diff --git a/litellm/integrations/custom_logger.py b/litellm/integrations/custom_logger.py
index bf089c3646..98b0da25c5 100644
--- a/litellm/integrations/custom_logger.py
+++ b/litellm/integrations/custom_logger.py
@@ -58,6 +58,13 @@ class CustomLogger:  # https://docs.litellm.ai/docs/observability/custom_callbac
     def pre_call_check(self, deployment: dict) -> Optional[dict]:
         pass
 
+    #### Fallback Events - router/proxy only ####
+    async def log_success_fallback_event(self, original_model_group: str, kwargs: dict):
+        pass
+
+    async def log_failure_fallback_event(self, original_model_group: str, kwargs: dict):
+        pass
+
     #### ADAPTERS #### Allow calling 100+ LLMs in custom format - https://github.com/BerriAI/litellm/pulls
 
     def translate_completion_input_params(
diff --git a/litellm/integrations/prometheus.py b/litellm/integrations/prometheus.py
index 1425b101c0..8e31bca137 100644
--- a/litellm/integrations/prometheus.py
+++ b/litellm/integrations/prometheus.py
@@ -170,6 +170,17 @@ class PrometheusLogger(CustomLogger):
                     labelnames=_logged_llm_labels,
                 )
 
+                self.llm_deployment_successful_fallbacks = Counter(
+                    "llm_deployment_successful_fallbacks",
+                    "LLM Deployment Analytics - Number of successful fallback workloads",
+                    ["primary_model", "fallback_model"],
+                )
+                self.llm_deployment_failed_fallbacks = Counter(
+                    "llm_deployment_failed_fallbacks",
+                    "LLM Deployment Analytics - Number of failed fallback workloads",
+                    ["primary_model", "fallback_model"],
+                )
+
         except Exception as e:
             print_verbose(f"Got exception on init prometheus client {str(e)}")
             raise e
@@ -479,6 +490,28 @@ class PrometheusLogger(CustomLogger):
             )
             return
 
+    async def log_success_fallback_event(self, original_model_group: str, kwargs: dict):
+        verbose_logger.debug(
+            "Prometheus: log_success_fallback_event, original_model_group: %s, kwargs: %s",
+            original_model_group,
+            kwargs,
+        )
+        _new_model = kwargs.get("model")
+        self.llm_deployment_successful_fallbacks.labels(
+            primary_model=original_model_group, fallback_model=_new_model
+        ).inc()
+
+    async def log_failure_fallback_event(self, original_model_group: str, kwargs: dict):
+        verbose_logger.debug(
+            "Prometheus: log_failure_fallback_event, original_model_group: %s, kwargs: %s",
+            original_model_group,
+            kwargs,
+        )
+        _new_model = kwargs.get("model")
+        self.llm_deployment_failed_fallbacks.labels(
+            primary_model=original_model_group, fallback_model=_new_model
+        ).inc()
+
     def set_deployment_state(
         self,
         state: int,
diff --git a/litellm/proxy/proxy_config.yaml b/litellm/proxy/proxy_config.yaml
index c16d09e72c..8d499c1c0f 100644
--- a/litellm/proxy/proxy_config.yaml
+++ b/litellm/proxy/proxy_config.yaml
@@ -37,5 +37,6 @@ general_settings:
   master_key: sk-1234
 
