diff --git a/packages/grafana-ui/src/components/Combobox/Combobox.story.tsx b/packages/grafana-ui/src/components/Combobox/Combobox.story.tsx
index 9f81eb1fd72..73526a825a7 100644
--- a/packages/grafana-ui/src/components/Combobox/Combobox.story.tsx
+++ b/packages/grafana-ui/src/components/Combobox/Combobox.story.tsx
@@ -1,13 +1,15 @@
 import { action } from '@storybook/addon-actions';
 import { Meta, StoryFn, StoryObj } from '@storybook/react';
 import { Chance } from 'chance';
-import React, { ComponentProps, useEffect, useState } from 'react';
+import React, { ComponentProps, useCallback, useEffect, useState } from 'react';
+
+import { SelectableValue } from '@grafana/data';
 
 import { useTheme2 } from '../../themes/ThemeContext';
 import { Alert } from '../Alert/Alert';
 import { Divider } from '../Divider/Divider';
 import { Field } from '../Forms/Field';
-import { Select } from '../Select/Select';
+import { Select, AsyncSelect } from '../Select/Select';
 
 import { Combobox, ComboboxOption } from './Combobox';
 
@@ -112,6 +114,10 @@ const SelectComparisonStory: StoryFn<typeof Combobox> = (args) => {
   const [comboboxValue, setComboboxValue] = useState(args.value);
   const theme = useTheme2();
 
+  if (typeof args.options === 'function') {
+    throw new Error('This story does not support async options');
+  }
+
   return (
     <div style={{ border: '1px solid ' + theme.colors.border.weak, padding: 16 }}>
       <Field label="Combobox with default size">
@@ -248,6 +254,82 @@ export const CustomValue: StoryObj<PropsAndCustomArgs> = {
   },
 };
 
+const AsyncStory: StoryFn<PropsAndCustomArgs> = (args) => {
+  // Combobox
+  const [selectedOption, setSelectedOption] = useState<ComboboxOption<string> | null>(null);
+
+  // AsyncSelect
+  const [asyncSelectValue, setAsyncSelectValue] = useState<SelectableValue<string> | null>(null);
+
+  // This simulates a kind of search API call
+  const loadOptionsWithLabels = useCallback((inputValue: string) => {
+    console.info(`Load options called with value '${inputValue}' `);
+    return fakeSearchAPI(`http://example.com/search?query=${inputValue}`);
+  }, []);
+
+  const loadOptionsOnlyValues = useCallback((inputValue: string) => {
+    return fakeSearchAPI(`http://example.com/search?query=${inputValue}`).then((options) =>
+      options.map((opt) => ({ value: opt.label! }))
+    );
+  }, []);
+
+  return (
+    <>
+      <Field
+        label="Options with labels"
+        description="This tests when options have both a label and a value. Consumers are required to pass in a full ComboboxOption as a value with a label"
+      >
+        <Combobox
+          id="test-combobox-one"
+          placeholder="Select an option"
+          options={loadOptionsWithLabels}
+          value={selectedOption}
+          onChange={(val) => {
+            action('onChange')(val);
+            setSelectedOption(val);
+          }}
+          createCustomValue={args.createCustomValue}
+        />
+      </Field>
+
+      <Field
+        label="Options without labels"
+        description="Or without labels, where consumer can just pass in a raw scalar value Value"
+      >
+        <Combobox
+          id="test-combobox-two"
+          placeholder="Select an option"
+          options={loadOptionsOnlyValues}
+          value={selectedOption?.value ?? null}
+          onChange={(val) => {
+            action('onChange')(val);
+            setSelectedOption(val);
+          }}
+          createCustomValue={args.createCustomValue}
+        />
+      </Field>
+
+      <Field label="Compared to AsyncSelect">
+        <AsyncSelect
+          id="test-async-select"
+          placeholder="Select an option"
+          loadOptions={loadOptionsWithLabels}
+          value={asyncSelectValue}
+          defaultOptions
+          onChange={(val) => {
+            action('onChange')(val);
+            setAsyncSelectValue(val);
+          }}
+        />
+      </Field>
+    </>
+  );
+};
+
+export const Async: StoryObj<PropsAndCustomArgs> = {
+  render: AsyncStory,
+};
+
 export const ComparisonToSelect: StoryObj<PropsAndCustomArgs> = {
   args: {
     numberOfOptions: 100,
@@ -270,3 +352,28 @@ function InDevDecorator(Story: React.ElementType) {
     </div>
   );
 }
+
+let fakeApiOptions: Array<ComboboxOption<string>>;
+async function fakeSearchAPI(urlString: string): Promise<Array<ComboboxOption<string>>> {
+  const searchParams = new URL(urlString).searchParams;
+
+  if (!fakeApiOptions) {
+    fakeApiOptions = await generateOptions(1000);
+  }
+
+  const searchQuery = searchParams.get('query')?.toLowerCase();
+
+  if (!searchQuery || searchQuery.length === 0) {
+    return Promise.resolve(fakeApiOptions.slice(0, 10));
+  }
+
+  const filteredOptions = Promise.resolve(
+    fakeApiOptions.filter((opt) => opt.label?.toLowerCase().includes(searchQuery))
+  );
+
+  const delay = searchQuery.length % 2 === 0 ? 200 : 1000;
+
+  return new Promise<Array<ComboboxOption<string>>>((resolve) => {
+    setTimeout(() => resolve(filteredOptions), delay);
+  });
+}
diff --git a/packages/grafana-ui/src/components/Combobox/Combobox.test.tsx b/packages/grafana-ui/src/components/Combobox/Combobox.test.tsx
index 46b7d48a404..56a26d8ed55 100644
--- a/packages/grafana-ui/src/components/Combobox/Combobox.test.tsx
+++ b/packages/grafana-ui/src/components/Combobox/Combobox.test.tsx
@@ -1,4 +1,4 @@
-import { render, screen, fireEvent } from '@testing-library/react';
+import { act, render, screen, fireEvent } from '@testing-library/react';
 import userEvent from '@testing-library/user-event';
 
