Resource requests are allocated by storing resource requests in a queue slots in a queue. A token is associated with one of the queue slots. During an arbitration cycle, the queue slot with the token is given the priority to the resource. If the queue slot with the token does not include a request, a different queue slot having the highest static priority and including a request is given access to the resource. The token is advanced to a different queue slot after one or more arbitration cycles. Requests are assigned to the highest priority queue slot, to random or arbitrarily selected queue slots, or based on the source and/or type of the request. One or more queue slots may be received for specific sources or types of requests. Resources include processor access, bus access, cache or system memory interface access, and internal or external interface access.