A microprocessor includes one or more N-way caches and a way prediction logic that selectively enables and disables the cache ways so as to reduce the power consumption. The way prediction logic receives an address and predicts in which one of the cache ways the data associated with the address is likely to be stored. The way prediction logic causes an enabling signal to be supplied only to the way predicted to contain the requested data. The remaining (N−1) of the cache ways do not receive the enabling signal. The power consumed by the cache is thus significantly reduced.