diff --git a/src/main/java/io/reactivex/internal/operators/flowable/FlowableReplay.java b/src/main/java/io/reactivex/internal/operators/flowable/FlowableReplay.java
index 21b1b1d39c..7a02482b4b 100644
--- a/src/main/java/io/reactivex/internal/operators/flowable/FlowableReplay.java
+++ b/src/main/java/io/reactivex/internal/operators/flowable/FlowableReplay.java
@@ -566,6 +566,8 @@ public void dispose() {
                 // the others had non-zero. By removing this 'blocking' child, the others
                 // are now free to receive events
                 parent.manageRequests();
+                // make sure the last known node is not retained
+                index = null;
             }
         }
         /**
@@ -824,6 +826,7 @@ public final void replay(InnerSubscription<T> output) {
             }
             for (;;) {
                 if (output.isDisposed()) {
+                    output.index = null;
                     return;
                 }
 
@@ -864,6 +867,7 @@ public final void replay(InnerSubscription<T> output) {
                         break;
                     }
                     if (output.isDisposed()) {
+                        output.index = null;
                         return;
                     }
                 }
diff --git a/src/main/java/io/reactivex/internal/operators/observable/ObservableReplay.java b/src/main/java/io/reactivex/internal/operators/observable/ObservableReplay.java
index 89db184d6b..197ada9706 100644
--- a/src/main/java/io/reactivex/internal/operators/observable/ObservableReplay.java
+++ b/src/main/java/io/reactivex/internal/operators/observable/ObservableReplay.java
@@ -453,6 +453,8 @@ public void dispose() {
                 cancelled = true;
                 // remove this from the parent
                 parent.remove(this);
+                // make sure the last known node is not retained
+                index = null;
             }
         }
         /**
@@ -686,6 +688,7 @@ public final void replay(InnerDisposable<T> output) {
 
                 for (;;) {
                     if (output.isDisposed()) {
+                        output.index = null;
                         return;
                     }
 
diff --git a/src/test/java/io/reactivex/internal/operators/flowable/FlowableReplayTest.java b/src/test/java/io/reactivex/internal/operators/flowable/FlowableReplayTest.java
index dcf7eea347..b3bea718bd 100644
--- a/src/test/java/io/reactivex/internal/operators/flowable/FlowableReplayTest.java
+++ b/src/test/java/io/reactivex/internal/operators/flowable/FlowableReplayTest.java
@@ -17,6 +17,7 @@
 import static org.mockito.ArgumentMatchers.*;
 import static org.mockito.Mockito.*;
 
+import java.lang.management.*;
 import java.util.*;
 import java.util.concurrent.*;
 import java.util.concurrent.atomic.*;
@@ -1976,4 +1977,67 @@ public void currentDisposedWhenConnecting() {
 
