diff --git a/.github/workflows/coverage.yml b/.github/workflows/coverage.yml
index 1cb82d976736..bf31e54872c2 100644
--- a/.github/workflows/coverage.yml
+++ b/.github/workflows/coverage.yml
@@ -45,8 +45,8 @@ jobs:
           stestr run
           # We set the --source-dir to '.' because we want all paths to appear relative to the repo
           # root (we need to combine them with the Python ones), but we only care about `grcov`
-          # keeping the `src/*` files; we don't care about coverage in dependencies.
-          grcov . --binary-path target/debug/ --source-dir . --output-type lcov --output-path rust.info --llvm --branch --parallel --keep-only 'src/*'
+          # keeping the `crates/*` files; we don't care about coverage in dependencies.
+          grcov . --binary-path target/debug/ --source-dir . --output-type lcov --output-path rust.info --llvm --branch --parallel --keep-only 'crates/*'
         env:
           QISKIT_TEST_CAPTURE_STREAMS: 1
           QISKIT_PARALLEL: FALSE
diff --git a/Cargo.lock b/Cargo.lock
index e392767ad8e6..becd4597ed46 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -45,9 +45,9 @@ checksum = "baf1de4339761588bc0619e3cbc0120ee582ebb74b53b4efbf79117bd2da40fd"
 
 [[package]]
 name = "crossbeam-channel"
-version = "0.5.6"
+version = "0.5.7"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "c2dd04ddaf88237dc3b8d8f9a3c1004b506b54b3313403944054d23c0870c521"
+checksum = "cf2b3e8478797446514c91ef04bafcb59faba183e621ad488df88983cc14128c"
 dependencies = [
  "cfg-if",
  "crossbeam-utils",
@@ -55,9 +55,9 @@ dependencies = [
 
 [[package]]
 name = "crossbeam-deque"
-version = "0.8.2"
+version = "0.8.3"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "715e8152b692bba2d374b53d4875445368fdf21a94751410af607a5ac677d1fc"
+checksum = "ce6fd6f855243022dcecf8702fef0c297d4338e226845fe067f6341ad9fa0cef"
 dependencies = [
  "cfg-if",
  "crossbeam-epoch",
@@ -66,31 +66,31 @@ dependencies = [
 
 [[package]]
 name = "crossbeam-epoch"
-version = "0.9.13"
+version = "0.9.14"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "01a9af1f4c2ef74bb8aa1f7e19706bc72d03598c8a570bb5de72243c7a9d9d5a"
+checksum = "46bd5f3f85273295a9d14aedfb86f6aadbff6d8f5295c4a9edb08e819dcf5695"
 dependencies = [
  "autocfg",
  "cfg-if",
  "crossbeam-utils",
- "memoffset 0.7.1",
+ "memoffset",
  "scopeguard",
 ]
 
 [[package]]
 name = "crossbeam-utils"
-version = "0.8.14"
+version = "0.8.15"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "4fb766fa798726286dbbb842f174001dab8abc7b627a1dd86e0b7222a95d929f"
+checksum = "3c063cd8cc95f5c377ed0d4b49a4b21f632396ff690e8470c29b3359b346984b"
 dependencies = [
  "cfg-if",
 ]
 
 [[package]]
 name = "either"
-version = "1.8.0"
+version = "1.8.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "90e5c1c8368803113bf0c9584fc495a58b86dc8a29edbf8fe877d21d9507e797"
+checksum = "7fcaabb2fef8c910e7f4c7ce9f67a1283a1715879a7c230ca9d6d1ae31f16d91"
 
 [[package]]
 name = "fixedbitset"
@@ -157,9 +157,9 @@ dependencies = [
 
 [[package]]
 name = "indoc"
-version = "1.0.8"
+version = "1.0.9"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "da2d6f23ffea9d7e76c53eee25dfb67bcd8fde7f1198b0855350698c9f07c780"
+checksum = "bfa799dd5ed20a7e349f3b4639aa80d74549c81716d9ec4f994c9b5815598306"
 
