diff --git a/CHANGES.rst b/CHANGES.rst
index d0015766..44daf34f 100644
--- a/CHANGES.rst
+++ b/CHANGES.rst
@@ -16,6 +16,10 @@ Fix initialization without running loop
 693.doc
 Update docs and examples to not use deprecated practices like passing loop explicitly
 
+699.removal
+Add deprecation warning when loop argument to AIOKafkaConsumer and AIOKafkaProducer is passed.
+It's scheduled for removal in 0.8.0 as a preparation step towards upcoming Python 3.10
+
 
 0.7.0 (2020-10-28)
 ==================
diff --git a/aiokafka/consumer/consumer.py b/aiokafka/consumer/consumer.py
index be7a78cc..559d8271 100644
--- a/aiokafka/consumer/consumer.py
+++ b/aiokafka/consumer/consumer.py
@@ -255,6 +255,10 @@ def __init__(self, *topics, loop=None,
                  sasl_oauth_token_provider=None):
         if loop is None:
             loop = get_running_loop()
+        else:
+            warnings.warn("The loop argument is deprecated since 0.7.1, "
+                          "and scheduled for removal in 0.8.0",
+                          DeprecationWarning, stacklevel=2)
 
         if max_poll_records is not None and (
                 not isinstance(max_poll_records, int) or max_poll_records < 1):
diff --git a/aiokafka/producer/producer.py b/aiokafka/producer/producer.py
index b763de0c..25841bd1 100644
--- a/aiokafka/producer/producer.py
+++ b/aiokafka/producer/producer.py
@@ -192,6 +192,10 @@ def __init__(self, *, loop=None, bootstrap_servers='localhost',
                  sasl_oauth_token_provider=None):
         if loop is None:
             loop = get_running_loop()
+        else:
+            warnings.warn("The loop argument is deprecated since 0.7.1, "
+                          "and scheduled for removal in 0.8.0",
+                          DeprecationWarning, stacklevel=2)
         if loop.get_debug():
             self._source_traceback = traceback.extract_stack(sys._getframe(1))
         self._loop = loop
diff --git a/tests/test_consumer.py b/tests/test_consumer.py
index f3ede36e..79f7ba21 100644
--- a/tests/test_consumer.py
+++ b/tests/test_consumer.py
@@ -119,8 +119,9 @@ async def test_simple_consumer(self):
     @run_in_thread
     def test_create_consumer_no_running_loop(self):
         loop = asyncio.new_event_loop()
-        consumer = AIOKafkaConsumer(
-            self.topic, bootstrap_servers=self.hosts, loop=loop)
+        with pytest.deprecated_call():
+            consumer = AIOKafkaConsumer(
+                self.topic, bootstrap_servers=self.hosts, loop=loop)
         loop.run_until_complete(consumer.start())
         try:
             loop.run_until_complete(
diff --git a/tests/test_producer.py b/tests/test_producer.py
index 3a77744f..f57dbd46 100644
--- a/tests/test_producer.py
+++ b/tests/test_producer.py
@@ -136,7 +136,8 @@ async def test_producer_send(self):
     @run_in_thread
     def test_create_producer_no_running_loop(self):
         loop = asyncio.new_event_loop()
-        producer = AIOKafkaProducer(bootstrap_servers=self.hosts, loop=loop)
+        with pytest.deprecated_call():
+            producer = AIOKafkaProducer(bootstrap_servers=self.hosts, loop=loop)
         loop.run_until_complete(producer.start())
         try:
             future = loop.run_until_complete(