This study investigates the extent to which variables related to self-regulated speaking motivation contributes to the prediction of foreign language speaking competence and explores whether there is a relationship between these two constructs. The data were collected from 84 Turkish university students using self-regulated motivation for improving speaking English as a foreign language scale that comprised four subscales: task value activation, regulation of learning environment, regulation of classroom environment, and regulation of affect. Multiple regression analyses revealed that self-regulated speaking motivation predicts 34% of EFL (English as a foreign language) speaking competence, with a unique contribution of regulation of affect. Pearson correlation coefficient revealed a significant positive correlation between foreign language speaking competence and self-regulated speaking motivation. These findings suggest that self-regulated speaking motivation may be one of the predictors of improved speaking competence. Implications of self-regulated speaking motivation for the development of speaking competence are included.