diff --git a/packages/grafana-ui/src/components/Link/TextLink.mdx b/packages/grafana-ui/src/components/Link/TextLink.mdx
new file mode 100644
index 00000000000..e69de29bb2d
diff --git a/packages/grafana-ui/src/components/Link/TextLink.story.tsx b/packages/grafana-ui/src/components/Link/TextLink.story.tsx
new file mode 100644
index 00000000000..8ef60faa363
--- /dev/null
+++ b/packages/grafana-ui/src/components/Link/TextLink.story.tsx
@@ -0,0 +1,80 @@
+import { Meta, StoryFn } from '@storybook/react';
+import React from 'react';
+
+import { StoryExample } from '../../utils/storybook/StoryExample';
+import { VerticalGroup } from '../Layout/Layout';
+import { P } from '../Text/TextElements';
+
+import { TextLink } from './TextLink';
+import mdx from './TextLink.mdx';
+
+const meta: Meta = {
+  title: 'General/TextLink',
+  component: TextLink,
+  parameters: {
+    docs: {
+      page: mdx,
+    },
+    controls: { exclude: ['href', 'external'] },
+  },
+  argTypes: {
+    variant: { control: 'select', options: ['h1', 'h2', 'h3', 'h4', 'h5', 'h6', 'body', 'bodySmall', undefined] },
+    weight: {
+      control: 'select',
+      options: ['bold', 'medium', 'light', 'regular', undefined],
+    },
+    color: {
+      control: 'select',
+      options: ['primary', 'secondary', 'disabled', 'link', 'maxContrast', undefined],
+    },
+    inline: { control: 'boolean' },
+  },
+  args: {
+    variant: 'body',
+    weight: 'light',
+    color: undefined,
+    inline: false,
+    href: 'https://www.google.com',
+    external: true,
+    icon: 'external-link-alt',
+  },
+};
+
+export const Example: StoryFn = (args) => {
+  return (
+    <VerticalGroup>
+      <StoryExample name="This is a 'inline + external' link with the default behaviour">
+        <P>
+          To get started with a forever free Grafana Cloud account, sign up at &#160;
+          <TextLink href="https://grafana.com/" external {...args}>
+            grafana.com
+          </TextLink>
+          .
+        </P>
+      </StoryExample>
+      <StoryExample name="This is a 'standalone + external' link with the default behaviour">
+        <TextLink href="https://grafana.com/docs/grafana/latest/" inline={false} external {...args}>
+          Learn how in the docs
+        </TextLink>
+      </StoryExample>
+      <hr />
+      <P>*The examples cannot contemplate an internal link due to conflicts between Storybook and React Router</P>
+    </VerticalGroup>
+  );
+};
+
+Example.parameters = {
+  controls: { exclude: ['href', 'external', 'variant', 'weight', 'color', 'inline', 'icon'] },
+};
+
+export const Basic: StoryFn = (args) => {
+  return (
+    <div>
+      <TextLink href={args.href} {...args}>
+        Go to Google
+      </TextLink>
+    </div>
+  );
+};
+
+export default meta;
diff --git a/packages/grafana-ui/src/components/Link/TextLink.tsx b/packages/grafana-ui/src/components/Link/TextLink.tsx
new file mode 100644
index 00000000000..2398e5dd11c
--- /dev/null
+++ b/packages/grafana-ui/src/components/Link/TextLink.tsx
@@ -0,0 +1,105 @@
+import { css } from '@emotion/css';
+import React, { AnchorHTMLAttributes, forwardRef } from 'react';
+
+import { GrafanaTheme2, locationUtil, textUtil, ThemeTypographyVariantTypes } from '@grafana/data';
+
+import { useTheme2 } from '../../themes';
+import { IconName, IconSize } from '../../types';
+import { Icon } from '../Icon/Icon';
+import { customWeight } from '../Text/utils';
+
+import { Link } from './Link';
+
+interface TextLinkProps extends Omit<AnchorHTMLAttributes<HTMLAnchorElement>, 'target' | 'rel'> {
+  /** url to which redirect the user, external or internal */
+  href: string;
+  /** Color to use for text */
+  color?: keyof GrafanaTheme2['colors']['text'];
+  /** Specify if the link will redirect users to a page in or out Grafana */
+  external?: boolean;
+  /** True when the link will be displayed inline with surrounding text, false if it will be displayed as a block. Depending on this prop correspondant default styles will be applied */
+  inline?: boolean;
+  /** The default variant is 'body'. To fit another styles set the correspondent variant as it is necessary also to adjust the icon size */
+  variant?: keyof ThemeTypographyVariantTypes;
+  /** Override the default weight for the used variant */
+  weight?: 'light' | 'regular' | 'medium' | 'bold';
+  /** Set the icon to be shown. An external link will show the 'external-link-alt' icon as default.*/
+  icon?: IconName;
+  children: string;
+}
+
+const svgSizes: {
+  [key in keyof ThemeTypographyVariantTypes]: IconSize;
+} = {
+  h1: 'xl',
+  h2: 'xl',
+  h3: 'lg',
+  h4: 'lg',
+  h5: 'md',
+  h6: 'md',
+  body: 'md',
+  bodySmall: 'xs',
+};
+
+export const TextLink = forwardRef<HTMLAnchorElement, TextLinkProps>(
+  (
+    { href, color = 'link', external = false, inline = true, variant = 'body', weight, icon, children, ...rest },
+    ref
+  ) => {
+    const validUrl = locationUtil.stripBaseFromUrl(textUtil.sanitizeUrl(href ?? ''));
+
+    const theme = useTheme2();
+    const styles = getLinkStyles(theme, inline, variant, weight, color);
+    const externalIcon = icon || 'external-link-alt';
+
+    return external ? (
+      <a href={validUrl} ref={ref} target="_blank" rel="noreferrer" {...rest} className={styles}>
+        {children}
+        <Icon size={svgSizes[variant] || 'md'} name={externalIcon} />
+      </a>
+    ) : (
+      <Link ref={ref} href={validUrl} {...rest} className={styles}>
+        {children}
+        {icon && <Icon name={icon} size={svgSizes[variant] || 'md'} />}
+      </Link>
+    );
+  }
+);
+
+TextLink.displayName = 'TextLink';
+
+export const getLinkStyles = (
+  theme: GrafanaTheme2,
+  inline: boolean,
+  variant?: keyof ThemeTypographyVariantTypes,
+  weight?: TextLinkProps['weight'],
+  color?: TextLinkProps['color']
+) => {
+  return css([
+    variant && {
+      ...theme.typography[variant],
+    },
+    weight && {
+      fontWeight: customWeight(weight, theme),
+    },
+    color && {
+      color: theme.colors.text[color],
+    },
+    {
+      alignItems: 'center',
+      gap: '0.25em',
+      display: 'inline-flex',
+      textDecoration: 'none',
+      '&:hover': {
+        textDecoration: 'underline',
+        color: theme.colors.text.link,
+      },
+    },
+    inline && {
+      textDecoration: 'underline',
+      '&:hover': {
+        textDecoration: 'none',
+      },
+    },
+  ]);
+};
diff --git a/packages/grafana-ui/src/components/Text/Text.tsx b/packages/grafana-ui/src/components/Text/Text.tsx
index fa191317f90..d8e7d460c4f 100644
--- a/packages/grafana-ui/src/components/Text/Text.tsx
+++ b/packages/grafana-ui/src/components/Text/Text.tsx
@@ -5,6 +5,8 @@ import { GrafanaTheme2, ThemeTypographyVariantTypes } from '@grafana/data';
 
