diff --git a/nova/conf/neutron.py b/nova/conf/neutron.py
index a0359c6a3613..46a73ca74fc8 100644
--- a/nova/conf/neutron.py
+++ b/nova/conf/neutron.py
@@ -52,12 +52,20 @@ region the request is coming from.
     cfg.StrOpt('ovs_bridge',
          default='br-int',
          help="""
+Default name for the Open vSwitch integration bridge.
+
 Specifies the name of an integration bridge interface used by OpenvSwitch.
-This option is used only if Neutron does not specify the OVS bridge name.
+This option is only used if Neutron does not specify the OVS bridge name in
+port binding responses.
+"""),
+    cfg.StrOpt('default_floating_pool',
+        default='nova',
+        help="""
+Default name for the floating IP pool.
 
-Possible values:
-
-* Any string representing OVS bridge name.
+Specifies the name of floating IP pool used for allocating floating IPs. This
+option is only used if Neutron does not specify the floating IP pool name in
+port binding reponses.
 """),
     cfg.IntOpt('extension_sync_interval',
          default=600,
diff --git a/nova/network/neutronv2/api.py b/nova/network/neutronv2/api.py
index a02fe89f7517..e4203e0bc1a0 100644
--- a/nova/network/neutronv2/api.py
+++ b/nova/network/neutronv2/api.py
@@ -1914,10 +1914,27 @@ class API(base_api.NetworkAPI):
                    % name_or_id)
             raise exception.NovaException(message=msg)
 
+    def _get_default_floating_ip_pool_name(self):
+        """Get default pool name from config.
+
+        TODO(stephenfin): Remove this helper function in Queens, opting to
+        use the [neutron] option only.
+        """
+        if CONF.default_floating_pool != 'nova':
+            LOG.warning(_LW("Config option 'default_floating_pool' is set to "
+                            "a non-default value. Falling back to this value "
+                            "for now but this behavior will change in a "
+                            "future release. You should unset this value "
+                            "and set the '[neutron] default_floating_pool' "
+                            "option instead."))
+            return CONF.default_floating_pool
+
+        return CONF.neutron.default_floating_pool
+
     def allocate_floating_ip(self, context, pool=None):
         """Add a floating IP to a project from a pool."""
         client = get_client(context)
-        pool = pool or CONF.default_floating_pool
+        pool = pool or self._get_default_floating_ip_pool_name()
         pool_id = self._get_floating_ip_pool_id_by_name_or_id(client, pool)
 
         param = {'floatingip': {'floating_network_id': pool_id}}
diff --git a/releasenotes/notes/add-neutron-floating_pool-option-cba402c2de407b78.yaml b/releasenotes/notes/add-neutron-floating_pool-option-cba402c2de407b78.yaml
new file mode 100644
index 000000000000..b95d1ae60e14
--- /dev/null
+++ b/releasenotes/notes/add-neutron-floating_pool-option-cba402c2de407b78.yaml
@@ -0,0 +1,7 @@
+---
+upgrade:
+  - |
+    A ``default_floating_pool`` configuration option has been added in the
+    ``[neutron]`` group. The existing ``default_floating_pool`` option in the
+    ``[DEFAULT]`` group is retained and should be used by nova-network users.
+    Neutron users meanwhile should migrate to the new option.