         assertFalse(fr.current.get().isDisposed());
     }
+
+    @Test
+    public void noBoundedRetentionViaThreadLocal() throws Exception {
+        Flowable<byte[]> source = Flowable.range(1, 200)
+        .map(new Function<Integer, byte[]>() {
+            @Override
+            public byte[] apply(Integer v) throws Exception {
+                return new byte[1024 * 1024];
+            }
+        })
+        .replay(new Function<Flowable<byte[]>, Publisher<byte[]>>() {
+            @Override
+            public Publisher<byte[]> apply(final Flowable<byte[]> f) throws Exception {
+                return f.take(1)
+                .concatMap(new Function<byte[], Publisher<byte[]>>() {
+                    @Override
+                    public Publisher<byte[]> apply(byte[] v) throws Exception {
+                        return f;
+                    }
+                });
+            }
+        }, 1)
+        .takeLast(1)
+        ;
+
+        System.out.println("Bounded Replay Leak check: Wait before GC");
+        Thread.sleep(1000);
+
+        System.out.println("Bounded Replay Leak check: GC");
+        System.gc();
+
+        Thread.sleep(500);
+
+        final MemoryMXBean memoryMXBean = ManagementFactory.getMemoryMXBean();
+        MemoryUsage memHeap = memoryMXBean.getHeapMemoryUsage();
+        long initial = memHeap.getUsed();
+
+        System.out.printf("Bounded Replay Leak check: Starting: %.3f MB%n", initial / 1024.0 / 1024.0);
+
+        final AtomicLong after = new AtomicLong();
+
+        source.subscribe(new Consumer<byte[]>() {
+            @Override
+            public void accept(byte[] v) throws Exception {
+                System.out.println("Bounded Replay Leak check: Wait before GC 2");
+                Thread.sleep(1000);
+
+                System.out.println("Bounded Replay Leak check:  GC 2");
+                System.gc();
+
+                Thread.sleep(500);
+
+                after.set(memoryMXBean.getHeapMemoryUsage().getUsed());
+            }
+        });
+
+        System.out.printf("Bounded Replay Leak check: After: %.3f MB%n", after.get() / 1024.0 / 1024.0);
+
+        if (initial + 100 * 1024 * 1024 < after.get()) {
+            Assert.fail("Bounded Replay Leak check: Memory leak detected: " + (initial / 1024.0 / 1024.0)
+                    + " -> " + after.get() / 1024.0 / 1024.0);
+        }
+    }
 }
diff --git a/src/test/java/io/reactivex/internal/operators/observable/ObservableReplayTest.java b/src/test/java/io/reactivex/internal/operators/observable/ObservableReplayTest.java
index 2592361cd6..40d09f4f33 100644
--- a/src/test/java/io/reactivex/internal/operators/observable/ObservableReplayTest.java
+++ b/src/test/java/io/reactivex/internal/operators/observable/ObservableReplayTest.java
@@ -17,9 +17,10 @@
 import static org.mockito.ArgumentMatchers.*;
 import static org.mockito.Mockito.*;
 
+import java.lang.management.*;
 import java.util.*;
 import java.util.concurrent.*;
-import java.util.concurrent.atomic.AtomicInteger;
+import java.util.concurrent.atomic.*;
 
 import org.junit.*;
 import org.mockito.InOrder;
@@ -1713,4 +1714,66 @@ public void noHeadRetentionTime() {
 
         assertSame(o, buf.get());
     }
-}
+
+    @Test
+    public void noBoundedRetentionViaThreadLocal() throws Exception {
+        Observable<byte[]> source = Observable.range(1, 200)
+        .map(new Function<Integer, byte[]>() {
+            @Override
+            public byte[] apply(Integer v) throws Exception {
+                return new byte[1024 * 1024];
+            }
+        })
+        .replay(new Function<Observable<byte[]>, Observable<byte[]>>() {
+            @Override
+            public Observable<byte[]> apply(final Observable<byte[]> o) throws Exception {
+                return o.take(1)
+                .concatMap(new Function<byte[], Observable<byte[]>>() {
+                    @Override
+                    public Observable<byte[]> apply(byte[] v) throws Exception {
+                        return o;
+                    }
+                });
+            }
+        }, 1)
+        .takeLast(1)
+        ;
+
+        System.out.println("Bounded Replay Leak check: Wait before GC");
+        Thread.sleep(1000);
+
+        System.out.println("Bounded Replay Leak check: GC");
+        System.gc();
+
+        Thread.sleep(500);
+
+        final MemoryMXBean memoryMXBean = ManagementFactory.getMemoryMXBean();
+        MemoryUsage memHeap = memoryMXBean.getHeapMemoryUsage();
+        long initial = memHeap.getUsed();
+
+        System.out.printf("Bounded Replay Leak check: Starting: %.3f MB%n", initial / 1024.0 / 1024.0);
+
+        final AtomicLong after = new AtomicLong();
+
+        source.subscribe(new Consumer<byte[]>() {
+            @Override
+            public void accept(byte[] v) throws Exception {
+                System.out.println("Bounded Replay Leak check: Wait before GC 2");
+                Thread.sleep(1000);
+
+                System.out.println("Bounded Replay Leak check:  GC 2");
+                System.gc();
+
+                Thread.sleep(500);
+
+                after.set(memoryMXBean.getHeapMemoryUsage().getUsed());
+            }
+        });
+
+        System.out.printf("Bounded Replay Leak check: After: %.3f MB%n", after.get() / 1024.0 / 1024.0);
+
+        if (initial + 100 * 1024 * 1024 < after.get()) {
+            Assert.fail("Bounded Replay Leak check: Memory leak detected: " + (initial / 1024.0 / 1024.0)
+                    + " -> " + after.get() / 1024.0 / 1024.0);
+        }
+    }}
diff --git a/src/test/java/io/reactivex/processors/ReplayProcessorTest.java b/src/test/java/io/reactivex/processors/ReplayProcessorTest.java
index 810e80d9e5..cf930b062a 100644
--- a/src/test/java/io/reactivex/processors/ReplayProcessorTest.java
+++ b/src/test/java/io/reactivex/processors/ReplayProcessorTest.java
@@ -17,18 +17,19 @@
 import static org.mockito.ArgumentMatchers.*;
 import static org.mockito.Mockito.*;
 
