diff --git a/core.h b/core.h
index 0925c7542b..9aba12461c 100644
--- a/core.h
+++ b/core.h
@@ -27,10 +27,6 @@
 
 RETRO_BEGIN_DECLS
 
-#ifdef HAVE_REWIND
-bool core_set_rewind_callbacks(void);
-#endif
-
 #ifdef HAVE_NETWORKING
 bool core_set_netplay_callbacks(void);
 
diff --git a/retroarch.c b/retroarch.c
index 4d0403c5a1..6fbe928e46 100644
--- a/retroarch.c
+++ b/retroarch.c
@@ -2017,7 +2017,8 @@ bool command_event(enum event_command cmd, void *data)
             if (core_type_is_dummy)
                return false;
 
-            state_manager_event_deinit(&runloop_st->rewind_st);
+            state_manager_event_deinit(&runloop_st->rewind_st,
+                  &runloop_st->current_core);
          }
 #endif
          break;
@@ -2779,7 +2780,8 @@ bool command_event(enum event_command cmd, void *data)
             /* Disable rewind & SRAM autosave if it was enabled
              * TODO/FIXME: Add a setting for these tweaks */
 #ifdef HAVE_REWIND
-            state_manager_event_deinit(&runloop_st->rewind_st);
+            state_manager_event_deinit(&runloop_st->rewind_st,
+                  &runloop_st->current_core);
 #endif
 #ifdef HAVE_THREADS
             autosave_deinit();
@@ -2815,7 +2817,8 @@ bool command_event(enum event_command cmd, void *data)
             /* Disable rewind if it was enabled
                TODO/FIXME: Add a setting for these tweaks */
 #ifdef HAVE_REWIND
-            state_manager_event_deinit(&runloop_st->rewind_st);
+            state_manager_event_deinit(&runloop_st->rewind_st,
+                  &runloop_st->current_core);
 #endif
 #ifdef HAVE_THREADS
             autosave_deinit();
@@ -2851,7 +2854,8 @@ bool command_event(enum event_command cmd, void *data)
             /* Disable rewind if it was enabled
              * TODO/FIXME: Add a setting for these tweaks */
 #ifdef HAVE_REWIND
-            state_manager_event_deinit(&runloop_st->rewind_st);
+            state_manager_event_deinit(&runloop_st->rewind_st,
+                  &runloop_st->current_core);
 #endif
 #ifdef HAVE_THREADS
             autosave_deinit();
diff --git a/runloop.c b/runloop.c
index ae995180b2..bfc23f1819 100644
--- a/runloop.c
+++ b/runloop.c
@@ -7187,6 +7187,7 @@ static enum runloop_state_enum runloop_check_state(
 
          rewinding      = state_manager_check_rewind(
                &runloop_st->rewind_st,
+               &runloop_st->current_core,
                BIT256_GET(current_bits, RARCH_REWIND),
                settings->uints.rewind_granularity,
                runloop_st->paused,
@@ -7971,33 +7972,6 @@ bool core_set_default_callbacks(void *data)
    return true;
 }
 
-#ifdef HAVE_REWIND
-/**
- * core_set_rewind_callbacks:
- *
- * Sets the audio sampling callbacks based on whether or not
- * rewinding is currently activated.
- **/
-bool core_set_rewind_callbacks(void)
-{
-   runloop_state_t *runloop_st  = &runloop_state;
-   struct state_manager_rewind_state
-      *rewind_st                = &runloop_st->rewind_st;
-
-   if (rewind_st->frame_is_reversed)
-   {
-      runloop_st->current_core.retro_set_audio_sample(audio_driver_sample_rewind);
-      runloop_st->current_core.retro_set_audio_sample_batch(audio_driver_sample_batch_rewind);
-   }
-   else
-   {
-      runloop_st->current_core.retro_set_audio_sample(audio_driver_sample);
-      runloop_st->current_core.retro_set_audio_sample_batch(audio_driver_sample_batch);
-   }
-   return true;
-}
-#endif
-
 #ifdef HAVE_NETWORKING
 /**
  * core_set_netplay_callbacks:
diff --git a/state_manager.c b/state_manager.c
index d11e9e2a2e..fdf9f2da1e 100644
--- a/state_manager.c
+++ b/state_manager.c
@@ -584,9 +584,17 @@ void state_manager_event_init(
    core_info_t *core_info = NULL;
    void *state            = NULL;
 
-   if (!rewind_st || rewind_st->state)
+   if (!rewind_st ||
+       rewind_st->init_attempted ||
+       rewind_st->state)
       return;
 
+   rewind_st->size               = 0;
+   rewind_st->frame_is_reversed  = false;
+   rewind_st->init_attempted     = true;
+   rewind_st->hotkey_was_checked = false;
+   rewind_st->hotkey_was_pressed = false;
+
    /* We cannot initialise the rewind buffer
     * unless the core info struct for the current
     * core has been initialised (i.e. without this,
@@ -603,7 +611,7 @@ void state_manager_event_init(
 
    if (audio_driver_has_callback())
    {
-      RARCH_ERR("%s.\n", msg_hash_to_str(MSG_REWIND_INIT_FAILED));
+      RARCH_ERR("%s.\n", msg_hash_to_str(MSG_REWIND_INIT_FAILED_THREADED_AUDIO));
       return;
    }
 
@@ -612,7 +620,7 @@ void state_manager_event_init(
    if (!rewind_st->size)
    {
       RARCH_ERR("%s.\n",
-            msg_hash_to_str(MSG_REWIND_INIT_FAILED_THREADED_AUDIO));
+            msg_hash_to_str(MSG_REWIND_INIT_FAILED));
       return;
    }
 
