diff --git a/Lib/socket.py b/Lib/socket.py
index 740e71782af2c3..1ada24d3326422 100644
--- a/Lib/socket.py
+++ b/Lib/socket.py
@@ -711,6 +711,8 @@ def create_connection(address, timeout=_GLOBAL_DEFAULT_TIMEOUT,
             if source_address:
                 sock.bind(source_address)
             sock.connect(sa)
+            # Break explicitly a reference cycle
+            err = None
             return sock
 
         except error as _:
diff --git a/Misc/NEWS.d/next/Library/2017-09-13-18-05-56.bpo-31234.lGkcPg.rst b/Misc/NEWS.d/next/Library/2017-09-13-18-05-56.bpo-31234.lGkcPg.rst
new file mode 100644
index 00000000000000..e522e8e9527ecd
--- /dev/null
+++ b/Misc/NEWS.d/next/Library/2017-09-13-18-05-56.bpo-31234.lGkcPg.rst
@@ -0,0 +1,2 @@
+socket.create_connection() now fixes manually a reference cycle: clear the
+variable storing the last exception on success.