 import { Combobox, ComboboxOption } from './Combobox';
@@ -102,9 +102,7 @@ describe('Combobox', () => {
       await userEvent.keyboard('{Enter}');
 
       expect(screen.getByDisplayValue('custom value')).toBeInTheDocument();
-      expect(onChangeHandler).toHaveBeenCalledWith(
-        expect.objectContaining({ label: 'custom value', value: 'custom value' })
-      );
+      expect(onChangeHandler).toHaveBeenCalledWith(expect.objectContaining({ value: 'custom value' }));
     });
 
     it('should proivde custom string when all options are numbers', async () => {
@@ -132,4 +130,102 @@ describe('Combobox', () => {
       expect(typeof onChangeHandler.mock.calls[1][0].value === 'number').toBeTruthy();
     });
   });
+
+  describe('async', () => {
+    let user: ReturnType<typeof userEvent.setup>;
+
+    beforeAll(() => {
+      user = userEvent.setup({ delay: null });
+    });
+
+    beforeAll(() => {
+      jest.useFakeTimers();
+    });
+
+    afterAll(() => {
+      jest.useRealTimers();
+    });
+
+    // Assume that most apis only return with the value
+    const simpleAsyncOptions = [{ value: 'Option 1' }, { value: 'Option 2' }, { value: 'Option 3' }];
+
+    it('should allow async options', async () => {
+      const asyncOptions = jest.fn(() => Promise.resolve(simpleAsyncOptions));
+      render(<Combobox options={asyncOptions} value={null} onChange={onChangeHandler} />);
+
+      const input = screen.getByRole('combobox');
+      await user.click(input);
+
+      expect(asyncOptions).toHaveBeenCalled();
+    });
+
+    it('should allow async options and select value', async () => {
+      const asyncOptions = jest.fn(() => Promise.resolve(simpleAsyncOptions));
+      render(<Combobox options={asyncOptions} value={null} onChange={onChangeHandler} />);
+
+      const input = screen.getByRole('combobox');
+      await user.click(input);
+
+      const item = await screen.findByRole('option', { name: 'Option 3' });
+      await user.click(item);
+
+      expect(onChangeHandler).toHaveBeenCalledWith(simpleAsyncOptions[2]);
+      expect(screen.getByDisplayValue('Option 3')).toBeInTheDocument();
+    });
+
+    it('should ignore late responses', async () => {
+      const asyncOptions = jest.fn(async (searchTerm: string) => {
+        if (searchTerm === 'a') {
+          return new Promise<ComboboxOption[]>((resolve) => setTimeout(() => resolve([{ value: 'first' }]), 1000));
+        } else if (searchTerm === 'ab') {
+          return new Promise<ComboboxOption[]>((resolve) => setTimeout(() => resolve([{ value: 'second' }]), 200));
+        }
+        return Promise.resolve([]);
+      });
+
+      render(<Combobox options={asyncOptions} value={null} onChange={onChangeHandler} />);
+
+      const input = screen.getByRole('combobox');
+      await user.click(input); // First request
+
+      await user.keyboard('ab'); // Second request
+      jest.advanceTimersByTime(210); // Resolve the second request
+
+      let item: HTMLElement | null = await screen.findByRole('option', { name: 'second' });
+      let firstItem = screen.queryByRole('option', { name: 'first' });
+
+      expect(item).toBeInTheDocument();
+      expect(firstItem).not.toBeInTheDocument();
+
+      act(() => {
