diff --git a/public/app/features/canvas/elements/cloud.tsx b/public/app/features/canvas/elements/cloud.tsx
index 64313248f28..10b92de3c8c 100644
--- a/public/app/features/canvas/elements/cloud.tsx
+++ b/public/app/features/canvas/elements/cloud.tsx
@@ -108,6 +108,7 @@ export const cloudItem: CanvasElementItem = {
 
     const data: CanvasElementData = {
       text: textConfig?.text ? dimensionContext.getText(textConfig.text).value() : '',
+      field: textConfig?.text?.field,
       align: textConfig?.align ?? Align.Center,
       valign: textConfig?.valign ?? VAlign.Middle,
       size: textConfig?.size,
diff --git a/public/app/features/canvas/elements/ellipse.tsx b/public/app/features/canvas/elements/ellipse.tsx
index 67e5a68285f..b82c112b1ea 100644
--- a/public/app/features/canvas/elements/ellipse.tsx
+++ b/public/app/features/canvas/elements/ellipse.tsx
@@ -114,6 +114,7 @@ export const ellipseItem: CanvasElementItem<CanvasElementConfig, CanvasElementDa
 
     const data: CanvasElementData = {
       text: textConfig?.text ? dimensionContext.getText(textConfig.text).value() : '',
+      field: textConfig?.text?.field,
       align: textConfig?.align ?? Align.Center,
       valign: textConfig?.valign ?? VAlign.Middle,
       size: textConfig?.size,
diff --git a/public/app/features/canvas/elements/metricValue.tsx b/public/app/features/canvas/elements/metricValue.tsx
index 181033505b9..084ecc8b88d 100644
--- a/public/app/features/canvas/elements/metricValue.tsx
+++ b/public/app/features/canvas/elements/metricValue.tsx
@@ -183,6 +183,7 @@ export const metricValueItem: CanvasElementItem<TextConfig, TextData> = {
 
     const data: TextData = {
       text: textConfig?.text ? dimensionContext.getText(textConfig.text).value() : '',
+      field: textConfig?.text?.field,
       align: textConfig?.align ?? Align.Center,
       valign: textConfig?.valign ?? VAlign.Middle,
       size: textConfig?.size,
diff --git a/public/app/features/canvas/elements/parallelogram.tsx b/public/app/features/canvas/elements/parallelogram.tsx
index 7bccfd0c813..4d4db7dfe29 100644
--- a/public/app/features/canvas/elements/parallelogram.tsx
+++ b/public/app/features/canvas/elements/parallelogram.tsx
@@ -108,6 +108,7 @@ export const parallelogramItem: CanvasElementItem = {
 
     const data: CanvasElementData = {
       text: textConfig?.text ? dimensionContext.getText(textConfig.text).value() : '',
+      field: textConfig?.text?.field,
       align: textConfig?.align ?? Align.Center,
       valign: textConfig?.valign ?? VAlign.Middle,
       size: textConfig?.size,
diff --git a/public/app/features/canvas/elements/rectangle.tsx b/public/app/features/canvas/elements/rectangle.tsx
index e89b7e448e7..0daf949f5b7 100644
--- a/public/app/features/canvas/elements/rectangle.tsx
+++ b/public/app/features/canvas/elements/rectangle.tsx
@@ -81,6 +81,7 @@ export const rectangleItem: CanvasElementItem<TextConfig, TextData> = {
 
     const data: TextData = {
       text: textConfig?.text ? dimensionContext.getText(textConfig.text).value() : '',
+      field: textConfig?.text?.field,
       align: textConfig?.align ?? Align.Center,
       valign: textConfig?.valign ?? VAlign.Middle,
       size: textConfig?.size,
diff --git a/public/app/features/canvas/elements/text.tsx b/public/app/features/canvas/elements/text.tsx
index b5cabfdc107..988b060cb99 100644
--- a/public/app/features/canvas/elements/text.tsx
+++ b/public/app/features/canvas/elements/text.tsx
@@ -156,6 +156,7 @@ export const textItem: CanvasElementItem<TextConfig, TextData> = {
 