 [[package]]
 name = "libc"
@@ -192,15 +192,6 @@ dependencies = [
  "rawpointer",
 ]
 
-[[package]]
-name = "memoffset"
-version = "0.7.1"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "5de893c32cde5f383baa4c04c5d6dbdd735cfd4a794b0debdb2bb1b421da5ff4"
-dependencies = [
- "autocfg",
-]
-
 [[package]]
 name = "memoffset"
 version = "0.8.0"
@@ -291,9 +282,9 @@ dependencies = [
 
 [[package]]
 name = "once_cell"
-version = "1.17.0"
+version = "1.17.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "6f61fba1741ea2b3d6a1e3178721804bb716a68a6aeba1149b5d52e3d464ea66"
+checksum = "b7e5500299e16ebb147ae15a00a942af264cf3688f47923b8fc2cd5858f23ad3"
 
 [[package]]
 name = "parking_lot"
@@ -307,9 +298,9 @@ dependencies = [
 
 [[package]]
 name = "parking_lot_core"
-version = "0.9.6"
+version = "0.9.7"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "ba1ef8814b5c993410bb3adfad7a5ed269563e4a2f90c41f5d85be7fb47133bf"
+checksum = "9069cbb9f99e3a5083476ccb29ceb1de18b9118cafa53e90c9551235de2b9521"
 dependencies = [
  "cfg-if",
  "libc",
@@ -320,9 +311,9 @@ dependencies = [
 
 [[package]]
 name = "petgraph"
-version = "0.6.2"
+version = "0.6.3"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "e6d5014253a1331579ce62aa67443b4a658c5e7dd03d4bc6d302b94474888143"
+checksum = "4dd7d28ee937e54fe3080c91faa1c3a46c06de6252988a7f4592ba2310ef22a4"
 dependencies = [
  "fixedbitset",
  "indexmap",
@@ -336,9 +327,9 @@ checksum = "5b40af805b3121feab8a3c29f04d8ad262fa8e0561883e7653e024ae4479e6de"
 
 [[package]]
 name = "priority-queue"
-version = "1.3.0"
+version = "1.3.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "d7685ca4cc0b3ad748c22ce6803e23b55b9206ef7715b965ebeaf41639238fdc"
+checksum = "5ca9c6be70d989d21a136eb86c2d83e4b328447fac4a88dace2143c179c86267"
 dependencies = [
  "autocfg",
  "indexmap",
@@ -346,9 +337,9 @@ dependencies = [
 
 [[package]]
 name = "proc-macro2"
-version = "1.0.50"
+version = "1.0.51"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "6ef7d57beacfaf2d8aee5937dab7b7f28de3cb8b1828479bb5de2a7106f2bae2"
+checksum = "5d727cae5b39d21da60fa540906919ad737832fe0b1c165da3a34d6548c849d6"
 dependencies = [
  "unicode-ident",
 ]
@@ -364,7 +355,7 @@ dependencies = [
  "indexmap",
  "indoc",
  "libc",
- "memoffset 0.8.0",
+ "memoffset",
  "num-bigint",
  "num-complex",
  "parking_lot",
@@ -418,7 +409,7 @@ dependencies = [
 ]
 
 [[package]]
-name = "qiskit-terra"
+name = "qiskit_accelerate"
 version = "0.24.0"
 dependencies = [
  "ahash 0.8.3",
@@ -567,9 +558,9 @@ checksum = "a507befe795404456341dfab10cef66ead4c041f62b8b11bbb92bffe5d0953e0"
 
 [[package]]
 name = "syn"
-version = "1.0.107"
+version = "1.0.109"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "1f4064b5b16e03ae50984a5a8ed5d4f8803e6bc1fd170a3cda91a1be4b18e3f5"
+checksum = "72b64191b275b66ffe2469e8af2c1cfe3bafa67b529ead792a6d0160888b4237"
 dependencies = [
  "proc-macro2",
  "quote",
@@ -578,15 +569,15 @@ dependencies = [
 
