diff --git a/packages/grafana-data/src/types/templateVars.ts b/packages/grafana-data/src/types/templateVars.ts
index 62ce2862af2..99716d15b1a 100644
--- a/packages/grafana-data/src/types/templateVars.ts
+++ b/packages/grafana-data/src/types/templateVars.ts
@@ -91,6 +91,7 @@ export interface VariableOption {
   text: string | string[];
   value: string | string[];
   isNone?: boolean;
+  properties?: Record<string, any>;
 }
 
 export interface IntervalVariableModel extends VariableWithOptions {
diff --git a/public/app/features/dashboard-scene/serialization/sceneVariablesSetToVariables.ts b/public/app/features/dashboard-scene/serialization/sceneVariablesSetToVariables.ts
index cc83c131fed..2196776bcf4 100644
--- a/public/app/features/dashboard-scene/serialization/sceneVariablesSetToVariables.ts
+++ b/public/app/features/dashboard-scene/serialization/sceneVariablesSetToVariables.ts
@@ -284,6 +284,7 @@ function variableValueOptionsToVariableOptions(varState: MultiValueVariable['sta
     value: String(o.value),
     text: o.label,
     selected: Array.isArray(varState.value) ? varState.value.includes(o.value) : varState.value === o.value,
+    ...(o.properties && { properties: o.properties }),
   }));
 }
 
diff --git a/public/app/features/dashboard-scene/settings/variables/VariableEditorForm.tsx b/public/app/features/dashboard-scene/settings/variables/VariableEditorForm.tsx
index eb78f34a45b..1de62a2bcbd 100644
--- a/public/app/features/dashboard-scene/settings/variables/VariableEditorForm.tsx
+++ b/public/app/features/dashboard-scene/settings/variables/VariableEditorForm.tsx
@@ -69,7 +69,6 @@ export function VariableEditorForm({ variable, onTypeChange, onGoBack, onDelete
 
   const isHasVariableOptions = hasVariableOptions(variable);
   const optionsForSelect = isHasVariableOptions ? variable.getOptionsForSelect(false) : [];
-  const hasMultiProps = 'valuesFormat' in variable.state && variable.state.valuesFormat === 'json';
 
   const onDeleteVariable = (hideModal: () => void) => () => {
     reportInteraction('Delete variable');
@@ -125,7 +124,7 @@ export function VariableEditorForm({ variable, onTypeChange, onGoBack, onDelete
 
       {EditorToRender && <EditorToRender variable={variable} onRunQuery={onRunQuery} />}
 
-      {isHasVariableOptions && <VariableValuesPreview options={optionsForSelect} hasMultiProps={hasMultiProps} />}
+      {isHasVariableOptions && <VariableValuesPreview options={optionsForSelect} />}
 
       <div className={styles.buttonContainer}>
         <Stack gap={2}>
diff --git a/public/app/features/dashboard-scene/settings/variables/components/VariableValuesPreview.tsx b/public/app/features/dashboard-scene/settings/variables/components/VariableValuesPreview.tsx
index 87707d0530d..dbf89ad9fa2 100644
--- a/public/app/features/dashboard-scene/settings/variables/components/VariableValuesPreview.tsx
+++ b/public/app/features/dashboard-scene/settings/variables/components/VariableValuesPreview.tsx
@@ -10,13 +10,16 @@ import { Button, InlineFieldRow, InlineLabel, InteractiveTable, Text, useStyles2
 
 export interface Props {
   options: VariableValueOption[];
-  hasMultiProps?: boolean;
 }
 
-export const VariableValuesPreview = ({ options, hasMultiProps }: Props) => {
+const hasMultiProps = (options: Props['options']) => {
+  return Object.keys(options[1]?.properties ?? options[0]?.properties ?? {}).length > 0;
+};
+
+export const VariableValuesPreview = ({ options }: Props) => {
   const styles = useStyles2(getStyles);
   const hasOptions = options.length > 0;
-  const displayMultiPropsPreview = config.featureToggles.multiPropsVariables && hasMultiProps;
+  const displayMultiPropsPreview = config.featureToggles.multiPropsVariables && hasOptions && hasMultiProps(options);
 
   return (
     <div className={styles.previewContainer} style={{ gap: '8px' }}>
@@ -43,7 +46,8 @@ function VariableValuesWithPropsPreview({ options }: { options: VariableValueOpt
 
