diff --git a/public/app/features/alerting/unified/api/alertmanagerApi.ts b/public/app/features/alerting/unified/api/alertmanagerApi.ts
index 66f6d760422..762c79bb662 100644
--- a/public/app/features/alerting/unified/api/alertmanagerApi.ts
+++ b/public/app/features/alerting/unified/api/alertmanagerApi.ts
@@ -1,10 +1,13 @@
 import {
+  AlertmanagerAlert,
   AlertmanagerChoice,
   AlertManagerCortexConfig,
   ExternalAlertmanagerConfig,
   ExternalAlertmanagers,
   ExternalAlertmanagersResponse,
+  Matcher,
 } from '../../../../plugins/datasource/alertmanager/types';
+import { matcherToOperator } from '../utils/alertmanager';
 import { getDatasourceAPIUid, GRAFANA_RULES_SOURCE_NAME } from '../utils/datasource';
 
 import { alertingApi } from './alertingApi';
@@ -16,8 +19,34 @@ export interface AlertmanagersChoiceResponse {
   numExternalAlertmanagers: number;
 }
 
+interface AlertmanagerAlertsFilter {
+  active?: boolean;
+  silenced?: boolean;
+  inhibited?: boolean;
+  unprocessed?: boolean;
+  matchers?: Matcher[];
+}
+
+// Based on https://github.com/prometheus/alertmanager/blob/main/api/v2/openapi.yaml
 export const alertmanagerApi = alertingApi.injectEndpoints({
   endpoints: (build) => ({
+    getAlertmanagerAlerts: build.query<
+      AlertmanagerAlert[],
+      { amSourceName: string; filter?: AlertmanagerAlertsFilter }
+    >({
+      query: ({ amSourceName, filter }) => {
+        // TODO Add support for active, silenced, inhibited, unprocessed filters
+        const filterMatchers = filter?.matchers
+          ?.filter((matcher) => matcher.name && matcher.value)
+          .map((matcher) => `${matcher.name}${matcherToOperator(matcher)}${matcher.value}`);
+
+        return {
+          url: `/api/alertmanager/${getDatasourceAPIUid(amSourceName)}/api/v2/alerts`,
+          params: { filter: filterMatchers },
+        };
+      },
+    }),
+
     getAlertmanagerChoiceStatus: build.query<AlertmanagersChoiceResponse, void>({
       query: () => ({ url: '/api/v1/ngalert' }),
       providesTags: ['AlertmanagerChoice'],
diff --git a/public/app/features/alerting/unified/components/DynamicTable.tsx b/public/app/features/alerting/unified/components/DynamicTable.tsx
index deae6c1a7eb..29ee2eeac96 100644
--- a/public/app/features/alerting/unified/components/DynamicTable.tsx
+++ b/public/app/features/alerting/unified/components/DynamicTable.tsx
@@ -17,6 +17,7 @@ export interface DynamicTableColumnProps<T = unknown> {
 
   renderCell: (item: DynamicTableItemProps<T>, index: number) => ReactNode;
   size?: number | string;
+  className?: string;
 }
 