 [[package]]
 name = "target-lexicon"
-version = "0.12.5"
+version = "0.12.6"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "9410d0f6853b1d94f0e519fb95df60f29d2c1eff2d921ffdf01a4c8a3b54f12d"
+checksum = "8ae9980cab1db3fceee2f6c6f643d5d8de2997c58ee8d25fb0cc8a9e9e7348e5"
 
 [[package]]
 name = "unicode-ident"
-version = "1.0.6"
+version = "1.0.8"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "84a22b9f218b40614adcb3f4ff08b703773ad44fa9423e4e0d346d5db86e4ebc"
+checksum = "e5464a87b239f13a63a501f2701565754bae92d243d4bb7eb12f6d57d2269bf4"
 
 [[package]]
 name = "unindent"
@@ -608,9 +599,18 @@ checksum = "9c8d87e72b64a3b4db28d11ce29237c246188f4f51057d65a7eab63b7987e423"
 
 [[package]]
 name = "windows-sys"
-version = "0.42.0"
+version = "0.45.0"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "75283be5efb2831d37ea142365f009c02ec203cd29a3ebecbc093d52315b66d0"
+dependencies = [
+ "windows-targets",
+]
+
+[[package]]
+name = "windows-targets"
+version = "0.42.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "5a3e1820f08b8513f676f7ab6c1f99ff312fb97b553d30ff4dd86f9f15728aa7"
+checksum = "8e2522491fbfcd58cc84d47aeb2958948c4b8982e9a2d8a2a35bbaed431390e7"
 dependencies = [
  "windows_aarch64_gnullvm",
  "windows_aarch64_msvc",
diff --git a/Cargo.toml b/Cargo.toml
index 1db82bf185fe..ece643e5c8fe 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -1,42 +1,14 @@
-[package]
-name = "qiskit-terra"
+[workspace]
+members = ["crates/*"]
+
+# This has no meaning until we're on Rust 1.64, but once we get there, the subpackages will be able
+# to inherit from this rather than needing to duplicate its content themselves.  Until we get there,
+# keep this in sync with each subpackage `Cargo.toml`'s `package` key.
+[workspace.package]
 version = "0.24.0"
 edition = "2021"
-# Keep in sync with README.md and rust-toolchain.toml.
-rust-version = "1.61"
-
-# See more keys and their definitions at https://doc.rust-lang.org/cargo/reference/manifest.html
-
-[lib]
-name = "qiskit_accelerate"
-crate-type = ["cdylib"]
-
-[dependencies]
-rayon = "1.7"
-numpy = "0.18.0"
-rand = "0.8"
-rand_pcg = "0.3"
-rand_distr = "0.4.3"
-ahash = "0.8.3"
-num-complex = "0.4"
-num-bigint = "0.4"
-rustworkx-core = "0.12"
-
-[dependencies.pyo3]
-version = "0.18.1"
-features = ["extension-module", "hashbrown", "num-complex", "num-bigint", "indexmap"]
-
-[dependencies.ndarray]
-version = "^0.15.6"
-features = ["rayon"]
-
-[dependencies.hashbrown]
-version = "0.13.2"
-features = ["rayon"]
-
-[dependencies.indexmap]
-version = "1.9"
-features = ["rayon"]
+rust-version = "1.61"  # Keep in sync with README.md and rust-toolchain.toml.
+license = "Apache-2.0"
 
 [profile.release]
 lto = 'fat'
diff --git a/MANIFEST.in b/MANIFEST.in
index 9d3fae282ed0..4af4594ace58 100644
--- a/MANIFEST.in
+++ b/MANIFEST.in
@@ -18,4 +18,4 @@ include test/python/notebooks/*.ipynb
 