     return {
       data,
-      columns: Object.keys(data[0] ?? {}).map((id) => ({
+      // the option at index 0 can be "All" so we try to grab the column names from the 2nd option
+      columns: Object.keys(data[1] ?? data[0] ?? {}).map((id) => ({
         id,
         // see https://github.com/TanStack/table/issues/1671
         header: unsanitizeKey(id),
@@ -62,7 +66,6 @@ function VariableValuesWithPropsPreview({ options }: { options: VariableValueOpt
     />
   );
 }
-
 const sanitizeKey = (key: string) => key.replace(/\./g, '__dot__');
 const unsanitizeKey = (key: string) => key.replace(/__dot__/g, '.');
 
diff --git a/public/app/features/dashboard-scene/settings/variables/editors/CustomVariableEditor/ModalEditor.tsx b/public/app/features/dashboard-scene/settings/variables/editors/CustomVariableEditor/ModalEditor.tsx
index aeb2be59af6..6c278aa720e 100644
--- a/public/app/features/dashboard-scene/settings/variables/editors/CustomVariableEditor/ModalEditor.tsx
+++ b/public/app/features/dashboard-scene/settings/variables/editors/CustomVariableEditor/ModalEditor.tsx
@@ -69,7 +69,7 @@ function ModalEditorMultiProps(props: ModalEditorProps) {
           {queryValidationError && <FieldValidationMessage>{queryValidationError.message}</FieldValidationMessage>}
         </div>
         <div>
-          <VariableValuesPreview options={options} hasMultiProps={valuesFormat === 'json'} />
+          <VariableValuesPreview options={options} />
         </div>
       </Stack>
       <Modal.ButtonRow>
diff --git a/public/app/features/panel/panellinks/link_srv.ts b/public/app/features/panel/panellinks/link_srv.ts
index 679740c5592..ee10b22f5ce 100644
--- a/public/app/features/panel/panellinks/link_srv.ts
+++ b/public/app/features/panel/panellinks/link_srv.ts
@@ -81,16 +81,16 @@ const buildLabelPath = (label: string) => {
 };
 
 const getVariableValueProperties = (variable: TypedVariableModel): string[] => {
-  if (!('valuesFormat' in variable) || variable.valuesFormat !== 'json') {
+  if (!('options' in variable) || !variable.options[0].properties) {
     return [];
   }
 
-  function collectFieldPaths(option: Record<string, string>, currentPath: string) {
+  function collectFieldPaths(properties: Record<string, any>, currentPath: string) {
     let paths: string[] = [];
-    for (const field in option) {
-      if (option.hasOwnProperty(field)) {
+    for (const field in properties) {
+      if (properties.hasOwnProperty(field)) {
         const newPath = `${currentPath}.${field}`;
-        const value = option[field];
+        const value = properties[field];
         if (typeof value === 'object' && value !== null) {
           paths = [...paths, ...collectFieldPaths(value, newPath)];
         }
@@ -100,11 +100,7 @@ const getVariableValueProperties = (variable: TypedVariableModel): string[] => {
     return paths;
   }
 
-  try {
-    return collectFieldPaths(JSON.parse(variable.query)[0], variable.name);
-  } catch {
-    return [];
-  }
+  return collectFieldPaths(variable.options[0].properties, variable.name);
 };
 
 export const getPanelLinksVariableSuggestions = (): VariableSuggestion[] => [
diff --git a/public/app/features/panel/panellinks/specs/link_srv.test.ts b/public/app/features/panel/panellinks/specs/link_srv.test.ts
index 1ed95ccbf22..82b96eb80b0 100644
--- a/public/app/features/panel/panellinks/specs/link_srv.test.ts
+++ b/public/app/features/panel/panellinks/specs/link_srv.test.ts
@@ -503,13 +503,16 @@ describe('linkSrv', () => {
   });
 
   describe('getPanelLinksVariableSuggestions', () => {
-    it('then it should return template variables, json properties and built-ins', () => {
+    it('then it should return template variables, options properties and built-ins', () => {
       const templateSrvWithJsonValues = initTemplateSrv('key', [
         {
           type: 'custom',
           name: 'customServers',
           valuesFormat: 'json',
-          query: '[{"name":"web","ip":"192.168.0.100"},{"name":"ads","ip":"192.168.0.142"}]',
+          options: [
+            { text: 'web', value: 'web', properties: { name: 'web', ip: '192.168.0.100' } },
+            { text: 'ads', value: 'ads', properties: { name: 'ads', ip: '192.168.0.142' } },
+          ],
         },
       ]);
       setTemplateSrv(templateSrvWithJsonValues);