 export interface DynamicTableItemProps<T = unknown> {
@@ -134,7 +135,11 @@ export const DynamicTable = <T extends object>({
                 </div>
               )}
               {cols.map((col) => (
-                <div className={cx(styles.cell, styles.bodyCell)} data-column={col.label} key={`${item.id}-${col.id}`}>
+                <div
+                  className={cx(styles.cell, styles.bodyCell, col.className)}
+                  data-column={col.label}
+                  key={`${item.id}-${col.id}`}
+                >
                   {col.renderCell(item, index)}
                 </div>
               ))}
diff --git a/public/app/features/alerting/unified/components/silences/MatchedSilencedRules.tsx b/public/app/features/alerting/unified/components/silences/MatchedSilencedRules.tsx
deleted file mode 100644
index 3042d066ec5..00000000000
--- a/public/app/features/alerting/unified/components/silences/MatchedSilencedRules.tsx
+++ /dev/null
@@ -1,128 +0,0 @@
-import { css } from '@emotion/css';
-import React, { useEffect, useState } from 'react';
-import { useFormContext } from 'react-hook-form';
-import { useDebounce } from 'react-use';
-
-import { dateTime, GrafanaTheme2 } from '@grafana/data';
-import { Badge, useStyles2 } from '@grafana/ui';
-import { useDispatch } from 'app/types';
-import { Alert, AlertingRule } from 'app/types/unified-alerting';
-
-import { useCombinedRuleNamespaces } from '../../hooks/useCombinedRuleNamespaces';
-import { fetchAllPromAndRulerRulesAction } from '../../state/actions';
-import { MatcherFieldValue, SilenceFormFields } from '../../types/silence-form';
-import { findAlertInstancesWithMatchers } from '../../utils/matchers';
-import { isAlertingRule } from '../../utils/rules';
-import { AlertLabels } from '../AlertLabels';
-import { DynamicTable, DynamicTableColumnProps, DynamicTableItemProps } from '../DynamicTable';
-import { AlertStateTag } from '../rules/AlertStateTag';
-
-type MatchedRulesTableItemProps = DynamicTableItemProps<{
-  matchedInstance: Alert;
-}>;
-type MatchedRulesTableColumnProps = DynamicTableColumnProps<{ matchedInstance: Alert }>;
-
-export const MatchedSilencedRules = () => {
-  const [matchedAlertRules, setMatchedAlertRules] = useState<MatchedRulesTableItemProps[]>([]);
-  const formApi = useFormContext<SilenceFormFields>();
-  const dispatch = useDispatch();
-  const { watch } = formApi;
-  const matchers: MatcherFieldValue[] = watch('matchers');
-  const styles = useStyles2(getStyles);
-  const columns = useColumns();
-
-  useEffect(() => {
-    dispatch(fetchAllPromAndRulerRulesAction());
-  }, [dispatch]);
-
-  const combinedNamespaces = useCombinedRuleNamespaces();
-  useDebounce(
-    () => {
-      const matchedInstances = combinedNamespaces.flatMap((namespace) => {
-        return namespace.groups.flatMap((group) => {
-          return group.rules
-            .map((combinedRule) => combinedRule.promRule)
-            .filter((rule): rule is AlertingRule => isAlertingRule(rule))
-            .flatMap((rule) => findAlertInstancesWithMatchers(rule.alerts ?? [], matchers));
-        });
-      });
-      setMatchedAlertRules(matchedInstances);
-    },
-    500,
-    [combinedNamespaces, matchers]
-  );
-
-  return (
-    <div>
-      <h4 className={styles.title}>
-        Affected alert instances
-        {matchedAlertRules.length > 0 ? (
-          <Badge className={styles.badge} color="blue" text={matchedAlertRules.length} />
-        ) : null}
-      </h4>
-      <div className={styles.table}>
