diff --git a/packages/next/src/server/app-render/encryption.ts b/packages/next/src/server/app-render/encryption.ts
index 59ffb87369d35..70f864c8ba415 100644
--- a/packages/next/src/server/app-render/encryption.ts
+++ b/packages/next/src/server/app-render/encryption.ts
@@ -23,6 +23,8 @@ import {
   stringToUint8Array,
 } from './encryption-utils'
 
+import type { ManifestNode } from '../../build/webpack/plugins/flight-manifest-plugin'
+
 const textEncoder = new TextEncoder()
 const textDecoder = new TextDecoder()
 
@@ -97,6 +99,13 @@ export async function decryptActionBoundArgs(
   // Decrypt the serialized string with the action id as the salt.
   const decryped = await decodeActionBoundArg(actionId, await encrypted)
 
+  // TODO: We can't use the client reference manifest to resolve the modules
+  // on the server side - instead they need to be recovered as the module
+  // references (proxies) again.
+  // For now, we'll just use an empty module map.
+  const ssrModuleMap: {
+    [moduleExport: string]: ManifestNode
+  } = {}
   // Using Flight to deserialize the args from the string.
   const deserialized = await createFromReadableStream(
     new ReadableStream({
@@ -107,12 +116,11 @@ export async function decryptActionBoundArgs(
     }),
     {
       ssrManifest: {
-        // TODO: We can't use the client reference manifest to resolve the modules
-        // on the server side - instead they need to be recovered as the module
-        // references (proxies) again.
-        // For now, we'll just use an empty module map.
-        moduleLoading: {},
-        moduleMap: {},
+        // moduleLoading must be null because we don't want to trigger preloads of ClientReferences
+        // to be added to the current execution. Instead, we'll wait for any ClientReference
+        // to be emitted which themselves will handle the preloading.
+        moduleLoading: null,
+        moduleMap: ssrModuleMap,
       },
     }
   )
diff --git a/packages/next/src/server/use-cache/use-cache-wrapper.ts b/packages/next/src/server/use-cache/use-cache-wrapper.ts
index ecfe5c7675cbf..5cec14e907507 100644
--- a/packages/next/src/server/use-cache/use-cache-wrapper.ts
+++ b/packages/next/src/server/use-cache/use-cache-wrapper.ts
@@ -15,6 +15,13 @@ import {
 import type { StaticGenerationStore } from '../../client/components/static-generation-async-storage.external'
 import { staticGenerationAsyncStorage } from '../../client/components/static-generation-async-storage.external'
 
+import {
+  getClientReferenceManifestSingleton,
+  getServerModuleMap,
+} from '../app-render/encryption-utils'
+
+import type { ManifestNode } from '../../build/webpack/plugins/flight-manifest-plugin'
+
 type CacheEntry = {
   value: ReadableStream
   stale: boolean
@@ -63,13 +70,6 @@ cacheHandlerMap.set('default', {
   shouldRevalidateStale: false,
 })
 
-const serverManifest: any = null // TODO
-const clientManifest: any = null // TODO
-const ssrManifest: any = {
-  moduleMap: {},
-  moduleLoading: null,
-} // TODO
-
 // TODO: Consider moving this another module that is guaranteed to be required in a safe scope.
 const runInCleanSnapshot = createSnapshot()
 
@@ -81,9 +81,14 @@ async function generateCacheEntry(
   fn: any
 ): Promise<ReadableStream> {
   const temporaryReferences = createServerTemporaryReferenceSet()
-  const [, args] = await decodeReply<any[]>(encodedArguments, serverManifest, {
-    temporaryReferences,
-  })
+
+  const [, args] = await decodeReply<any[]>(
+    encodedArguments,
+    getServerModuleMap(),
+    {
+      temporaryReferences,
+    }
+  )
 
   // Invoke the inner function to load a new result.
   const result = fn.apply(null, args)
@@ -91,18 +96,24 @@ async function generateCacheEntry(
   let didError = false
   let firstError: any = null
 
-  const stream = renderToReadableStream(result, clientManifest, {
-    environmentName: 'Cache',
-    temporaryReferences,
-    onError(error: any) {
-      // Report the error.
-      console.error(error)
-      if (!didError) {
-        didError = true
-        firstError = error
-      }
-    },
-  })
+  const clientReferenceManifestSingleton = getClientReferenceManifestSingleton()
+
+  const stream = renderToReadableStream(
+    result,
+    clientReferenceManifestSingleton.clientModules,
+    {
+      environmentName: 'Cache',
+      temporaryReferences,
+      onError(error: any) {
+        // Report the error.
+        console.error(error)
+        if (!didError) {
+          didError = true
+          firstError = error
+        }
+      },
+    }
+  )
 
   const [returnStream, savedStream] = stream.tee()
 
@@ -235,6 +246,22 @@ export function cache(kind: string, id: string, fn: any) {
       // server terminal. Once while generating the cache entry and once when replaying it on
       // the server, which is required to pick it up for replaying again on the client.
       const replayConsoleLogs = true
+
+      // TODO: We can't use the client reference manifest to resolve the modules
+      // on the server side - instead they need to be recovered as the module
+      // references (proxies) again.
+      // For now, we'll just use an empty module map.
+      const ssrModuleMap: {
+        [moduleExport: string]: ManifestNode
+      } = {}
+
+      const ssrManifest = {
+        // moduleLoading must be null because we don't want to trigger preloads of ClientReferences
+        // to be added to the consumer. Instead, we'll wait for any ClientReference to be emitted
+        // which themselves will handle the preloading.
+        moduleLoading: null,
+        moduleMap: ssrModuleMap,
+      }
       return createFromReadableStream(stream, {
         ssrManifest,
         temporaryReferences,