+        jest.advanceTimersByTime(1100); // Resolve the first request
+      });
+
+      item = screen.queryByRole('option', { name: 'first' });
+      firstItem = screen.queryByRole('option', { name: 'second' });
+
+      expect(item).not.toBeInTheDocument();
+      expect(firstItem).toBeInTheDocument();
+    });
+
+    it('should allow custom value while async is being run', async () => {
+      const asyncOptions = jest.fn(async () => {
+        return new Promise<ComboboxOption[]>((resolve) => setTimeout(() => resolve([{ value: 'first' }]), 2000));
+      });
+
+      render(<Combobox options={asyncOptions} value={null} onChange={onChangeHandler} createCustomValue />);
+
+      const input = screen.getByRole('combobox');
+      await user.click(input);
+
+      await act(async () => {
+        await user.type(input, 'fir');
+        jest.advanceTimersByTime(500); // Custom value while typing
+      });
+
+      const customItem = screen.queryByRole('option', { name: 'fir Create custom value' });
+
+      expect(customItem).toBeInTheDocument();
+    });
+  });
 });
diff --git a/packages/grafana-ui/src/components/Combobox/Combobox.tsx b/packages/grafana-ui/src/components/Combobox/Combobox.tsx
index d38df728201..54d0d552b53 100644
--- a/packages/grafana-ui/src/components/Combobox/Combobox.tsx
+++ b/packages/grafana-ui/src/components/Combobox/Combobox.tsx
@@ -11,20 +11,27 @@ import { Input, Props as InputProps } from '../Input/Input';
 
 import { getComboboxStyles } from './getComboboxStyles';
 import { estimateSize, useComboboxFloat } from './useComboboxFloat';
+import { StaleResultError, useLatestAsyncCall } from './useLatestAsyncCall';
 
 export type ComboboxOption<T extends string | number = string> = {
-  label: string;
+  label?: string;
   value: T;
   description?: string;
 };
 
+// TODO: It would be great if ComboboxOption["label"] was more generic so that if consumers do pass it in (for async),
+// then the onChange handler emits ComboboxOption with the label as non-undefined.
 interface ComboboxBaseProps<T extends string | number>
   extends Omit<InputProps, 'prefix' | 'suffix' | 'value' | 'addonBefore' | 'addonAfter' | 'onChange' | 'width'> {
   isClearable?: boolean;
   createCustomValue?: boolean;
-  options: Array<ComboboxOption<T>>;
+  options: Array<ComboboxOption<T>> | ((inputValue: string) => Promise<Array<ComboboxOption<T>>>);
   onChange: (option: ComboboxOption<T> | null) => void;
-  value: T | null;
+  /**
+   * Most consumers should pass value in as a scalar string | number. However, sometimes with Async because we don't
+   * have the full options loaded to match the value to, consumers may also pass in an Option with a label to display.
+   */
+  value: T | ComboboxOption<T> | null;
   /**
    * Defaults to 100%. Number is a multiple of 8px. 'auto' will size the input to the content.
    * */
@@ -45,7 +52,7 @@ type AutoSizeConditionals =
 
 type ComboboxProps<T extends string | number> = ComboboxBaseProps<T> & AutoSizeConditionals;
 
-function itemToString(item: ComboboxOption<string | number> | null) {
+function itemToString<T extends string | number>(item: ComboboxOption<T> | null) {
   return item?.label ?? item?.value.toString() ?? '';
 }
 