-        {matchers.every((matcher) => !matcher.value && !matcher.name) ? (
-          <span>Add a valid matcher to see affected alerts</span>
-        ) : (
-          <DynamicTable
-            items={matchedAlertRules}
-            isExpandable={false}
-            cols={columns}
-            pagination={{ itemsPerPage: 5 }}
-          />
-        )}
-      </div>
-    </div>
-  );
-};
-
-function useColumns(): MatchedRulesTableColumnProps[] {
-  return [
-    {
-      id: 'state',
-      label: 'State',
-      renderCell: function renderStateTag({ data: { matchedInstance } }) {
-        return <AlertStateTag state={matchedInstance.state} />;
-      },
-      size: '160px',
-    },
-    {
-      id: 'labels',
-      label: 'Labels',
-      renderCell: function renderName({ data: { matchedInstance } }) {
-        return <AlertLabels labels={matchedInstance.labels} />;
-      },
-      size: 'auto',
-    },
-    {
-      id: 'created',
-      label: 'Created',
-      renderCell: function renderSummary({ data: { matchedInstance } }) {
-        return (
-          <>
-            {matchedInstance.activeAt.startsWith('0001')
-              ? '-'
-              : dateTime(matchedInstance.activeAt).format('YYYY-MM-DD HH:mm:ss')}
-          </>
-        );
-      },
-      size: '180px',
-    },
-  ];
-}
-
-const getStyles = (theme: GrafanaTheme2) => ({
-  table: css`
-    max-width: ${theme.breakpoints.values.lg}px;
-  `,
-  moreMatches: css`
-    margin-top: ${theme.spacing(1)};
-  `,
-  title: css`
-    display: flex;
-    align-items: center;
-  `,
-  badge: css`
-    margin-left: ${theme.spacing(1)};
-  `,
-});
diff --git a/public/app/features/alerting/unified/components/silences/SilencedInstancesPreview.tsx b/public/app/features/alerting/unified/components/silences/SilencedInstancesPreview.tsx
new file mode 100644
index 00000000000..8c1b4490b29
--- /dev/null
+++ b/public/app/features/alerting/unified/components/silences/SilencedInstancesPreview.tsx
@@ -0,0 +1,129 @@
+import { css } from '@emotion/css';
+import React from 'react';
+
+import { dateTime, GrafanaTheme2 } from '@grafana/data';
+import { Alert, Badge, LoadingPlaceholder, useStyles2 } from '@grafana/ui';
+import { AlertmanagerAlert, Matcher } from 'app/plugins/datasource/alertmanager/types';
+
+import { alertmanagerApi } from '../../api/alertmanagerApi';
+import { isNullDate } from '../../utils/time';
+import { AlertLabels } from '../AlertLabels';
+import { DynamicTable, DynamicTableColumnProps, DynamicTableItemProps } from '../DynamicTable';
+
+import { AmAlertStateTag } from './AmAlertStateTag';
+
+interface Props {
+  amSourceName: string;
+  matchers: Matcher[];
+}
+
+export const SilencedInstancesPreview = ({ amSourceName, matchers }: Props) => {
+  const { useGetAlertmanagerAlertsQuery } = alertmanagerApi;
+  const styles = useStyles2(getStyles);
+  const columns = useColumns();
+
+  // By default the form contains an empty matcher - with empty name and value and = operator
+  // We don't want to fetch previews for empty matchers as it results in all alerts returned
+  const hasValidMatchers = matchers.some((matcher) => matcher.value && matcher.name);
+
+  const {
+    currentData: alerts = [],
+    isFetching,
+    isError,
+  } = useGetAlertmanagerAlertsQuery(
+    { amSourceName, filter: { matchers } },
+    { skip: !hasValidMatchers, refetchOnMountOrArgChange: true }
+  );
+
+  const tableItemAlerts = alerts.map<DynamicTableItemProps<AlertmanagerAlert>>((alert) => ({
+    id: alert.fingerprint,
+    data: alert,
+  }));
+
+  return (