 include Cargo.toml
 include Cargo.lock
-recursive-include src *
+recursive-include crates *
diff --git a/crates/accelerate/Cargo.toml b/crates/accelerate/Cargo.toml
new file mode 100644
index 000000000000..5021bb523c33
--- /dev/null
+++ b/crates/accelerate/Cargo.toml
@@ -0,0 +1,41 @@
+[package]
+name = "qiskit_accelerate"
+# The following options can be inherited with (e.g.) `version.workspace = true` once we hit Rust
+# 1.64.  Until then, keep in sync with the root `Cargo.toml`.
+version = "0.24.0"
+edition = "2021"
+rust-version = "1.61"
+license = "Apache-2.0"
+
+[lib]
+name = "qiskit_accelerate"
+crate-type = ["cdylib"]
+
+[dependencies]
+rayon = "1.7"
+numpy = "0.18.0"
+rand = "0.8"
+rand_pcg = "0.3"
+rand_distr = "0.4.3"
+ahash = "0.8.3"
+num-complex = "0.4"
+num-bigint = "0.4"
+rustworkx-core = "0.12"
+
+# The base version of PyO3 and setting a minimum feature set (e.g. probably just 'extension-module')
+# can be done in the workspace and inherited once we hit Rust 1.64.
+[dependencies.pyo3]
+version = "0.18.1"
+features = ["extension-module", "hashbrown", "indexmap", "num-complex", "num-bigint"]
+
+[dependencies.ndarray]
+version = "^0.15.6"
+features = ["rayon"]
+
+[dependencies.hashbrown]
+version = "0.13.2"
+features = ["rayon"]
+
+[dependencies.indexmap]
+version = "1.9"
+features = ["rayon"]
diff --git a/crates/accelerate/README.md b/crates/accelerate/README.md
new file mode 100644
index 000000000000..65f4eebe5844
--- /dev/null
+++ b/crates/accelerate/README.md
@@ -0,0 +1,21 @@
+# `qiskit._accelerate`
+
+This crate provides a bits-and-pieces Python extension module for small, self-contained functions
+that are used by the main Python-space components to accelerate certain tasks.  If you're trying to
+speed up one particular Python function by replacing its innards with a Rust one, this is the best
+place to put the code.  This is _usually_ the right place to put Rust/Python interfacing code.
+
+The crate is made accessible as a private submodule, `qiskit._accelerate`.  There are submodules
+within that (largely matching the structure of the Rust code) mostly for grouping similar functions.
+
+Some examples of when it might be more appropriate to start a new crate instead of using the
+ready-made solution of `qiskit._accelerate`:
+
+* The feature you are developing will have a large amount of domain-specific Rust code and is a
+  large self-contained module.  If it reasonably works in a single Rust file, you probably just want
+  to put it here.
+
+* The Rust code is for re-use within other Qiskit crates and maintainability of the code will be
+  helped by using the crate system to provide API boundaries between the different sections.
+
+* You want to start writing your own procedural macros.
diff --git a/src/dense_layout.rs b/crates/accelerate/src/dense_layout.rs
similarity index 100%
rename from src/dense_layout.rs
rename to crates/accelerate/src/dense_layout.rs
diff --git a/src/edge_collections.rs b/crates/accelerate/src/edge_collections.rs
similarity index 100%
rename from src/edge_collections.rs
rename to crates/accelerate/src/edge_collections.rs
diff --git a/src/error_map.rs b/crates/accelerate/src/error_map.rs
similarity index 100%
rename from src/error_map.rs
rename to crates/accelerate/src/error_map.rs
diff --git a/src/euler_one_qubit_decomposer.rs b/crates/accelerate/src/euler_one_qubit_decomposer.rs
similarity index 100%
rename from src/euler_one_qubit_decomposer.rs
rename to crates/accelerate/src/euler_one_qubit_decomposer.rs
diff --git a/src/lib.rs b/crates/accelerate/src/lib.rs
similarity index 100%
rename from src/lib.rs