     const data: TextData = {
       text: textConfig?.text ? dimensionContext.getText(textConfig.text).value() : '',
+      field: textConfig?.text?.field,
       align: textConfig?.align ?? Align.Center,
       valign: textConfig?.valign ?? VAlign.Middle,
       size: textConfig?.size,
diff --git a/public/app/features/canvas/elements/triangle.tsx b/public/app/features/canvas/elements/triangle.tsx
index 84093278df1..b0178142349 100644
--- a/public/app/features/canvas/elements/triangle.tsx
+++ b/public/app/features/canvas/elements/triangle.tsx
@@ -109,6 +109,7 @@ export const triangleItem: CanvasElementItem = {
 
     const data: CanvasElementData = {
       text: textConfig?.text ? dimensionContext.getText(textConfig.text).value() : '',
+      field: textConfig?.text?.field,
       align: textConfig?.align ?? Align.Center,
       valign: textConfig?.valign ?? VAlign.Middle,
       size: textConfig?.size,
diff --git a/public/app/features/canvas/runtime/scene.tsx b/public/app/features/canvas/runtime/scene.tsx
index 764b6d81eda..2e96e69b0c9 100644
--- a/public/app/features/canvas/runtime/scene.tsx
+++ b/public/app/features/canvas/runtime/scene.tsx
@@ -281,7 +281,7 @@ export class Scene {
   };
 
   render() {
-    const isTooltipValid = (this.tooltip?.element?.data?.links?.length ?? 0) > 0;
+    const isTooltipValid = (this.tooltip?.element?.data?.links?.length ?? 0) > 0 || this.tooltip?.element?.data?.field;
     const canShowElementTooltip = !this.isEditingEnabled && isTooltipValid;
 
     const sceneDiv = (
diff --git a/public/app/features/canvas/types.ts b/public/app/features/canvas/types.ts
index 07a144a4798..1dd3f298e7a 100644
--- a/public/app/features/canvas/types.ts
+++ b/public/app/features/canvas/types.ts
@@ -30,6 +30,7 @@ export interface TextData {
   align: Align;
   valign: VAlign;
   links?: LinkModel[];
+  field?: string;
 }
 
 export interface TextConfig {
diff --git a/public/app/plugins/panel/canvas/components/CanvasTooltip.tsx b/public/app/plugins/panel/canvas/components/CanvasTooltip.tsx
index aba956850fd..0c7db1533ce 100644
--- a/public/app/plugins/panel/canvas/components/CanvasTooltip.tsx
+++ b/public/app/plugins/panel/canvas/components/CanvasTooltip.tsx
@@ -1,11 +1,15 @@
-import { css } from '@emotion/css';
+import { css, cx } from '@emotion/css';
 import { useDialog } from '@react-aria/dialog';
 import { useOverlay } from '@react-aria/overlays';
 import { createRef } from 'react';
 
-import { GrafanaTheme2, LinkModel } from '@grafana/data/src';
-import { LinkButton, Portal, Stack, useStyles2, VizTooltipContainer } from '@grafana/ui';
-import { CloseButton } from 'app/core/components/CloseButton/CloseButton';
+import { FieldType, GrafanaTheme2, formattedValueToString, getFieldDisplayName } from '@grafana/data/src';
+import { Portal, useStyles2, VizTooltipContainer } from '@grafana/ui';
+import { VizTooltipContent } from '@grafana/ui/src/components/VizTooltip/VizTooltipContent';
+import { VizTooltipFooter } from '@grafana/ui/src/components/VizTooltip/VizTooltipFooter';
+import { VizTooltipHeader } from '@grafana/ui/src/components/VizTooltip/VizTooltipHeader';
+import { VizTooltipItem } from '@grafana/ui/src/components/VizTooltip/types';
+import { CloseButton } from '@grafana/ui/src/components/uPlot/plugins/CloseButton';
 import { Scene } from 'app/features/canvas/runtime/scene';
 