+import java.lang.management.*;
 import java.util.Arrays;
 import java.util.concurrent.*;
-import java.util.concurrent.atomic.AtomicReference;
+import java.util.concurrent.atomic.*;
 
-import org.junit.Test;
+import org.junit.*;
 import org.mockito.*;
 import org.reactivestreams.*;
 
 import io.reactivex.*;
 import io.reactivex.disposables.Disposable;
 import io.reactivex.exceptions.TestException;
-import io.reactivex.functions.Function;
+import io.reactivex.functions.*;
 import io.reactivex.internal.subscriptions.BooleanSubscription;
 import io.reactivex.processors.ReplayProcessor.*;
 import io.reactivex.schedulers.*;
@@ -1692,4 +1693,62 @@ public void noHeadRetentionTime() {
     public void invalidRequest() {
         TestHelper.assertBadRequestReported(ReplayProcessor.create());
     }
+
+    @Test
+    public void noBoundedRetentionViaThreadLocal() throws Exception {
+        final ReplayProcessor<byte[]> rp = ReplayProcessor.createWithSize(1);
+
+        Flowable<byte[]> source = rp.take(1)
+        .concatMap(new Function<byte[], Publisher<byte[]>>() {
+            @Override
+            public Publisher<byte[]> apply(byte[] v) throws Exception {
+                return rp;
+            }
+        })
+        .takeLast(1)
+        ;
+
+        System.out.println("Bounded Replay Leak check: Wait before GC");
+        Thread.sleep(1000);
+
+        System.out.println("Bounded Replay Leak check: GC");
+        System.gc();
+
+        Thread.sleep(500);
+
+        final MemoryMXBean memoryMXBean = ManagementFactory.getMemoryMXBean();
+        MemoryUsage memHeap = memoryMXBean.getHeapMemoryUsage();
+        long initial = memHeap.getUsed();
+
+        System.out.printf("Bounded Replay Leak check: Starting: %.3f MB%n", initial / 1024.0 / 1024.0);
+
+        final AtomicLong after = new AtomicLong();
+
+        source.subscribe(new Consumer<byte[]>() {
+            @Override
+            public void accept(byte[] v) throws Exception {
+                System.out.println("Bounded Replay Leak check: Wait before GC 2");
+                Thread.sleep(1000);
+
+                System.out.println("Bounded Replay Leak check:  GC 2");
+                System.gc();
+
+                Thread.sleep(500);
+
+                after.set(memoryMXBean.getHeapMemoryUsage().getUsed());
+            }
+        });
+
+        for (int i = 0; i < 200; i++) {
+            rp.onNext(new byte[1024 * 1024]);
+        }
+        rp.onComplete();
+
+        System.out.printf("Bounded Replay Leak check: After: %.3f MB%n", after.get() / 1024.0 / 1024.0);
+
+        if (initial + 100 * 1024 * 1024 < after.get()) {
+            Assert.fail("Bounded Replay Leak check: Memory leak detected: " + (initial / 1024.0 / 1024.0)
+                    + " -> " + after.get() / 1024.0 / 1024.0);
+        }
+    }
 }
diff --git a/src/test/java/io/reactivex/subjects/ReplaySubjectTest.java b/src/test/java/io/reactivex/subjects/ReplaySubjectTest.java
index 2326241cfd..aa91270226 100644
--- a/src/test/java/io/reactivex/subjects/ReplaySubjectTest.java
+++ b/src/test/java/io/reactivex/subjects/ReplaySubjectTest.java
@@ -17,17 +17,18 @@
 import static org.mockito.ArgumentMatchers.*;
 import static org.mockito.Mockito.*;
 