 litellm_settings:
+  fallbacks: [{"gemini-1.5-pro-001": ["gpt-4o"]}]
   success_callback: ["langfuse", "prometheus"]
   failure_callback: ["prometheus"]
diff --git a/litellm/router.py b/litellm/router.py
index 0af5c10485..3f2be7cb26 100644
--- a/litellm/router.py
+++ b/litellm/router.py
@@ -59,6 +59,10 @@ from litellm.router_utils.client_initalization_utils import (
     should_initialize_sync_client,
 )
 from litellm.router_utils.cooldown_callbacks import router_cooldown_handler
+from litellm.router_utils.fallback_event_handlers import (
+    log_failure_fallback_event,
+    log_success_fallback_event,
+)
 from litellm.router_utils.handle_error import send_llm_exception_alert
 from litellm.scheduler import FlowItem, Scheduler
 from litellm.types.llms.openai import (
@@ -2361,6 +2365,7 @@ class Router:
             verbose_router_logger.debug(f"Traceback{traceback.format_exc()}")
             original_exception = e
             fallback_model_group = None
+            original_model_group = kwargs.get("model")
             fallback_failure_exception_str = ""
             try:
                 verbose_router_logger.debug("Trying to fallback b/w models")
@@ -2392,8 +2397,18 @@ class Router:
                                 verbose_router_logger.info(
                                     "Successful fallback b/w models."
                                 )
+                                # callback for successfull_fallback_event():
+                                await log_success_fallback_event(
+                                    original_model_group=original_model_group,
+                                    kwargs=kwargs,
+                                )
+
                                 return response
                             except Exception as e:
+                                await log_failure_fallback_event(
+                                    original_model_group=original_model_group,
+                                    kwargs=kwargs,
+                                )
                                 pass
                     else:
                         error_message = "model={}. context_window_fallbacks={}. fallbacks={}.\n\nSet 'context_window_fallback' - https://docs.litellm.ai/docs/routing#fallbacks".format(
@@ -2435,8 +2450,17 @@ class Router:
                                 verbose_router_logger.info(
                                     "Successful fallback b/w models."
                                 )
+                                # callback for successfull_fallback_event():
+                                await log_success_fallback_event(
+                                    original_model_group=original_model_group,
+                                    kwargs=kwargs,
+                                )
                                 return response
                             except Exception as e:
+                                await log_failure_fallback_event(
+                                    original_model_group=original_model_group,
+                                    kwargs=kwargs,
+                                )
                                 pass
                     else:
                         error_message = "model={}. content_policy_fallback={}. fallbacks={}.\n\nSet 'content_policy_fallback' - https://docs.litellm.ai/docs/routing#fallbacks".format(
@@ -2497,8 +2521,18 @@ class Router:
                             verbose_router_logger.info(
                                 "Successful fallback b/w models."
                             )
+                            # callback for successfull_fallback_event():
+                            await log_success_fallback_event(
+                                original_model_group=original_model_group,
+                                kwargs=kwargs,
+                            )
+
                             return response
                         except Exception as e:
+                            await log_failure_fallback_event(
+                                original_model_group=original_model_group,
+                                kwargs=kwargs,
+                            )
                             raise e
             except Exception as new_exception:
                 verbose_router_logger.error(
diff --git a/litellm/router_utils/fallback_event_handlers.py b/litellm/router_utils/fallback_event_handlers.py
new file mode 100644
index 0000000000..98d9cd92de
--- /dev/null
+++ b/litellm/router_utils/fallback_event_handlers.py
@@ -0,0 +1,33 @@
+from typing import TYPE_CHECKING, Any
+
+import litellm
+from litellm._logging import verbose_router_logger
+from litellm.integrations.custom_logger import CustomLogger
+
+
+async def log_success_fallback_event(original_model_group: str, kwargs: dict):
+    for _callback in litellm.callbacks:
+        if isinstance(_callback, CustomLogger):
+            try:
+                await _callback.log_success_fallback_event(
+                    original_model_group=original_model_group, kwargs=kwargs
+                )
+            except Exception as e:
+                verbose_router_logger.error(
+                    f"Error in log_success_fallback_event: {(str(e))}"
+                )
+                pass
+
+
+async def log_failure_fallback_event(original_model_group: str, kwargs: dict):
+    for _callback in litellm.callbacks:
+        if isinstance(_callback, CustomLogger):
+            try:
+                await _callback.log_failure_fallback_event(
+                    original_model_group=original_model_group, kwargs=kwargs
+                )
+            except Exception as e:
+                verbose_router_logger.error(
+                    f"Error in log_failure_fallback_event: {(str(e))}"
+                )
+                pass