+    <div>
+      <h4 className={styles.title}>
+        Affected alert instances
+        {tableItemAlerts.length > 0 ? (
+          <Badge className={styles.badge} color="blue" text={tableItemAlerts.length} />
+        ) : null}
+      </h4>
+      {!hasValidMatchers && <span>Add a valid matcher to see affected alerts</span>}
+      {isError && (
+        <Alert title="Preview not available" severity="error">
+          Error occured when generating affected alerts preview. Are you matchers valid?
+        </Alert>
+      )}
+      {isFetching && <LoadingPlaceholder text="Loading..." />}
+      {!isFetching && !isError && hasValidMatchers && (
+        <div className={styles.table}>
+          {tableItemAlerts.length > 0 ? (
+            <DynamicTable
+              items={tableItemAlerts}
+              isExpandable={false}
+              cols={columns}
+              pagination={{ itemsPerPage: 10 }}
+            />
+          ) : (
+            <span>No matching alert instances found</span>
+          )}
+        </div>
+      )}
+    </div>
+  );
+};
+
+function useColumns(): Array<DynamicTableColumnProps<AlertmanagerAlert>> {
+  const styles = useStyles2(getStyles);
+
+  return [
+    {
+      id: 'state',
+      label: 'State',
+      renderCell: function renderStateTag({ data }) {
+        return <AmAlertStateTag state={data.status.state} />;
+      },
+      size: '120px',
+      className: styles.stateColumn,
+    },
+    {
+      id: 'labels',
+      label: 'Labels',
+      renderCell: function renderName({ data }) {
+        return <AlertLabels labels={data.labels} className={styles.alertLabels} />;
+      },
+      size: 'auto',
+    },
+    {
+      id: 'created',
+      label: 'Created',
+      renderCell: function renderSummary({ data }) {
+        return <>{isNullDate(data.startsAt) ? '-' : dateTime(data.startsAt).format('YYYY-MM-DD HH:mm:ss')}</>;
+      },
+      size: '180px',
+    },
+  ];
+}
+
+const getStyles = (theme: GrafanaTheme2) => ({
+  table: css`
+    max-width: ${theme.breakpoints.values.lg}px;
+  `,
+  moreMatches: css`
+    margin-top: ${theme.spacing(1)};
+  `,
+  title: css`
+    display: flex;
+    align-items: center;
+  `,
+  badge: css`
+    margin-left: ${theme.spacing(1)};
+  `,
+  stateColumn: css`
+    display: flex;
+    align-items: center;
+  `,
+  alertLabels: css`
+    justify-content: flex-start;
+  `,
+});
diff --git a/public/app/features/alerting/unified/components/silences/SilencesEditor.tsx b/public/app/features/alerting/unified/components/silences/SilencesEditor.tsx
index 3d1bb015b9d..7f6c3269146 100644
--- a/public/app/features/alerting/unified/components/silences/SilencesEditor.tsx
+++ b/public/app/features/alerting/unified/components/silences/SilencesEditor.tsx
@@ -1,5 +1,5 @@
 import { css, cx } from '@emotion/css';
-import { pickBy } from 'lodash';
+import { isEqual, pickBy } from 'lodash';
 import React, { useMemo, useState } from 'react';
 import { useForm, FormProvider } from 'react-hook-form';
 import { useDebounce } from 'react-use';
@@ -16,7 +16,7 @@ import {
 import { config } from '@grafana/runtime';
 import { Button, Field, FieldSet, Input, LinkButton, TextArea, useStyles2 } from '@grafana/ui';
 import { useCleanup } from 'app/core/hooks/useCleanup';
-import { MatcherOperator, Silence, SilenceCreatePayload } from 'app/plugins/datasource/alertmanager/types';
+import { Matcher, MatcherOperator, Silence, SilenceCreatePayload } from 'app/plugins/datasource/alertmanager/types';
 import { useDispatch } from 'app/types';
 
