diff --git a/src/main/java/org/springframework/data/redis/core/DefaultValueOperations.java b/src/main/java/org/springframework/data/redis/core/DefaultValueOperations.java
index 6e0912a91..4f904ab4c 100644
--- a/src/main/java/org/springframework/data/redis/core/DefaultValueOperations.java
+++ b/src/main/java/org/springframework/data/redis/core/DefaultValueOperations.java
@@ -26,6 +26,7 @@ import org.springframework.dao.DataAccessException;
 import org.springframework.data.redis.connection.RedisConnection;
 import org.springframework.data.redis.connection.RedisStringCommands.SetOption;
 import org.springframework.data.redis.core.types.Expiration;
+import org.springframework.lang.Nullable;
 
 /**
  * Default implementation of {@link ValueOperations}.
@@ -308,6 +309,35 @@ class DefaultValueOperations<K, V> extends AbstractOperations<K, V> implements V
 		return execute(connection -> connection.set(rawKey, rawValue, expiration, SetOption.ifAbsent()), true);
 	}
 
+	/*
+	 * (non-Javadoc)
+	 * @see org.springframework.data.redis.core.ValueOperations#setIfPresent(java.lang.Object, java.lang.Object)
+	 */
+	@Nullable
+	@Override
+	public Boolean setIfPresent(K key, V value) {
+
+		byte[] rawKey = rawKey(key);
+		byte[] rawValue = rawValue(value);
+
+		return execute(connection -> connection.set(rawKey, rawValue, Expiration.persistent(), SetOption.ifPresent()), true);
+	}
+
+	/*
+	 * (non-Javadoc)
+	 * @see org.springframework.data.redis.core.ValueOperations#setIfPresent(java.lang.Object, java.lang.Object, long, java.util.concurrent.TimeUnit)
+	 */
+	@Nullable
+	@Override
+	public Boolean setIfPresent(K key, V value, long timeout, TimeUnit unit) {
+
+		byte[] rawKey = rawKey(key);
+		byte[] rawValue = rawValue(value);
+
+		Expiration expiration = Expiration.from(timeout, unit);
+		return execute(connection -> connection.set(rawKey, rawValue, expiration, SetOption.ifPresent()), true);
+	}
+
 	/*
 	 * (non-Javadoc)
 	 * @see org.springframework.data.redis.core.ValueOperations#set(java.lang.Object, java.lang.Object, long)
diff --git a/src/main/java/org/springframework/data/redis/core/ValueOperations.java b/src/main/java/org/springframework/data/redis/core/ValueOperations.java
index 93e83b70a..200e6b5f5 100644
--- a/src/main/java/org/springframework/data/redis/core/ValueOperations.java
+++ b/src/main/java/org/springframework/data/redis/core/ValueOperations.java
@@ -77,6 +77,29 @@ public interface ValueOperations<K, V> {
 	@Nullable
 	Boolean setIfAbsent(K key, V value, long timeout, TimeUnit unit);
 
+	/**
+	 * Set {@code key} to hold the string {@code value} if {@code key} is present.
+	 *
+	 * @param key must not be {@literal null}.
+	 * @param value
+	 * @since 2.1
+	 * @see <a href="http://redis.io/commands/set">Redis Documentation: SET</a>
+	 */
+	@Nullable
+	Boolean setIfPresent(K key, V value);
+
+	/**
+	 * Set {@code key} to hold the string {@code value} and expiration {@code timeout} if {@code key} is present.
+	 *
+	 * @param key must not be {@literal null}.
+	 * @param value
+	 * @param timeout must not be {@literal null}.
+	 * @since 2.1
+	 * @see <a href="http://redis.io/commands/set">Redis Documentation: SET</a>
+	 */
+	@Nullable
+	Boolean setIfPresent(K key, V value, long timeout, TimeUnit unit);
+
 	/**
 	 * Set multiple keys to multiple values using key-value pairs provided in {@code tuple}.
 	 *
diff --git a/src/test/java/org/springframework/data/redis/core/DefaultValueOperationsTests.java b/src/test/java/org/springframework/data/redis/core/DefaultValueOperationsTests.java
index 5659e439c..d2786e59c 100644
--- a/src/test/java/org/springframework/data/redis/core/DefaultValueOperationsTests.java
+++ b/src/test/java/org/springframework/data/redis/core/DefaultValueOperationsTests.java
@@ -281,6 +281,38 @@ public class DefaultValueOperationsTests<K, V> {
 		assertThat(expire, is(greaterThan(TimeUnit.MILLISECONDS.toMillis(1))));
 	}
 
+	@Test // DATAREDIS-786
+	public void testSetIfPresent() {
+
+		K key = keyFactory.instance();
+		V value1 = valueFactory.instance();
+		V value2 = valueFactory.instance();
+
+		assertFalse(valueOps.setIfPresent(key, value1));
+		valueOps.set(key, value1);
+
+		assertTrue(valueOps.setIfPresent(key, value2));
+		assertThat(valueOps.get(key), is(value2));
+	}
+
+	@Test // DATAREDIS-786
+	public void testSetIfPresentWithExpiration() {
+
+		K key = keyFactory.instance();
+		V value1 = valueFactory.instance();
+		V value2 = valueFactory.instance();
+
+		assertFalse(valueOps.setIfPresent(key, value1, 5, TimeUnit.SECONDS));
+		valueOps.set(key, value1);
+
+		assertTrue(valueOps.setIfPresent(key, value2, 5, TimeUnit.SECONDS));
+
+		Long expire = redisTemplate.getExpire(key, TimeUnit.MILLISECONDS);
+		assertThat(expire, is(lessThan(TimeUnit.SECONDS.toMillis(6))));
+		assertThat(expire, is(greaterThan(TimeUnit.MILLISECONDS.toMillis(1))));
+		assertThat(valueOps.get(key), is(value2));
+	}
+
 	@Test
 	public void testSize() {
 		K key1 = keyFactory.instance();