObjectInit<T> for PyClassInitializer<T> {
         py: Python<'_>,
         subtype: *mut PyTypeObject,
     ) -> PyResult<*mut ffi::PyObject> {
-        /// Layout of a PyCell after base new has been called, but the contents have not yet been
-        /// written.
-        #[repr(C)]
-        struct PartiallyInitializedPyCell<T: PyClass> {
-            _ob_base: <T::BaseType as PyClassBaseType>::LayoutAsBase,
-            contents: MaybeUninit<PyCellContents<T>>,
-        }
-
-        let (init, super_init) = match self.0 {
-            PyClassInitializerImpl::Existing(value) => return Ok(value.into_ptr()),
-            PyClassInitializerImpl::New { init, super_init } => (init, super_init),
-        };
-
-        let obj = super_init.into_new_object(py, subtype)?;
-
-        let cell: *mut PartiallyInitializedPyCell<T> = obj as _;
-        std::ptr::write(
-            (*cell).contents.as_mut_ptr(),
-            PyCellContents {
-                value: ManuallyDrop::new(UnsafeCell::new(init)),
-                borrow_checker: <T::PyClassMutability as PyClassMutability>::Storage::new(),
-                thread_checker: T::ThreadChecker::new(),
-                dict: T::Dict::INIT,
-                weakref: T::WeakRef::INIT,
-            },
-        );
-        Ok(obj)
+        self.create_class_object_of_type(py, subtype)
+            .map(Bound::into_ptr)
     }
 
     private_impl! {}
diff --git a/src/type_object.rs b/src/type_object.rs
index 318810b5..84888bee 100644
--- a/src/type_object.rs
+++ b/src/type_object.rs
@@ -6,7 +6,7 @@ use crate::types::{PyAny, PyType};
 use crate::{ffi, Bound, PyNativeType, Python};
 
 /// `T: PyLayout<U>` represents that `T` is a concrete representation of `U` in the Python heap.
-/// E.g., `PyCell` is a concrete representation of all `pyclass`es, and `ffi::PyObject`
+/// E.g., `PyClassObject` is a concrete representation of all `pyclass`es, and `ffi::PyObject`
 /// is of `PyAny`.
 ///
 /// This trait is intended to be used internally.
diff --git a/src/types/mod.rs b/src/types/mod.rs
index 938716f7..66312a98 100644
--- a/src/types/mod.rs
+++ b/src/types/mod.rs
@@ -290,7 +290,7 @@ macro_rules! pyobject_native_type_sized {
         unsafe impl $crate::type_object::PyLayout<$name> for $layout {}
         impl $crate::type_object::PySizedLayout<$name> for $layout {}
         impl<$($generics,)*> $crate::impl_::pyclass::PyClassBaseType for $name {
-            type LayoutAsBase = $crate::pycell::PyCellBase<$layout>;
+            type LayoutAsBase = $crate::impl_::pycell::PyClassObjectBase<$layout>;
             type BaseNativeType = $name;
             type Initializer = $crate::pyclass_init::PyNativeTypeInitializer<Self>;
             type PyClassMutability = $crate::pycell::impl_::ImmutableClass;
diff --git a/tests/test_coroutine.rs b/tests/test_coroutine.rs
index e04aafda..db79c72a 100644
--- a/tests/test_coroutine.rs
+++ b/tests/test_coroutine.rs
@@ -3,6 +3,7 @@
 use std::{task::Poll, thread, time::Duration};
 
 use futures::{channel::oneshot, future::poll_fn, FutureExt};
+use portable_atomic::{AtomicBool, Ordering};
 use pyo3::{
     coroutine::CancelHandle,
     prelude::*,
@@ -259,6 +260,15 @@ fn test_async_method_receiver() {
             self.0
         }
     }
+
+    static IS_DROPPED: AtomicBool = AtomicBool::new(false);
+
+    impl Drop for Counter {
+        fn drop(&mut self) {
+            IS_DROPPED.store(true, Ordering::SeqCst);
+        }
+    }
+
     Python::with_gil(|gil| {
         let test = r#"
         import asyncio
@@ -291,5 +301,7 @@ fn test_async_method_receiver() {
         "#;
         let locals = [("Counter", gil.get_type_bound::<Counter>())].into_py_dict_bound(gil);
         py_run!(gil, *locals, test);
-    })
+    });
+
+    assert!(IS_DROPPED.load(Ordering::SeqCst));
 }