diff --git a/docs/changes.rst b/docs/changes.rst
index 06946e60..fd519c5f 100644
--- a/docs/changes.rst
+++ b/docs/changes.rst
@@ -18,6 +18,10 @@ Version 1.14.0
   implemented such that you don't have to use `Type.__wrapped__` instead of
   `Type` as last argument to `isinstance()`.
 
+* Eliminated deprecation warnings related to Python module import system, which
+  would have turned into broken code in Python 3.12. This was used by the post
+  import hook mechanism.
+
 **New Features**
 
 * Binary wheels provided on PyPi for `aarch64` Linux systems and macOS
diff --git a/src/wrapt/importer.py b/src/wrapt/importer.py
index 2c9db6fb..755029c1 100644
--- a/src/wrapt/importer.py
+++ b/src/wrapt/importer.py
@@ -10,9 +10,10 @@
 
 if PY2:
     string_types = basestring,
+    find_spec = None
 else:
-    import importlib
     string_types = str,
+    from importlib.util import find_spec
 
 from .decorators import synchronized
 
@@ -158,6 +159,16 @@ def load_module(self, fullname):
 
         return module
 
+    # Python 3.4 introduced create_module() and exec_module() instead of
+    # load_module() alone. Splitting the two steps.
+
+    def create_module(self, spec):
+        return self.loader.create_module(spec)
+
+    def exec_module(self, module):
+        self.loader.exec_module(module)
+        notify_module_loaded(module)
+
 class ImportHookFinder:
 
     def __init__(self):
@@ -187,7 +198,7 @@ def find_module(self, fullname, path=None):
         # Now call back into the import system again.
 
         try:
-            if PY2:
+            if not find_spec:
                 # For Python 2 we don't have much choice but to
                 # call back in to __import__(). This will
                 # actually cause the module to be imported. If no
@@ -208,14 +219,52 @@ def find_module(self, fullname, path=None):
                 # our own loader which will then in turn call the
                 # real loader to import the module and invoke the
                 # post import hooks.
-                try:
-                    import importlib.util
-                    loader = importlib.util.find_spec(fullname).loader
-                except (ImportError, AttributeError):
-                    loader = importlib.find_loader(fullname, path)
-                if loader:
+
+                loader = getattr(find_spec(fullname), "loader", None)
+
+                if loader and not isinstance(loader, _ImportHookChainedLoader):
                     return _ImportHookChainedLoader(loader)
 
+        finally:
+            del self.in_progress[fullname]
+
+    def find_spec(self, fullname, path=None, target=None):
+        # Since Python 3.4, you are meant to implement find_spec() method
+        # instead of find_module() and since Python 3.10 you get deprecation
+        # warnings if you don't define find_spec().
+
+        # If the module being imported is not one we have registered
+        # post import hooks for, we can return immediately. We will
+        # take no further part in the importing of this module.
+
+        if not fullname in _post_import_hooks:
+            return None
+
+        # When we are interested in a specific module, we will call back
+        # into the import system a second time to defer to the import
+        # finder that is supposed to handle the importing of the module.
+        # We set an in progress flag for the target module so that on
+        # the second time through we don't trigger another call back
+        # into the import system and cause a infinite loop.
+
+        if fullname in self.in_progress:
+            return None
+
+        self.in_progress[fullname] = True
+
+        # Now call back into the import system again.
+
+        try:
+            # This should only be Python 3 so find_spec() should always
+            # exist so don't need to check.
+
+            spec = find_spec(fullname)
+            loader = getattr(spec, "loader", None)
+
+            if loader and not isinstance(loader, _ImportHookChainedLoader):
+                spec.loader = _ImportHookChainedLoader(loader)
+
+            return spec
 
         finally:
             del self.in_progress[fullname]