diff --git a/src/main/java/rx/internal/operators/OperatorReplay.java b/src/main/java/rx/internal/operators/OperatorReplay.java
index 86774cbd39..33e14b15de 100644
--- a/src/main/java/rx/internal/operators/OperatorReplay.java
+++ b/src/main/java/rx/internal/operators/OperatorReplay.java
@@ -410,6 +410,7 @@ boolean add(InnerProducer<T> producer) {
          * Atomically removes the given producer from the producers array.
          * @param producer the producer to remove
          */
+        @SuppressWarnings("unchecked")
         void remove(InnerProducer<T> producer) {
             if (terminated) {
                 return;
@@ -419,6 +420,9 @@ void remove(InnerProducer<T> producer) {
                     return;
                 }
                 producers.remove(producer);
+                if (producers.isEmpty()) {
+                    producersCache = EMPTY;
+                }
                 producersVersion++;
             }
         }
@@ -643,7 +647,7 @@ static final class InnerProducer<T> extends AtomicLong implements Producer, Subs
          */
         final ReplaySubscriber<T> parent;
         /** The actual child subscriber. */
-        final Subscriber<? super T> child;
+        Subscriber<? super T> child;
         /** 
          * Holds an object that represents the current location in the buffer.
          * Guarded by the emitter loop. 
@@ -784,6 +788,8 @@ public void unsubscribe() {
                     // the others had non-zero. By removing this 'blocking' child, the others
                     // are now free to receive events
                     parent.manageRequests(this);
+                    // break the reference
+                    child = null;
                 }
             }
         }
@@ -878,20 +884,25 @@ public void replay(InnerProducer<T> output) {
                 Integer destIndexObject = output.index();
                 int destIndex = destIndexObject != null ? destIndexObject : 0;
                 
+                Subscriber<? super T> child = output.child;
+                if (child == null) {
+                    return;
+                }
+
                 long r = output.get();
                 long e = 0L;
                 
                 while (e != r && destIndex < sourceIndex) {
                     Object o = get(destIndex);
                     try {
-                        if (nl.accept(output.child, o)) {
+                        if (nl.accept(child, o)) {
                             return;
                         }
                     } catch (Throwable err) {
                         Exceptions.throwIfFatal(err);
                         output.unsubscribe();
                         if (!nl.isError(o) && !nl.isCompleted(o)) {
-                            output.child.onError(OnErrorThrowable.addValueAsLastCause(err, nl.getValue(o)));
+                            child.onError(OnErrorThrowable.addValueAsLastCause(err, nl.getValue(o)));
                         }
                         return;
                     }
@@ -1066,6 +1077,11 @@ public final void replay(InnerProducer<T> output) {
                     return;
                 }
 
+                Subscriber<? super T> child = output.child;
+                if (child == null) {
+                    return;
+                }
+
                 long r = output.get();
                 long e = 0L;
 
@@ -1074,7 +1090,7 @@ public final void replay(InnerProducer<T> output) {
                     if (v != null) {
                         Object o = leaveTransform(v.value);
                         try {
-                            if (nl.accept(output.child, o)) {
+                            if (nl.accept(child, o)) {
                                 output.index = null;
                                 return;
                             }
@@ -1083,7 +1099,7 @@ public final void replay(InnerProducer<T> output) {
                             Exceptions.throwIfFatal(err);
                             output.unsubscribe();
                             if (!nl.isError(o) && !nl.isCompleted(o)) {
-                                output.child.onError(OnErrorThrowable.addValueAsLastCause(err, nl.getValue(o)));
+                                child.onError(OnErrorThrowable.addValueAsLastCause(err, nl.getValue(o)));
                             }
                             return;
                         }
diff --git a/src/test/java/rx/internal/operators/OperatorReplayTest.java b/src/test/java/rx/internal/operators/OperatorReplayTest.java
index fafe4ebc58..d3415d6e6e 100644
--- a/src/test/java/rx/internal/operators/OperatorReplayTest.java
+++ b/src/test/java/rx/internal/operators/OperatorReplayTest.java
@@ -19,6 +19,7 @@
 import static org.mockito.Matchers.*;
 import static org.mockito.Mockito.*;
 
+import java.lang.management.*;
 import java.util.*;
 import java.util.concurrent.*;
 import java.util.concurrent.atomic.*;
@@ -1495,4 +1496,85 @@ public void timeSizeDefaultScheduler() {
         ts.assertNoErrors();
         ts.assertCompleted();
     }
+    
+    void replayNoRetention(Func1<Observable<Integer>, ConnectableObservable<Integer>> replayOp) throws InterruptedException {
+        System.gc();
+        
+        Thread.sleep(500);
+        
+        MemoryMXBean memoryMXBean = ManagementFactory.getMemoryMXBean();
+        MemoryUsage memHeap = memoryMXBean.getHeapMemoryUsage();
+        long initial = memHeap.getUsed();
+
+        System.out.printf("Starting: %.3f MB%n", initial / 1024.0 / 1024.0);
+        
+        PublishSubject<Integer> ps = PublishSubject.create();
+        
+        ConnectableObservable<Integer> co = replayOp.call(ps);
+        
+        Subscription s = co.subscribe(new Action1<Integer>() {
+            int[] array = new int[1024 * 1024 * 32];
+            
+            @Override
+            public void call(Integer t) {
+                System.out.println(array.length);
+            }
+        });
+
+        co.connect();
+        ps.onNext(1); 
+        
+        memHeap = memoryMXBean.getHeapMemoryUsage();
+        long middle = memHeap.getUsed();
+
+        System.out.printf("Starting: %.3f MB%n", middle / 1024.0 / 1024.0);
+
+        s.unsubscribe();
+        s = null;
+        
+        System.gc();
+        
+        Thread.sleep(500);
+
+        memHeap = memoryMXBean.getHeapMemoryUsage();
+        long finish = memHeap.getUsed();
+        
+        System.out.printf("After: %.3f MB%n", finish / 1024.0 / 1024.0);
+
+        if (finish > initial * 5) {
+            fail(String.format("Leak: %.3f -> %.3f -> %.3f", initial / 1024 / 1024.0, middle / 1024 / 1024.0, finish / 1024 / 1024d));
+        }
+        
+    }
+    
+    @Test
+    public void replayNoRetentionUnbounded() throws Exception {
+        replayNoRetention(new Func1<Observable<Integer>, ConnectableObservable<Integer>>() {
+            @Override
+            public ConnectableObservable<Integer> call(Observable<Integer> o) {
+                return o.replay();
+            }
+        });
+    }
+
+    @Test
+    public void replayNoRetentionSizeBound() throws Exception {
+        replayNoRetention(new Func1<Observable<Integer>, ConnectableObservable<Integer>>() {
+            @Override
+            public ConnectableObservable<Integer> call(Observable<Integer> o) {
+                return o.replay(1);
+            }
+        });
+    }
+    
+    @Test
+    public void replayNoRetentionTimebound() throws Exception {
+        replayNoRetention(new Func1<Observable<Integer>, ConnectableObservable<Integer>>() {
+            @Override
+            public ConnectableObservable<Integer> call(Observable<Integer> o) {
+                return o.replay(1, TimeUnit.DAYS);
+            }
+        });
+    }
+
 }
\ No newline at end of file