$> make --debug CFLAGS="-std=gnu89" LDLIBS="-lz -lrt -lm" -j8 

GNU Make 4.2.1
Built for x86_64-redhat-linux-gnu
Copyright (C) 1988-2016 Free Software Foundation, Inc.
License GPLv3+: GNU GPL version 3 or later <http://gnu.org/licenses/gpl.html>
This is free software: you are free to change and redistribute it.
There is NO WARRANTY, to the extent permitted by law.
Reading makefiles...
Updating makefiles....
Updating goal targets....
 File 'all' does not exist.
   File 'recurse-all' does not exist.
     File 'subdir-x86_64-softmmu' does not exist.
    Must remake target 'subdir-x86_64-softmmu'.
GNU Make 4.2.1
Built for x86_64-redhat-linux-gnu
Copyright (C) 1988-2016 Free Software Foundation, Inc.
License GPLv3+: GNU GPL version 3 or later <http://gnu.org/licenses/gpl.html>
This is free software: you are free to change and redistribute it.
There is NO WARRANTY, to the extent permitted by law.
Reading makefiles...
Updating makefiles....
Updating goal targets....
 File 'all' does not exist.
   File 'qemu-system-x86_64' does not exist.
  Must remake target 'qemu-system-x86_64'.
make[1]: Entering directory '/home/kashyapc/build/0.10-qemu/x86_64-softmmu'
  LINK  x86_64-softmmu/qemu-system-x86_64
vl.o: In function `dynticks_start_timer':
vl.c:(.text+0x1fab): undefined reference to `timer_create'
vl.o: In function `dynticks_stop_timer':
vl.c:(.text+0x2018): undefined reference to `timer_delete'
vl.o: In function `dynticks_rearm_timer':
vl.c:(.text+0x2079): undefined reference to `timer_gettime'
vl.c:(.text+0x218b): undefined reference to `timer_settime'
collect2: error: ld returned 1 exit status
make[1]: *** [Makefile:730: qemu-system-x86_64] Error 1
make[1]: Leaving directory '/home/kashyapc/build/0.10-qemu/x86_64-softmmu'
make: *** [Makefile:42: subdir-x86_64-softmmu] Error 2