 import { useURLSearchParams } from '../../hooks/useURLSearchParams';
@@ -28,9 +28,9 @@ import { parseQueryParamMatchers } from '../../utils/matchers';
 import { makeAMLink } from '../../utils/misc';
 import { initialAsyncRequestState } from '../../utils/redux';
 
-import { MatchedSilencedRules } from './MatchedSilencedRules';
 import MatchersField from './MatchersField';
 import { SilencePeriod } from './SilencePeriod';
+import { SilencedInstancesPreview } from './SilencedInstancesPreview';
 
 interface Props {
   silence?: Silence;
@@ -104,6 +104,9 @@ export const SilencesEditor = ({ silence, alertManagerSourceName }: Props) => {
   const formAPI = useForm({ defaultValues });
   const dispatch = useDispatch();
   const styles = useStyles2(getStyles);
+  const [matchersForPreview, setMatchersForPreview] = useState<Matcher[]>(
+    defaultValues.matchers.map(matcherFieldToMatcher)
+  );
 
   const { loading } = useUnifiedAlertingSelector((state) => state.updateSilence);
 
@@ -138,6 +141,7 @@ export const SilencesEditor = ({ silence, alertManagerSourceName }: Props) => {
   const duration = watch('duration');
   const startsAt = watch('startsAt');
   const endsAt = watch('endsAt');
+  const matcherFields = watch('matchers');
 
   // Keep duration and endsAt in sync
   const [prevDuration, setPrevDuration] = useState(duration);
@@ -164,6 +168,19 @@ export const SilencesEditor = ({ silence, alertManagerSourceName }: Props) => {
     700,
     [clearErrors, duration, endsAt, prevDuration, setValue, startsAt]
   );
+
+  useDebounce(
+    () => {
+      // React-hook-form watch does not return referentialy equal values so this trick is needed
+      const newMatchers = matcherFields.filter((m) => m.name && m.value).map(matcherFieldToMatcher);
+      if (!isEqual(matchersForPreview, newMatchers)) {
+        setMatchersForPreview(newMatchers);
+      }
+    },
+    700,
+    [matcherFields]
+  );
+
   const userLogged = Boolean(config.bootData.user.isSignedIn && config.bootData.user.name);
 
   return (
@@ -221,7 +238,7 @@ export const SilencesEditor = ({ silence, alertManagerSourceName }: Props) => {
               />
             </Field>
           )}
-          <MatchedSilencedRules />
+          <SilencedInstancesPreview amSourceName={alertManagerSourceName} matchers={matchersForPreview} />
         </FieldSet>
         <div className={styles.flexRow}>
           {loading && (
diff --git a/public/app/features/alerting/unified/utils/matchers.test.ts b/public/app/features/alerting/unified/utils/matchers.test.ts
index 09a54217fb7..ae5b64b105e 100644
--- a/public/app/features/alerting/unified/utils/matchers.test.ts
+++ b/public/app/features/alerting/unified/utils/matchers.test.ts
@@ -1,8 +1,4 @@
-import { MatcherOperator } from 'app/plugins/datasource/alertmanager/types';
-
-import { mockPromAlert } from '../mocks';
-
-import { getMatcherQueryParams, findAlertInstancesWithMatchers, parseQueryParamMatchers } from './matchers';
+import { getMatcherQueryParams, parseQueryParamMatchers } from './matchers';
 
 describe('Unified Alerting matchers', () => {
   describe('getMatcherQueryParams tests', () => {
@@ -37,57 +33,4 @@ describe('Unified Alerting matchers', () => {
       expect(matchers[0].value).toBe('TestData 1');
     });
   });
-
-  describe('matchLabelsToMatchers', () => {
-    it('should match for equal', () => {
-      const matchers = [{ name: 'foo', value: 'bar', operator: MatcherOperator.equal }];
-      const alerts = [mockPromAlert({ labels: { foo: 'bar' } }), mockPromAlert({ labels: { foo: 'baz' } })];
-      const matchedAlerts = findAlertInstancesWithMatchers(alerts, matchers);
-
-      expect(matchedAlerts).toHaveLength(1);
-    });
-
-    it('should match for not equal', () => {
-      const matchers = [{ name: 'foo', value: 'bar', operator: MatcherOperator.notEqual }];
-      const alerts = [mockPromAlert({ labels: { foo: 'bar' } }), mockPromAlert({ labels: { foo: 'baz' } })];
-
-      const matchedAlerts = findAlertInstancesWithMatchers(alerts, matchers);
-      expect(matchedAlerts).toHaveLength(1);
-    });
-
-    it('should match for regex', () => {
-      const matchers = [{ name: 'foo', value: 'b{1}a.*', operator: MatcherOperator.regex }];
-      const alerts = [
-        mockPromAlert({ labels: { foo: 'bbr' } }),
-        mockPromAlert({ labels: { foo: 'aba' } }), // This does not match because the regex is implicitly anchored.
-        mockPromAlert({ labels: { foo: 'ba' } }),
-        mockPromAlert({ labels: { foo: 'bar' } }),
-        mockPromAlert({ labels: { foo: 'baz' } }),
-        mockPromAlert({ labels: { foo: 'bas' } }),
-      ];
-
-      const matchedAlerts = findAlertInstancesWithMatchers(alerts, matchers);
-      expect(matchedAlerts).toHaveLength(4);
-      expect(matchedAlerts.map((instance) => instance.data.matchedInstance.labels.foo)).toEqual([
-        'ba',
-        'bar',
-        'baz',
-        'bas',
-      ]);
-    });
-
-    it('should not match regex', () => {
-      const matchers = [{ name: 'foo', value: 'ba{3}', operator: MatcherOperator.notRegex }];
-      const alerts = [
-        mockPromAlert({ labels: { foo: 'bar' } }),
-        mockPromAlert({ labels: { foo: 'baz' } }),
-        mockPromAlert({ labels: { foo: 'baaa' } }),
-        mockPromAlert({ labels: { foo: 'bas' } }),
-      ];
-
-      const matchedAlerts = findAlertInstancesWithMatchers(alerts, matchers);
-      expect(matchedAlerts).toHaveLength(3);
-      expect(matchedAlerts.map((instance) => instance.data.matchedInstance.labels.foo)).toEqual(['bar', 'baz', 'bas']);
-    });
-  });
 });
diff --git a/public/app/features/alerting/unified/utils/matchers.ts b/public/app/features/alerting/unified/utils/matchers.ts
index d8889638f58..7ca37819719 100644
--- a/public/app/features/alerting/unified/utils/matchers.ts
+++ b/public/app/features/alerting/unified/utils/matchers.ts
@@ -1,10 +1,7 @@
 import { uniqBy } from 'lodash';
 