+import java.lang.management.*;
 import java.util.Arrays;
 import java.util.concurrent.*;
-import java.util.concurrent.atomic.AtomicReference;
+import java.util.concurrent.atomic.*;
 
-import org.junit.Test;
+import org.junit.*;
 import org.mockito.*;
 
 import io.reactivex.*;
 import io.reactivex.disposables.*;
 import io.reactivex.exceptions.TestException;
-import io.reactivex.functions.Function;
+import io.reactivex.functions.*;
 import io.reactivex.observers.*;
 import io.reactivex.schedulers.*;
 import io.reactivex.subjects.ReplaySubject.*;
@@ -1284,4 +1285,62 @@ public void noHeadRetentionTime() {
 
         assertSame(o, buf.head);
     }
+
+    @Test
+    public void noBoundedRetentionViaThreadLocal() throws Exception {
+        final ReplaySubject<byte[]> rs = ReplaySubject.createWithSize(1);
+
+        Observable<byte[]> source = rs.take(1)
+        .concatMap(new Function<byte[], Observable<byte[]>>() {
+            @Override
+            public Observable<byte[]> apply(byte[] v) throws Exception {
+                return rs;
+            }
+        })
+        .takeLast(1)
+        ;
+
+        System.out.println("Bounded Replay Leak check: Wait before GC");
+        Thread.sleep(1000);
+
+        System.out.println("Bounded Replay Leak check: GC");
+        System.gc();
+
+        Thread.sleep(500);
+
+        final MemoryMXBean memoryMXBean = ManagementFactory.getMemoryMXBean();
+        MemoryUsage memHeap = memoryMXBean.getHeapMemoryUsage();
+        long initial = memHeap.getUsed();
+
+        System.out.printf("Bounded Replay Leak check: Starting: %.3f MB%n", initial / 1024.0 / 1024.0);
+
+        final AtomicLong after = new AtomicLong();
+
+        source.subscribe(new Consumer<byte[]>() {
+            @Override
+            public void accept(byte[] v) throws Exception {
+                System.out.println("Bounded Replay Leak check: Wait before GC 2");
+                Thread.sleep(1000);
+
+                System.out.println("Bounded Replay Leak check:  GC 2");
+                System.gc();
+
+                Thread.sleep(500);
+
+                after.set(memoryMXBean.getHeapMemoryUsage().getUsed());
+            }
+        });
+
+        for (int i = 0; i < 200; i++) {
+            rs.onNext(new byte[1024 * 1024]);
+        }
+        rs.onComplete();
+
+        System.out.printf("Bounded Replay Leak check: After: %.3f MB%n", after.get() / 1024.0 / 1024.0);
+
+        if (initial + 100 * 1024 * 1024 < after.get()) {
+            Assert.fail("Bounded Replay Leak check: Memory leak detected: " + (initial / 1024.0 / 1024.0)
+                    + " -> " + after.get() / 1024.0 / 1024.0);
+        }
+    }
 }