@@ -61,6 +68,8 @@ function itemFilter<T extends string | number>(inputValue: string) {
   };
 }
 
+const asyncNoop = () => Promise.resolve([]);
+
 /**
  * A performant Select replacement.
  *
@@ -69,7 +78,7 @@ function itemFilter<T extends string | number>(inputValue: string) {
 export const Combobox = <T extends string | number>({
   options,
   onChange,
-  value,
+  value: valueProp,
   isClearable = false,
   createCustomValue = false,
   id,
@@ -77,9 +86,21 @@ export const Combobox = <T extends string | number>({
   'aria-labelledby': ariaLabelledBy,
   ...restProps
 }: ComboboxProps<T>) => {
-  const [items, setItems] = useState(options);
+  // Value can be an actual scalar Value (string or number), or an Option (value + label), so
+  // get a consistent Value from it
+  const value = typeof valueProp === 'object' ? valueProp?.value : valueProp;
+
+  const isAsync = typeof options === 'function';
+  const loadOptions = useLatestAsyncCall(isAsync ? options : asyncNoop); // loadOptions isn't called at all if not async
+  const [asyncLoading, setAsyncLoading] = useState(false);
+
+  const [items, setItems] = useState(isAsync ? [] : options);
 
   const selectedItemIndex = useMemo(() => {
+    if (isAsync) {
+      return null;
+    }
+
     if (value === null) {
       return null;
     }
@@ -90,22 +111,15 @@ export const Combobox = <T extends string | number>({
     }
 
     return index;
-  }, [options, value]);
+  }, [options, value, isAsync]);
 
   const selectedItem = useMemo(() => {
-    if (selectedItemIndex !== null) {
+    if (selectedItemIndex !== null && !isAsync) {
       return options[selectedItemIndex];
     }
 
-    // Custom value
-    if (value !== null) {
-      return {
-        label: value.toString(),
-        value,
-      };
-    }
-    return null;
-  }, [selectedItemIndex, options, value]);
+    return typeof valueProp === 'object' ? valueProp : { value: valueProp, label: valueProp.toString() };
+  }, [selectedItemIndex, isAsync, valueProp, options]);
 
   const menuId = `downshift-${useId().replace(/:/g, '--')}-menu`;
   const labelId = `downshift-${useId().replace(/:/g, '--')}-label`;
@@ -144,27 +158,57 @@ export const Combobox = <T extends string | number>({
     defaultHighlightedIndex: selectedItemIndex ?? 0,
     scrollIntoView: () => {},
     onInputValueChange: ({ inputValue }) => {
-      const filteredItems = options.filter(itemFilter(inputValue));
-      if (createCustomValue && inputValue && filteredItems.findIndex((opt) => opt.label === inputValue) === -1) {
-        const customValueOption: ComboboxOption<T> = {
-          label: inputValue,
-          // @ts-ignore Type casting needed to make this work when T is a number
-          value: inputValue as unknown as T,
-          description: t('combobox.custom-value.create', 'Create custom value'),
-        };
+      const customValueOption =
+        createCustomValue &&
+        inputValue &&
+        items.findIndex((opt) => opt.label === inputValue || opt.value === inputValue) === -1
+          ? {
+              // Type casting needed to make this work when T is a number
+              value: inputValue as unknown as T,
+              description: t('combobox.custom-value.create', 'Create custom value'),
+            }
+          : null;
+
+      if (isAsync) {
+        if (customValueOption) {
+          setItems([customValueOption]);
+        }
+        setAsyncLoading(true);
+        loadOptions(inputValue)
+          .then((opts) => {
+            setItems(customValueOption ? [customValueOption, ...opts] : opts);
+            setAsyncLoading(false);
+          })
+          .catch((err) => {
+            if (!(err instanceof StaleResultError)) {
+              // TODO: handle error
+              setAsyncLoading(false);
+            }
+          });
 
