diff --git a/crates/ruff_linter/resources/test/fixtures/pycodestyle/E25.py b/crates/ruff_linter/resources/test/fixtures/pycodestyle/E25.py
index 7c13205ae1..9d8bddac42 100644
--- a/crates/ruff_linter/resources/test/fixtures/pycodestyle/E25.py
+++ b/crates/ruff_linter/resources/test/fixtures/pycodestyle/E25.py
@@ -54,3 +54,8 @@ f"{a=}"
 f"{a:=1}"
 f"{foo(a=1)}"
 f"normal {f"{a=}"} normal"
+
+# Okay as the `=` is used inside a f-string...
+print(f"{foo = }")
+# ...but then it creates false negatives for now
+print(f"{foo(a = 1)}")
diff --git a/crates/ruff_linter/src/rules/pycodestyle/rules/logical_lines/whitespace_around_named_parameter_equals.rs b/crates/ruff_linter/src/rules/pycodestyle/rules/logical_lines/whitespace_around_named_parameter_equals.rs
index 7f5984c33f..35002a642e 100644
--- a/crates/ruff_linter/src/rules/pycodestyle/rules/logical_lines/whitespace_around_named_parameter_equals.rs
+++ b/crates/ruff_linter/src/rules/pycodestyle/rules/logical_lines/whitespace_around_named_parameter_equals.rs
@@ -94,6 +94,7 @@ pub(crate) fn whitespace_around_named_parameter_equals(
     context: &mut LogicalLinesContext,
 ) {
     let mut parens = 0u32;
+    let mut fstrings = 0u32;
     let mut annotated_func_arg = false;
     let mut prev_end = TextSize::default();
 
@@ -108,6 +109,8 @@ pub(crate) fn whitespace_around_named_parameter_equals(
         }
 
         match kind {
+            TokenKind::FStringStart => fstrings += 1,
+            TokenKind::FStringEnd => fstrings = fstrings.saturating_sub(1),
             TokenKind::Lpar | TokenKind::Lsqb => {
                 parens = parens.saturating_add(1);
             }
@@ -124,7 +127,7 @@ pub(crate) fn whitespace_around_named_parameter_equals(
             TokenKind::Comma if parens == 1 => {
                 annotated_func_arg = false;
             }
-            TokenKind::Equal if parens > 0 => {
+            TokenKind::Equal if parens > 0 && fstrings == 0 => {
                 if annotated_func_arg && parens == 1 {
                     let start = token.start();
                     if start == prev_end && prev_end != TextSize::new(0) {