 import { Labels } from '@grafana/data';
-import { Matcher, MatcherOperator } from 'app/plugins/datasource/alertmanager/types';
-import { Alert } from 'app/types/unified-alerting';
-
-import { MatcherFieldValue } from '../types/silence-form';
+import { Matcher } from 'app/plugins/datasource/alertmanager/types';
 
 import { parseMatcher } from './alertmanager';
 
@@ -29,61 +26,3 @@ export const getMatcherQueryParams = (labels: Labels) => {
 
   return matcherUrlParams;
 };
-
-interface MatchedInstance {
-  id: string;
-  data: {
-    matchedInstance: Alert;
-  };
-}
-
-export const findAlertInstancesWithMatchers = (
-  instances: Alert[],
-  matchers: MatcherFieldValue[]
-): MatchedInstance[] => {
-  const anchorRegex = (regexpString: string): RegExp => {
-    // Silence matchers are always fully anchored in the Alertmanager: https://github.com/prometheus/alertmanager/pull/748
-    if (!regexpString.startsWith('^')) {
-      regexpString = '^' + regexpString;
-    }
-    if (!regexpString.endsWith('$')) {
-      regexpString = regexpString + '$';
-    }
-    return new RegExp(regexpString);
-  };
-
-  const matchesInstance = (instance: Alert, matcher: MatcherFieldValue) => {
-    return Object.entries(instance.labels).some(([key, value]) => {
-      if (!matcher.name || !matcher.value) {
-        return false;
-      }
-      if (matcher.name !== key) {
-        return false;
-      }
-      switch (matcher.operator) {
-        case MatcherOperator.equal:
-          return matcher.value === value;
-        case MatcherOperator.notEqual:
-          return matcher.value !== value;
-        case MatcherOperator.regex:
-          const regex = anchorRegex(matcher.value);
-          return regex.test(value);
-        case MatcherOperator.notRegex:
-          const negregex = anchorRegex(matcher.value);
-          return !negregex.test(value);
-        default:
-          return false;
-      }
-    });
-  };
-
-  const filteredInstances = instances.filter((instance) => {
-    return matchers.every((matcher) => matchesInstance(instance, matcher));
-  });
-  const mappedInstances = filteredInstances.map((instance) => ({
-    id: `${instance.activeAt}-${instance.value}`,
-    data: { matchedInstance: instance },
-  }));
-
-  return mappedInstances;
-};