diff --git a/packages/next/build/babel/plugins/react-loadable-plugin.ts b/packages/next/build/babel/plugins/react-loadable-plugin.ts
index f6491aac59f3b..705b5ee5a7409 100644
--- a/packages/next/build/babel/plugins/react-loadable-plugin.ts
+++ b/packages/next/build/babel/plugins/react-loadable-plugin.ts
@@ -151,7 +151,7 @@ export default function ({
                 t.binaryExpression(
                   '+',
                   t.stringLiteral(
-                    (state.file.opts.caller.pagesDir
+                    (state.file.opts.caller?.pagesDir
                       ? relativePath(
                           state.file.opts.caller.pagesDir,
                           state.file.opts.filename