@@ -634,18 +642,41 @@ void state_manager_event_init(
 }
 
 void state_manager_event_deinit(
-      struct state_manager_rewind_state *rewind_st)
+      struct state_manager_rewind_state *rewind_st,
+      struct retro_core_t *current_core)
 {
+   bool restore_callbacks = false;
+
    if (!rewind_st)
       return;
 
+   restore_callbacks = rewind_st->init_attempted &&
+         rewind_st->state &&
+         current_core;
+
    if (rewind_st->state)
    {
       state_manager_free(rewind_st->state);
       free(rewind_st->state);
    }
-   rewind_st->state = NULL;
-   rewind_st->size  = 0;
+
+   rewind_st->state              = NULL;
+   rewind_st->size               = 0;
+   rewind_st->frame_is_reversed  = false;
+   rewind_st->init_attempted     = false;
+   rewind_st->hotkey_was_checked = false;
+   rewind_st->hotkey_was_pressed = false;
+
+   /* Restore regular (non-rewind) core audio
+    * callbacks if required */
+   if (restore_callbacks)
+   {
+      if (current_core->retro_set_audio_sample)
+         current_core->retro_set_audio_sample(audio_driver_sample);
+
+      if (current_core->retro_set_audio_sample_batch)
+         current_core->retro_set_audio_sample_batch(audio_driver_sample_batch);
+   }
 }
 
 /**
@@ -656,20 +687,38 @@ void state_manager_event_deinit(
  **/
 bool state_manager_check_rewind(
       struct state_manager_rewind_state *rewind_st,
+      struct retro_core_t *current_core,
       bool pressed,
       unsigned rewind_granularity, bool is_paused,
       char *s, size_t len, unsigned *time)
 {
-   bool ret                = false;
-   static bool first       = true;
-   static bool was_pressed = false;
+   bool ret          = false;
 #ifdef HAVE_NETWORKING
-   bool was_reversed       = false;
+   bool was_reversed = false;
 #endif
 
-   if (!rewind_st)
+   if (!rewind_st ||
+       !rewind_st->init_attempted)
       return false;
 
+   if (!rewind_st->hotkey_was_checked)
+   {
+      rewind_st->hotkey_was_checked = true;
+      return false;
+   }
+
+   if (!rewind_st->state)
+   {
+      if ((pressed && !rewind_st->hotkey_was_pressed) &&
+          !core_info_current_supports_rewind())
+         runloop_msg_queue_push(msg_hash_to_str(MSG_REWIND_UNSUPPORTED),
+               1, 100, false, NULL,
+               MESSAGE_QUEUE_ICON_DEFAULT, MESSAGE_QUEUE_CATEGORY_INFO);
+
+      rewind_st->hotkey_was_pressed = pressed;
+      return false;
+   }
+
    if (rewind_st->frame_is_reversed)
    {
 #ifdef HAVE_NETWORKING
@@ -679,24 +728,6 @@ bool state_manager_check_rewind(
       rewind_st->frame_is_reversed = false;
    }
 
-   if (first)
-   {
-      first = false;
-      return false;
-   }
-
-   if (!rewind_st->state)
-   {
-      if ((pressed && !was_pressed) &&
-          !core_info_current_supports_rewind())
-         runloop_msg_queue_push(msg_hash_to_str(MSG_REWIND_UNSUPPORTED),
-               1, 100, false, NULL,
-               MESSAGE_QUEUE_ICON_DEFAULT, MESSAGE_QUEUE_CATEGORY_INFO);
-
-      was_pressed = pressed;
-      return false;
-   }
-
    if (pressed)
    {
       const void *buf    = NULL;
@@ -767,8 +798,18 @@ bool state_manager_check_rewind(
       }
    }
 
-   core_set_rewind_callbacks();
+   /* Update core audio callbacks */
+   if (current_core)
+   {
+      if (current_core->retro_set_audio_sample)
+         current_core->retro_set_audio_sample(rewind_st->frame_is_reversed ?
+               audio_driver_sample_rewind : audio_driver_sample);
 
-   was_pressed = pressed;
+      if (current_core->retro_set_audio_sample_batch)
+         current_core->retro_set_audio_sample_batch(rewind_st->frame_is_reversed ?
+               audio_driver_sample_batch_rewind : audio_driver_sample_batch);
+   }
+
+   rewind_st->hotkey_was_pressed = pressed;
    return ret;
 }
diff --git a/state_manager.h b/state_manager.h
index 94104babe7..cba9f4c248 100644
--- a/state_manager.h
+++ b/state_manager.h
@@ -24,6 +24,8 @@
 #include <boolean.h>
 #include <retro_common_api.h>
 
+#include "dynamic.h"
+
 RETRO_BEGIN_DECLS
 
 struct state_manager
@@ -61,12 +63,16 @@ struct state_manager_rewind_state
    state_manager_t *state;
    size_t size;
    bool frame_is_reversed;
+   bool init_attempted;
+   bool hotkey_was_checked;
+   bool hotkey_was_pressed;
 };
 
 bool state_manager_frame_is_reversed(void);
 
 void state_manager_event_deinit(
-      struct state_manager_rewind_state *rewind_st);
+      struct state_manager_rewind_state *rewind_st,
+      struct retro_core_t *current_core);
 
 void state_manager_event_init(struct state_manager_rewind_state *rewind_st,
       unsigned rewind_buffer_size);
@@ -79,6 +85,7 @@ void state_manager_event_init(struct state_manager_rewind_state *rewind_st,
  **/
 bool state_manager_check_rewind(
       struct state_manager_rewind_state *rewind_st,
+      struct retro_core_t *current_core,
       bool pressed,
       unsigned rewind_granularity, bool is_paused,
       char *s, size_t len, unsigned *time);