 interface Props {
@@ -13,7 +17,7 @@ interface Props {
 }
 
 export const CanvasTooltip = ({ scene }: Props) => {
-  const style = useStyles2(getStyles);
+  const styles = useStyles2(getStyles);
 
   const onClose = () => {
     if (scene?.tooltipCallback && scene.tooltip) {
@@ -30,40 +34,47 @@ export const CanvasTooltip = ({ scene }: Props) => {
     return <></>;
   }
 
-  const renderDataLinks = () =>
-    element.data?.links &&
-    element.data?.links.length > 0 && (
-      <div>
-        <Stack direction={'column'}>
-          {element.data?.links?.map((link: LinkModel, i: number) => (
-            <LinkButton
-              key={i}
-              icon={'external-link-alt'}
-              target={link.target}
-              href={link.href}
-              onClick={link.onClick}
-              fill="text"
-              style={{ width: '100%' }}
-            >
-              {link.title}
-            </LinkButton>
-          ))}
-        </Stack>
-      </div>
-    );
+  // Retrieve timestamp of the last data point if available
+  const timeField = scene.data?.series[0].fields?.find((field) => field.type === FieldType.time);
+  const lastTimeValue = timeField?.values[timeField.values.length - 1];
+  const shouldDisplayTimeContentItem =
+    timeField && lastTimeValue && element.data.field && getFieldDisplayName(timeField) !== element.data.field;
+
+  const headerItem: VizTooltipItem | null = {
+    label: element.getName(),
+    value: '',
+  };
+
+  const contentItems: VizTooltipItem[] = [
+    {
+      label: element.data.field ?? 'Fixed',
+      value: element.data.text,
+    },
+    ...(shouldDisplayTimeContentItem
+      ? [
+          {
+            label: 'Time',
+            value: formattedValueToString(timeField?.display!(lastTimeValue)),
+          },
+        ]
+      : []),
+  ];
 
   return (
     <>
       {scene.tooltip?.element && scene.tooltip.anchorPoint && (
         <Portal>
           <VizTooltipContainer
+            className={cx(styles.tooltipWrapper, scene.tooltip.isOpen && styles.pinned)}
             position={{ x: scene.tooltip.anchorPoint.x, y: scene.tooltip.anchorPoint.y }}
             offset={{ x: 5, y: 0 }}
             allowPointerEvents={scene.tooltip.isOpen}
           >
             <section ref={ref} {...overlayProps} {...dialogProps}>
               {scene.tooltip.isOpen && <CloseButton style={{ zIndex: 1 }} onClick={onClose} />}
-              <div className={style.wrapper}>{renderDataLinks()}</div>
+              <VizTooltipHeader item={headerItem} isPinned={scene.tooltip.isOpen!} />
+              {element.data.text && <VizTooltipContent items={contentItems} isPinned={scene.tooltip.isOpen!} />}
+              <VizTooltipFooter dataLinks={element.data?.links} />
             </section>
           </VizTooltipContainer>
         </Portal>
@@ -77,4 +88,20 @@ const getStyles = (theme: GrafanaTheme2) => ({
     marginTop: '20px',
     background: theme.colors.background.primary,
   }),
+  tooltipWrapper: css({
+    top: 0,
+    left: 0,
+    zIndex: theme.zIndex.portal,
+    whiteSpace: 'pre',
+    borderRadius: theme.shape.radius.default,
+    position: 'fixed',
+    background: theme.colors.background.primary,
+    border: `1px solid ${theme.colors.border.weak}`,
+    boxShadow: theme.shadows.z2,
+    userSelect: 'text',
+    padding: 0,
+  }),
+  pinned: css({
+    boxShadow: theme.shadows.z3,
+  }),
 });