diff --git a/packages/next/src/shared/lib/app-dynamic.tsx b/packages/next/src/shared/lib/app-dynamic.tsx
index 6884ad9d35c36..9efbc8aed56b6 100644
--- a/packages/next/src/shared/lib/app-dynamic.tsx
+++ b/packages/next/src/shared/lib/app-dynamic.tsx
@@ -1,34 +1,18 @@
 import React from 'react'
 import Loadable from './lazy-dynamic/loadable'
 
-type ComponentModule<P = {}> = { default: React.ComponentType<P> }
-
-export declare type LoaderComponent<P = {}> = Promise<
-  React.ComponentType<P> | ComponentModule<P>
->
-
-export declare type Loader<P = {}> = () => LoaderComponent<P>
-
-export type LoaderMap = { [module: string]: () => Loader<any> }
-
-export type LoadableGeneratedOptions = {
-  webpack?(): any
-  modules?(): LoaderMap
-}
-
-export type DynamicOptionsLoadingProps = {
-  error?: Error | null
-  isLoading?: boolean
-  pastDelay?: boolean
-  retry?: () => void
-  timedOut?: boolean
-}
-
-// Normalize loader to return the module as form { default: Component } for `React.lazy`.
-// Also for backward compatible since next/dynamic allows to resolve a component directly with loader
-// Client component reference proxy need to be converted to a module.
-function convertModule<P>(mod: React.ComponentType<P> | ComponentModule<P>) {
-  return { default: (mod as ComponentModule<P>)?.default || mod }
+import type {
+  LoadableGeneratedOptions,
+  DynamicOptionsLoadingProps,
+  Loader,
+  LoaderComponent,
+} from './lazy-dynamic/types'
+
+export {
+  type LoadableGeneratedOptions,
+  type DynamicOptionsLoadingProps,
+  type Loader,
+  type LoaderComponent,
 }
 
 export type DynamicOptions<P = {}> = LoadableGeneratedOptions & {
@@ -50,8 +34,6 @@ export default function dynamic<P = {}>(
   dynamicOptions: DynamicOptions<P> | Loader<P>,
   options?: DynamicOptions<P>
 ): React.ComponentType<P> {
-  const loadableFn: LoadableFn<P> = Loadable
-
   const loadableOptions: LoadableOptions<P> = {
     // A loading component is not required, so we default it
     loading: ({ error, isLoading, pastDelay }) => {
@@ -78,13 +60,5 @@ export default function dynamic<P = {}>(
     loadableOptions.loader = dynamicOptions
   }
 
-  Object.assign(loadableOptions, options)
-
-  const loaderFn = loadableOptions.loader as () => LoaderComponent<P>
-  const loader = () =>
-    loaderFn != null
-      ? loaderFn().then(convertModule)
-      : Promise.resolve(convertModule(() => null))
-
-  return loadableFn({ ...loadableOptions, loader: loader as Loader<P> })
+  return Loadable({ ...loadableOptions, ...options })
 }
diff --git a/packages/next/src/shared/lib/lazy-dynamic/loadable.tsx b/packages/next/src/shared/lib/lazy-dynamic/loadable.tsx
index 69b41545e6a96..d5dc700d8ee53 100644
--- a/packages/next/src/shared/lib/lazy-dynamic/loadable.tsx
+++ b/packages/next/src/shared/lib/lazy-dynamic/loadable.tsx
@@ -1,33 +1,42 @@
-import React from 'react'
+import { Suspense, lazy, Fragment } from 'react'
 import { NoSSR } from './dynamic-no-ssr'
+import type { ComponentModule } from './types'
+
+// Normalize loader to return the module as form { default: Component } for `React.lazy`.
+// Also for backward compatible since next/dynamic allows to resolve a component directly with loader
+// Client component reference proxy need to be converted to a module.
+function convertModule<P>(mod: React.ComponentType<P> | ComponentModule<P>) {
+  return { default: (mod as ComponentModule<P>)?.default || mod }
+}
 
 function Loadable(options: any) {
-  const opts = Object.assign(
-    {
-      loader: null,
-      loading: null,
-      ssr: true,
-    },
-    options
-  )
+  const opts = {
+    loader: null,
+    loading: null,
+    ssr: true,
+    ...options,
+  }
 
-  opts.lazy = React.lazy(opts.loader)
+  const loader = () =>
+    opts.loader != null
+      ? opts.loader().then(convertModule)
+      : Promise.resolve(convertModule(() => null))
+
+  const Lazy = lazy(loader)
+  const Loading = opts.loading
+  const Wrap = opts.ssr ? Fragment : NoSSR
 
   function LoadableComponent(props: any) {
-    const Loading = opts.loading
-    const fallbackElement = (
+    const fallbackElement = Loading ? (
       <Loading isLoading={true} pastDelay={true} error={null} />
-    )
-
-    const Wrap = opts.ssr ? React.Fragment : NoSSR
-    const Lazy = opts.lazy
+    ) : null
 
     return (
-      <React.Suspense fallback={fallbackElement}>
+      <Suspense fallback={fallbackElement}>
         <Wrap>
           <Lazy {...props} />
         </Wrap>
-      </React.Suspense>
+      </Suspense>
     )
   }
 
diff --git a/packages/next/src/shared/lib/lazy-dynamic/types.ts b/packages/next/src/shared/lib/lazy-dynamic/types.ts
new file mode 100644
index 0000000000000..64b8209cbfd2b
--- /dev/null
+++ b/packages/next/src/shared/lib/lazy-dynamic/types.ts
@@ -0,0 +1,22 @@
+export type ComponentModule<P = {}> = { default: React.ComponentType<P> }
+
+export declare type LoaderComponent<P = {}> = Promise<
+  React.ComponentType<P> | ComponentModule<P>
+>
+
+export declare type Loader<P = {}> = () => LoaderComponent<P>
+
+export type LoaderMap = { [module: string]: () => Loader<any> }
+
+export type LoadableGeneratedOptions = {
+  webpack?(): any
+  modules?(): LoaderMap
+}
+
+export type DynamicOptionsLoadingProps = {
+  error?: Error | null
+  isLoading?: boolean
+  pastDelay?: boolean
+  retry?: () => void
+  timedOut?: boolean
+}