A method, apparatus and program product deallocate an object from a memory heap in a virtual machine environment by, in part, determining that the object is replaceable using an object reference associated with the object. The object may additionally be automatically determined as being properly removable by using a value indicative of a number of object references associated with the object. Where these conditions are met, the object may be removed from the memory heap. Where a new object can fit into a space within the memory from which the object was removed, the new object may be automatically allocated into the space. The object may be designated as being replaceable using automated or manual processes. A garbage collector algorithm may additionally execute, as needed.