diff --git a/packages/grafana-ui/src/components/GraphNG/GraphNG.tsx b/packages/grafana-ui/src/components/GraphNG/GraphNG.tsx
index 230db2f0107..d75ab59252b 100644
--- a/packages/grafana-ui/src/components/GraphNG/GraphNG.tsx
+++ b/packages/grafana-ui/src/components/GraphNG/GraphNG.tsx
@@ -205,7 +205,8 @@ export class GraphNG extends Component<GraphNGProps, GraphNGState> {
           next: () => {
             const u = this.plotInstance?.current;
 
-            if (u) {
+            // @ts-ignore
+            if (u && !u.cursor._lock) {
               u.setCursor({
                 left: -10,
                 top: -10,
diff --git a/packages/grafana-ui/src/components/uPlot/plugins/CloseButton.tsx b/packages/grafana-ui/src/components/uPlot/plugins/CloseButton.tsx
new file mode 100644
index 00000000000..e1ddfa2dd89
--- /dev/null
+++ b/packages/grafana-ui/src/components/uPlot/plugins/CloseButton.tsx
@@ -0,0 +1,35 @@
+// mostly copy/pasted from: public/app/core/components/CloseButton/CloseButton.tsx
+import { css } from '@emotion/css';
+import React from 'react';
+
+import { GrafanaTheme2 } from '@grafana/data';
+
+import { IconButton } from '../../../components/IconButton/IconButton';
+import { useStyles2 } from '../../../themes/ThemeContext';
+
+type Props = {
+  onClick: () => void;
+  'aria-label'?: string;
+  style?: React.CSSProperties;
+};
+
+export const CloseButton = ({ onClick, 'aria-label': ariaLabel, style }: Props) => {
+  const styles = useStyles2(getStyles);
+  return (
+    <IconButton
+      aria-label={ariaLabel ?? 'Close'}
+      className={styles}
+      name="times"
+      onClick={onClick}
+      style={style}
+      tooltip="Close"
+    />
+  );
+};
+
+const getStyles = (theme: GrafanaTheme2) =>
+  css({
+    position: 'absolute',
+    right: theme.spacing(0.5),
+    top: theme.spacing(1),
+  });
diff --git a/packages/grafana-ui/src/components/uPlot/plugins/TooltipPlugin2.tsx b/packages/grafana-ui/src/components/uPlot/plugins/TooltipPlugin2.tsx
new file mode 100644
index 00000000000..6562d8aa334
--- /dev/null
+++ b/packages/grafana-ui/src/components/uPlot/plugins/TooltipPlugin2.tsx
@@ -0,0 +1,294 @@
+import { css } from '@emotion/css';
+import React, { useLayoutEffect, useRef, useReducer, CSSProperties } from 'react';
+import { createPortal } from 'react-dom';
+import uPlot from 'uplot';
+
+import { GrafanaTheme2 } from '@grafana/data';
+
+import { useStyles2 } from '../../../themes/ThemeContext';
+import { UPlotConfigBuilder } from '../config/UPlotConfigBuilder';
+
+import { CloseButton } from './CloseButton';
+
+interface TooltipPlugin2Props {
+  config: UPlotConfigBuilder;
+  // or via .children() render prop callback?
