Is it possible to write debug information in a separate file when compiling a program with *gcc -g* ?

Issue

Once a program has been compiled with gcc -g, debug information can be written in a separate file using objcopy

# foo.c is compiled with debug options.
$ gcc -g -o foo foo.c
# extract debug information from foo and write them in foo.dbg
$ objcopy --only-keep-debug foo foo.dbg
# remove debug information from foo
$ objcopy --strip-debug foo
# link debug information back to foo
$ objcopy --add-gnu-debuglink=foo.dbg foo

Is it possible to create a separate debug file directly when compiling a program with gcc -g?