-        setItems([...filteredItems, customValueOption]);
         return;
-      } else {
-        setItems(filteredItems);
       }
+
+      const filteredItems = options.filter(itemFilter(inputValue));
+
+      setItems(customValueOption ? [customValueOption, ...filteredItems] : filteredItems);
     },
+
     onIsOpenChange: ({ isOpen }) => {
       // Default to displaying all values when opening
-      if (isOpen) {
+      if (isOpen && !isAsync) {
         setItems(options);
         return;
       }
+
+      if (isOpen && isAsync) {
+        setAsyncLoading(true);
+        loadOptions('').then((options) => {
+          setItems(options);
+          setAsyncLoading(false);
+        });
+        return;
+      }
     },
     onHighlightedIndexChange: ({ highlightedIndex, type }) => {
       if (type !== useCombobox.stateChangeTypes.MenuMouseLeave) {
@@ -172,6 +216,7 @@ export const Combobox = <T extends string | number>({
       }
     },
   });
+
   const { inputRef, floatingRef, floatStyles } = useComboboxFloat(items, rowVirtualizer.range, isOpen);
 
   const onBlur = useCallback(() => {
@@ -215,6 +260,7 @@ export const Combobox = <T extends string | number>({
             />
           </>
         }
+        loading={asyncLoading}
         {...restProps}
         {...getInputProps({
           ref: inputRef,
@@ -242,7 +288,7 @@ export const Combobox = <T extends string | number>({
             {rowVirtualizer.getVirtualItems().map((virtualRow) => {
               return (
                 <li
-                  key={items[virtualRow.index].value + items[virtualRow.index].label}
+                  key={`${items[virtualRow.index].value}-${virtualRow.index}`}
                   data-index={virtualRow.index}
                   className={cx(
                     styles.option,
@@ -259,7 +305,9 @@ export const Combobox = <T extends string | number>({
                   })}
                 >
                   <div className={styles.optionBody}>
-                    <span className={styles.optionLabel}>{items[virtualRow.index].label}</span>
+                    <span className={styles.optionLabel}>
+                      {items[virtualRow.index].label ?? items[virtualRow.index].value}
+                    </span>
                     {items[virtualRow.index].description && (
                       <span className={styles.optionDescription}>{items[virtualRow.index].description}</span>
                     )}
diff --git a/packages/grafana-ui/src/components/Combobox/useComboboxFloat.ts b/packages/grafana-ui/src/components/Combobox/useComboboxFloat.ts
index 60916c13ce5..0dc912f29e4 100644
--- a/packages/grafana-ui/src/components/Combobox/useComboboxFloat.ts
+++ b/packages/grafana-ui/src/components/Combobox/useComboboxFloat.ts
@@ -55,7 +55,7 @@ export const useComboboxFloat = (
     const itemsToLookAt = Math.min(items.length, WIDTH_CALCULATION_LIMIT_ITEMS);
 
     for (let i = 0; i < itemsToLookAt; i++) {
-      const itemLabel = items[i].label;
+      const itemLabel = items[i].label ?? items[i].value.toString();
       longestItem = itemLabel.length > longestItem.length ? itemLabel : longestItem;
     }
 
diff --git a/packages/grafana-ui/src/components/Combobox/useLatestAsyncCall.ts b/packages/grafana-ui/src/components/Combobox/useLatestAsyncCall.ts
new file mode 100644
index 00000000000..3e923ac05a1
--- /dev/null
+++ b/packages/grafana-ui/src/components/Combobox/useLatestAsyncCall.ts
@@ -0,0 +1,39 @@
+import { useCallback, useRef } from 'react';
+
+type AsyncFn<T, V> = (value: T) => Promise<V>;
+
+/**
+ * Wraps an async function to ensure that only the latest call is resolved.
+ * Used to prevent a faster call being overwritten by an earlier slower call.
+ */
+export function useLatestAsyncCall<T, V>(fn: AsyncFn<T, V>): AsyncFn<T, V> {
+  const latestValue = useRef<T>();
+
+  const wrappedFn = useCallback(
+    (value: T) => {
+      latestValue.current = value;
+
+      return new Promise<V>((resolve, reject) => {
+        fn(value).then((result) => {
+          // Only resolve if the value is still the latest
+          if (latestValue.current === value) {
+            resolve(result);
+          } else {
+            reject(new StaleResultError());
+          }
+        });
+      });
+    },
+    [fn]
+  );
+
+  return wrappedFn;
+}
+
+export class StaleResultError extends Error {
+  constructor() {
+    super('This result is stale and is discarded');
+    this.name = 'StaleResultError';
+    Object.setPrototypeOf(this, new.target.prototype); // Necessary for instanceof to work correctly
+  }
+}