+  render: (
+    u: uPlot,
+    dataIdxs: Array<number | null>,
+    seriesIdx: number | null,
+    isPinned: boolean,
+    dismiss: () => void
+  ) => React.ReactNode;
+}
+
+interface TooltipContainerState {
+  plot?: uPlot | null;
+  style: Partial<CSSProperties>;
+  isHovering: boolean;
+  isPinned: boolean;
+  dismiss: () => void;
+  contents?: React.ReactNode;
+}
+
+interface TooltipContainerSize {
+  observer: ResizeObserver;
+  width: number;
+  height: number;
+}
+
+function mergeState(prevState: TooltipContainerState, nextState: Partial<TooltipContainerState>) {
+  return {
+    ...prevState,
+    ...nextState,
+    style: {
+      ...prevState.style,
+      ...nextState.style,
+    },
+  };
+}
+
+const INITIAL_STATE: TooltipContainerState = {
+  style: { transform: '', pointerEvents: 'none' },
+  isHovering: false,
+  isPinned: false,
+  contents: null,
+  plot: null,
+  dismiss: () => {},
+};
+
+/**
+ * @alpha
+ */
+export const TooltipPlugin2 = ({ config, render }: TooltipPlugin2Props) => {
+  const domRef = useRef<HTMLDivElement>(null);
+
+  const [{ plot, isHovering, isPinned, contents, style, dismiss }, setState] = useReducer(mergeState, INITIAL_STATE);
+
+  const sizeRef = useRef<TooltipContainerSize>();
+
+  const className = useStyles2(getStyles).tooltipWrapper;
+
+  useLayoutEffect(() => {
+    sizeRef.current = {
+      width: 0,
+      height: 0,
+      observer: new ResizeObserver((entries) => {
+        let size = sizeRef.current!;
+
+        for (const entry of entries) {
+          if (entry.borderBoxSize?.length > 0) {
+            size.width = entry.borderBoxSize[0].inlineSize;
+            size.height = entry.borderBoxSize[0].blockSize;
+          } else {
+            size.width = entry.contentRect.width;
+            size.height = entry.contentRect.height;
+          }
+        }
+      }),
+    };
+
+    let _plot = plot;
+    let _isHovering = isHovering;
+    let _isPinned = isPinned;
+    let _style = style;
+
+    let offsetX = 0;
+    let offsetY = 0;
+
+    let htmlEl = document.documentElement;
+    let winWidth = htmlEl.clientWidth - 16;
+    let winHeight = htmlEl.clientHeight - 16;
+
+    window.addEventListener('resize', (e) => {
+      winWidth = htmlEl.clientWidth - 5;
+      winHeight = htmlEl.clientHeight - 5;
+    });
+
+    let closestSeriesIdx: number | null = null;
+
+    let pendingRender = false;
+
+    const scheduleRender = () => {
+      if (!pendingRender) {
+        // defer unrender for 100ms to reduce flickering in small gaps
+        if (!_isHovering) {
+          setTimeout(_render, 100);
+        } else {
+          queueMicrotask(_render);
+        }
+
+        pendingRender = true;
+      }
+    };
+
+    const _render = () => {
+      pendingRender = false;
+
+      let state: TooltipContainerState = {
+        style: _style,
+        isPinned: _isPinned,
+        isHovering: _isHovering,
+        contents: _isHovering ? render(_plot!, _plot!.cursor.idxs!, closestSeriesIdx, _isPinned, dismiss) : null,
+        dismiss,
+      };
+
+      setState(state);
+    };
+
+    const dismiss = () => {
+      _isPinned = false;
+      _isHovering = false;
+      _style = { pointerEvents: 'none' };
+
+      // @ts-ignore
+      _plot!.cursor._lock = _isPinned;
+
+      scheduleRender();
+    };
+
+    config.addHook('init', (u) => {
+      setState({ plot: (_plot = u) });
+
+      // TODO: use cursor.lock & and mousedown/mouseup here (to prevent unlocking)
+      u.over.addEventListener('click', (e) => {
+        if (_isHovering) {
+          if (e.target === u.over) {
+            _isPinned = !_isPinned;
+            _style = { pointerEvents: _isPinned ? 'all' : 'none' };
+            scheduleRender();
+          }
+
+          // @ts-ignore
+          u.cursor._lock = _isPinned;
+
+          // hack to trigger cursor to new position after unlock
+          // (should not be necessary after using the cursor.lock API)
+          if (!_isPinned) {
+            u.setCursor({ left: e.clientX - u.rect.left, top: e.clientY - u.rect.top });
+            _isHovering = false;
+          }
+        }
+      });
+    });
+
+    // fires on data value hovers/unhovers (before setSeries)
+    config.addHook('setLegend', (u) => {
+      let _isHoveringNow = _plot!.cursor.idxs!.some((v) => v != null);
+
+      if (_isHoveringNow) {
+        // create
+        if (!_isHovering) {
+          _isHovering = true;
+        }
+      } else {
+        // destroy...TODO: debounce this
+        if (_isHovering) {
+          _isHovering = false;
+        }
+      }
+
+      scheduleRender();
+    });
+
+    // fires on series focus/proximity changes
+    // e.g. to highlight the hovered/closest series
+    // TODO: we only need this for multi/all mode?