rename to crates/accelerate/src/lib.rs
diff --git a/src/nlayout.rs b/crates/accelerate/src/nlayout.rs
similarity index 100%
rename from src/nlayout.rs
rename to crates/accelerate/src/nlayout.rs
diff --git a/src/optimize_1q_gates.rs b/crates/accelerate/src/optimize_1q_gates.rs
similarity index 100%
rename from src/optimize_1q_gates.rs
rename to crates/accelerate/src/optimize_1q_gates.rs
diff --git a/src/pauli_exp_val.rs b/crates/accelerate/src/pauli_exp_val.rs
similarity index 100%
rename from src/pauli_exp_val.rs
rename to crates/accelerate/src/pauli_exp_val.rs
diff --git a/src/results/converters.rs b/crates/accelerate/src/results/converters.rs
similarity index 100%
rename from src/results/converters.rs
rename to crates/accelerate/src/results/converters.rs
diff --git a/src/results/marginalization.rs b/crates/accelerate/src/results/marginalization.rs
similarity index 100%
rename from src/results/marginalization.rs
rename to crates/accelerate/src/results/marginalization.rs
diff --git a/src/results/mod.rs b/crates/accelerate/src/results/mod.rs
similarity index 100%
rename from src/results/mod.rs
rename to crates/accelerate/src/results/mod.rs
diff --git a/src/sabre_layout.rs b/crates/accelerate/src/sabre_layout.rs
similarity index 100%
rename from src/sabre_layout.rs
rename to crates/accelerate/src/sabre_layout.rs
diff --git a/src/sabre_swap/layer.rs b/crates/accelerate/src/sabre_swap/layer.rs
similarity index 100%
rename from src/sabre_swap/layer.rs
rename to crates/accelerate/src/sabre_swap/layer.rs
diff --git a/src/sabre_swap/mod.rs b/crates/accelerate/src/sabre_swap/mod.rs
similarity index 100%
rename from src/sabre_swap/mod.rs
rename to crates/accelerate/src/sabre_swap/mod.rs
diff --git a/src/sabre_swap/neighbor_table.rs b/crates/accelerate/src/sabre_swap/neighbor_table.rs
similarity index 100%
rename from src/sabre_swap/neighbor_table.rs
rename to crates/accelerate/src/sabre_swap/neighbor_table.rs
diff --git a/src/sabre_swap/sabre_dag.rs b/crates/accelerate/src/sabre_swap/sabre_dag.rs
similarity index 100%
rename from src/sabre_swap/sabre_dag.rs
rename to crates/accelerate/src/sabre_swap/sabre_dag.rs
diff --git a/src/sabre_swap/swap_map.rs b/crates/accelerate/src/sabre_swap/swap_map.rs
similarity index 100%
rename from src/sabre_swap/swap_map.rs
rename to crates/accelerate/src/sabre_swap/swap_map.rs
diff --git a/src/sampled_exp_val.rs b/crates/accelerate/src/sampled_exp_val.rs
similarity index 100%
rename from src/sampled_exp_val.rs
rename to crates/accelerate/src/sampled_exp_val.rs
diff --git a/src/sparse_pauli_op.rs b/crates/accelerate/src/sparse_pauli_op.rs
similarity index 100%
rename from src/sparse_pauli_op.rs
rename to crates/accelerate/src/sparse_pauli_op.rs
diff --git a/src/stochastic_swap.rs b/crates/accelerate/src/stochastic_swap.rs
similarity index 100%
rename from src/stochastic_swap.rs
rename to crates/accelerate/src/stochastic_swap.rs
diff --git a/src/vf2_layout.rs b/crates/accelerate/src/vf2_layout.rs
similarity index 100%
rename from src/vf2_layout.rs
rename to crates/accelerate/src/vf2_layout.rs
diff --git a/setup.py b/setup.py
index ac1716ab4f48..7f6f2cb5b918 100755
--- a/setup.py
+++ b/setup.py
@@ -99,7 +99,9 @@
         "Documentation": "https://qiskit.org/documentation/",
         "Source Code": "https://github.com/Qiskit/qiskit-terra",
     },
-    rust_extensions=[RustExtension("qiskit._accelerate", "Cargo.toml", binding=Binding.PyO3)],
+    rust_extensions=[
+        RustExtension("qiskit._accelerate", "crates/accelerate/Cargo.toml", binding=Binding.PyO3)
+    ],
     zip_safe=False,
     entry_points={
         "qiskit.unitary_synthesis": [