Index: src/wp-includes/class-wp.php
===================================================================
--- src/wp-includes/class-wp.php	(revision 45552)
+++ src/wp-includes/class-wp.php	(working copy)
@@ -684,6 +684,11 @@
 					$page    = trim( $this->query_vars['page'], '/' );
 					$success = (int) $page <= ( substr_count( $p->post_content, $next ) + 1 );
 				}
+
+				// Check if content is actually intended to be paged.
+				if ( false === strpos( $p->post_content, $next ) && ! empty( $this->query_vars['page'] ) ) {
+					$success = false;
+				}
 			}
 
 			if ( $success ) {