diff --git a/NEWS.md b/NEWS.md
index 72125de47d1e17..675fc088c19bb2 100644
--- a/NEWS.md
+++ b/NEWS.md
@@ -70,6 +70,8 @@ Deprecated or removed
     to get an appropriate task-local buffer and pass it to `grisu()` instead ([#29907]).
   * The internal function `Base._default_type(T)` has been removed. Calls to it should be
     replaced with just the argument `T` ([#29739]).
+  * `peakflops` have been scheduled to move from `InteractiveUtils` to `LinearAlgebra`
+    but is already now available as `LinearAlgebra.peakflops` ([#29978]).
 
 <!--- generated by NEWS-update.jl: -->
 [#28156]: https://github.com/JuliaLang/julia/issues/28156
diff --git a/stdlib/InteractiveUtils/src/InteractiveUtils.jl b/stdlib/InteractiveUtils/src/InteractiveUtils.jl
index b85403f581e1bb..2653dc410c85fc 100644
--- a/stdlib/InteractiveUtils/src/InteractiveUtils.jl
+++ b/stdlib/InteractiveUtils/src/InteractiveUtils.jl
@@ -316,9 +316,9 @@ export peakflops
 [`gemm!`](@ref LinearAlgebra.BLAS.gemm!). For more information see
 [`LinearAlgebra.peakflops`](@ref).
 
-!!! note
-    This function will move to the `LinearAlgebra` standard library in the
-    future, and is already available as `LinearAlgebra.peakflops`.
+!!! compat "Julia 1.1"
+    This function will be moved from `InteractiveUtils` to `LinearAlgebra` in the
+    future. In Julia 1.1 and later it is available as `LinearAlgebra.peakflops`.
 """
 function peakflops(n::Integer=2000; parallel::Bool=false)
     # Base.depwarn("`peakflop`s have moved to the LinearAlgebra module, " *
diff --git a/stdlib/LinearAlgebra/src/LinearAlgebra.jl b/stdlib/LinearAlgebra/src/LinearAlgebra.jl
index 57b48b424c70c3..e4bc35dab03e2b 100644
--- a/stdlib/LinearAlgebra/src/LinearAlgebra.jl
+++ b/stdlib/LinearAlgebra/src/LinearAlgebra.jl
@@ -392,6 +392,10 @@ If the keyword argument `parallel` is set to `true`, `peakflops` is run in paral
 the worker processors. The flop rate of the entire parallel computer is returned. When
 running in parallel, only 1 BLAS thread is used. The argument `n` still refers to the size
 of the problem that is solved on each processor.
+
+!!! compat "Julia 1.1"
+    This function requires at least Julia 1.1. In Julia 1.0 it is available from
+    the standard library `InteractiveUtils`.
 """
 function peakflops(n::Integer=2000; parallel::Bool=false)
     a = fill(1.,100,100)