+    config.addHook('setSeries', (u, seriesIdx) => {
+      // don't jiggle focused series styling when there's only one series
+      const isMultiSeries = u.series.length > 2;
+
+      if (isMultiSeries && closestSeriesIdx !== seriesIdx) {
+        closestSeriesIdx = seriesIdx;
+        scheduleRender();
+      }
+    });
+
+    // fires on mousemoves
+    config.addHook('setCursor', (u) => {
+      let { left = -10, top = -10 } = u.cursor;
+
+      if (left >= 0 || top >= 0) {
+        let { width, height } = sizeRef.current!;
+
+        let clientX = u.rect.left + left;
+        let clientY = u.rect.top + top;
+
+        if (offsetY) {
+          if (clientY + height < winHeight || clientY - height < 0) {
+            offsetY = 0;
+          } else if (offsetY !== -height) {
+            offsetY = -height;
+          }
+        } else {
+          if (clientY + height > winHeight && clientY - height >= 0) {
+            offsetY = -height;
+          }
+        }
+
+        if (offsetX) {
+          if (clientX + width < winWidth || clientX - width < 0) {
+            offsetX = 0;
+          } else if (offsetX !== -width) {
+            offsetX = -width;
+          }
+        } else {
+          if (clientX + width > winWidth && clientX - width >= 0) {
+            offsetX = -width;
+          }
+        }
+
+        const shiftX = offsetX !== 0 ? 'translateX(-100%)' : '';
+        const shiftY = offsetY !== 0 ? 'translateY(-100%)' : '';
+
+        // TODO: to a transition only when switching sides
+        // transition: transform 100ms;
+
+        const transform = `${shiftX} translateX(${left}px) ${shiftY} translateY(${top}px)`;
+
+        if (_isHovering) {
+          if (domRef.current != null) {
+            domRef.current.style.transform = transform;
+          } else {
+            _style.transform = transform;
+            scheduleRender();
+          }
+        }
+      }
+    });
+  }, [config]);
+
+  useLayoutEffect(() => {
+    const size = sizeRef.current!;
+
+    if (domRef.current != null) {
+      size.observer.observe(domRef.current);
+    }
+  }, [domRef.current]);
+
+  if (plot && isHovering) {
+    return createPortal(
+      <div className={className} style={style} ref={domRef}>
+        {isPinned && <CloseButton onClick={dismiss} style={{ top: '16px' }} />}
+        {contents}
+      </div>,
+      plot.over
+    );
+  }
+
+  return null;
+};
+
+const getStyles = (theme: GrafanaTheme2) => ({
+  tooltipWrapper: css({
+    top: 0,
+    left: 0,
+    zIndex: theme.zIndex.tooltip,
+    padding: '8px',
+    whiteSpace: 'pre',
+    borderRadius: theme.shape.radius.default,
+    position: 'absolute',
+    background: theme.colors.background.secondary,
+    boxShadow: `0 4px 8px ${theme.colors.background.primary}`,
+  }),
+});
diff --git a/packages/grafana-ui/src/components/uPlot/plugins/index.ts b/packages/grafana-ui/src/components/uPlot/plugins/index.ts
index 23c742bab8c..b2936f2397d 100644
--- a/packages/grafana-ui/src/components/uPlot/plugins/index.ts
+++ b/packages/grafana-ui/src/components/uPlot/plugins/index.ts
@@ -1,3 +1,4 @@
 export { ZoomPlugin } from './ZoomPlugin';
 export { TooltipPlugin } from './TooltipPlugin';
+export { TooltipPlugin2 } from './TooltipPlugin2';
 export { KeyboardPlugin } from './KeyboardPlugin';