Methods and systems are disclosed for determining a power budget for processor cores of a multi-core processor. The method may comprise determining or receiving a threshold temperature for each processor core of the plurality of processor cores, determining or receiving a current temperature for each processor core of the plurality of processor cores, and determining a power budget for one or more processor cores of the plurality of processor cores based on the current temperatures, the threshold temperatures, and a thermal model of the processor. Preferably, the thermal model comprises a mathematical representation of heat generation and heat flow in the processor. In an embodiment, the method may further comprise determining or receiving the thermal model.