 import { useStyles2 } from '../../themes';
 
+import { customWeight, customColor } from './utils';
+
 export interface TextProps {
   /** Defines what HTML element is defined underneath */
   as: 'h1' | 'h2' | 'h3' | 'h4' | 'h5' | 'h6' | 'span' | 'p' | 'legend';
@@ -75,32 +77,3 @@ const getTextStyles = (
     },
   ]);
 };
-
-const customWeight = (weight: TextProps['weight'], theme: GrafanaTheme2): number => {
-  switch (weight) {
-    case 'bold':
-      return theme.typography.fontWeightBold;
-    case 'medium':
-      return theme.typography.fontWeightMedium;
-    case 'light':
-      return theme.typography.fontWeightLight;
-    case 'regular':
-    case undefined:
-      return theme.typography.fontWeightRegular;
-  }
-};
-
-const customColor = (color: TextProps['color'], theme: GrafanaTheme2): string | undefined => {
-  switch (color) {
-    case 'error':
-      return theme.colors.error.text;
-    case 'success':
-      return theme.colors.success.text;
-    case 'info':
-      return theme.colors.info.text;
-    case 'warning':
-      return theme.colors.warning.text;
-    default:
-      return color ? theme.colors.text[color] : undefined;
-  }
-};
diff --git a/packages/grafana-ui/src/components/Text/utils.ts b/packages/grafana-ui/src/components/Text/utils.ts
new file mode 100644
index 00000000000..650e6ecae74
--- /dev/null
+++ b/packages/grafana-ui/src/components/Text/utils.ts
@@ -0,0 +1,32 @@
+import { GrafanaTheme2 } from '@grafana/data';
+
+import { TextProps } from './Text';
+
+export const customWeight = (weight: TextProps['weight'], theme: GrafanaTheme2): number => {
+  switch (weight) {
+    case 'bold':
+      return theme.typography.fontWeightBold;
+    case 'medium':
+      return theme.typography.fontWeightMedium;
+    case 'light':
+      return theme.typography.fontWeightLight;
+    case 'regular':
+    case undefined:
+      return theme.typography.fontWeightRegular;
+  }
+};
+
+export const customColor = (color: TextProps['color'], theme: GrafanaTheme2): string | undefined => {
+  switch (color) {
+    case 'error':
+      return theme.colors.error.text;
+    case 'success':
+      return theme.colors.success.text;
+    case 'info':
+      return theme.colors.info.text;
+    case 'warning':
+      return theme.colors.warning.text;
+    default:
+      return color ? theme.colors.text[color] : undefined;
+  }
+};
diff --git a/packages/grafana-ui/src/components/index.ts b/packages/grafana-ui/src/components/index.ts
index 65ca761d285..98969e5e40e 100644
--- a/packages/grafana-ui/src/components/index.ts
+++ b/packages/grafana-ui/src/components/index.ts
@@ -204,6 +204,7 @@ export { ToolbarButton, ToolbarButtonRow } from './ToolbarButton';
 export { ValuePicker } from './ValuePicker/ValuePicker';
 export { fieldMatchersUI } from './MatchersUI/fieldMatchersUI';
 export { Link } from './Link/Link';
+export { TextLink } from './Link/TextLink';
 
 export { Label } from './Forms/Label';
 export { Field, type FieldProps } from './Forms/Field';