diff --git a/e2e/suite1/specs/inspect-drawer.spec.ts b/e2e/suite1/specs/inspect-drawer.spec.ts
index 70210875b45..efbee7782e7 100644
--- a/e2e/suite1/specs/inspect-drawer.spec.ts
+++ b/e2e/suite1/specs/inspect-drawer.spec.ts
@@ -74,9 +74,24 @@ const expectDrawerTabsAndContent = () => {
       e2e.components.PanelInspector.Stats.content().should('not.be.visible');
       e2e.components.PanelInspector.Query.content().should('not.be.visible');
 
+      e2e().wait(250);
+      /* Monaco Editor specific wait that fixes error below https://github.com/microsoft/monaco-editor/issues/354
+        TypeError: Cannot read property 'getText' of null
+          at Object.getFoldingRanges (http://localhost:3001/public/build/json.worker.js:18829:102)
+          at JSONWorker.getFoldingRanges (http://localhost:3001/public/build/json.worker.js:23818:40)
+          at EditorSimpleWorker.fmr (http://localhost:3001/public/build/json.worker.js:10407:58)
+          at SimpleWorkerServer._handleMessage (http://localhost:3001/public/build/json.worker.js:6939:59)
+          at Object.handleMessage (http://localhost:3001/public/build/json.worker.js:6920:22)
+          at SimpleWorkerProtocol._handleMessage (http://localhost:3001/public/build/json.worker.js:6757:32)
+          at SimpleWorkerProtocol.handleMessage (http://localhost:3001/public/build/json.worker.js:6719:10)
+          at SimpleWorkerServer.onmessage (http://localhost:3001/public/build/json.worker.js:6926:20)
+          at self.onmessage (http://localhost:3001/public/build/json.worker.js:12050:18)
+      */
+
       e2e.components.Tab.title('Query')
         .should('be.visible')
         .click();
+
       e2e.components.PanelInspector.Query.content().should('be.visible');
       e2e.components.PanelInspector.Data.content().should('not.be.visible');
       e2e.components.PanelInspector.Stats.content().should('not.be.visible');
diff --git a/packages/grafana-data/src/field/standardFieldConfigEditorRegistry.ts b/packages/grafana-data/src/field/standardFieldConfigEditorRegistry.ts
index 925e89c2987..2fe708b94c4 100644
--- a/packages/grafana-data/src/field/standardFieldConfigEditorRegistry.ts
+++ b/packages/grafana-data/src/field/standardFieldConfigEditorRegistry.ts
@@ -3,17 +3,18 @@ import { ComponentType } from 'react';
 import { FieldConfigOptionsRegistry } from './FieldConfigOptionsRegistry';
 import { DataFrame, InterpolateFunction, VariableSuggestionsScope, VariableSuggestion } from '../types';
 
-export interface StandardEditorContext {
+export interface StandardEditorContext<TOptions> {
   data?: DataFrame[]; // All results
   replaceVariables?: InterpolateFunction;
   getSuggestions?: (scope?: VariableSuggestionsScope) => VariableSuggestion[];
+  options?: TOptions;
 }
 
-export interface StandardEditorProps<TValue = any, TSettings = any> {
+export interface StandardEditorProps<TValue = any, TSettings = any, TOptions = any> {
   value: TValue;
   onChange: (value?: TValue) => void;
   item: StandardEditorsRegistryItem<TValue, TSettings>;
-  context: StandardEditorContext;
+  context: StandardEditorContext<TOptions>;
 }
 export interface StandardEditorsRegistryItem<TValue = any, TSettings = any> extends RegistryItem {
   editor: ComponentType<StandardEditorProps<TValue, TSettings>>;
diff --git a/packages/grafana-data/src/types/fieldOverrides.ts b/packages/grafana-data/src/types/fieldOverrides.ts
index 55b0d115095..44f60d3bb6c 100644
--- a/packages/grafana-data/src/types/fieldOverrides.ts
+++ b/packages/grafana-data/src/types/fieldOverrides.ts
@@ -22,7 +22,7 @@ export interface FieldConfigSource<TOptions extends object = any> {
   overrides: ConfigOverrideRule[];
 }
 
-export interface FieldOverrideContext extends StandardEditorContext {
+export interface FieldOverrideContext extends StandardEditorContext<any> {
   field?: Field;
   dataFrameIndex?: number; // The index for the selected field frame
   data: DataFrame[]; // All results
diff --git a/public/app/features/dashboard/components/PanelEditor/PanelOptionsEditor.tsx b/public/app/features/dashboard/components/PanelEditor/PanelOptionsEditor.tsx
index 8cc0eec485a..401862b6a9c 100644
--- a/public/app/features/dashboard/components/PanelEditor/PanelOptionsEditor.tsx
+++ b/public/app/features/dashboard/components/PanelEditor/PanelOptionsEditor.tsx
@@ -1,10 +1,10 @@
 import React, { useMemo } from 'react';
 import {
+  DataFrame,
+  InterpolateFunction,
   PanelOptionsEditorItem,
   PanelPlugin,
-  DataFrame,
   StandardEditorContext,
-  InterpolateFunction,
 } from '@grafana/data';
 import { get as lodashGet, set as lodashSet } from 'lodash';
 import { Field, Label } from '@grafana/ui';
@@ -37,9 +37,10 @@ export const PanelOptionsEditor: React.FC<PanelOptionsEditorProps<any>> = ({
     onChange(newOptions);
   };
 
-  const context: StandardEditorContext = {
+  const context: StandardEditorContext<any> = {
     data: data ?? [],
     replaceVariables,
+    options,
   };
 
   return (
diff --git a/public/app/plugins/panel/text/TextPanelEditor.tsx b/public/app/plugins/panel/text/TextPanelEditor.tsx
new file mode 100644
index 00000000000..39936acbbba
--- /dev/null
+++ b/public/app/plugins/panel/text/TextPanelEditor.tsx
@@ -0,0 +1,46 @@
+import React, { FC, useMemo } from 'react';
+import { css, cx } from 'emotion';
+import AutoSizer from 'react-virtualized-auto-sizer';
+import { CodeEditor, stylesFactory, useTheme } from '@grafana/ui';
+import { GrafanaTheme, StandardEditorProps } from '@grafana/data';
+
+import { TextOptions } from './types';
+
+export const TextPanelEditor: FC<StandardEditorProps<string, any, TextOptions>> = ({ value, onChange, context }) => {
+  const language = useMemo(() => context.options?.mode ?? 'markdown', [context]);
+  const theme = useTheme();
+  const styles = getStyles(theme);
+  return (
+    <div className={cx(styles.editorBox)}>
+      <AutoSizer disableHeight>
+        {({ width }) => {
+          if (width === 0) {
+            return null;
+          }
+
+          return (
+            <CodeEditor
+              value={value}
+              onBlur={onChange}
+              onSave={onChange}
+              language={language}
+              width={width}
+              showMiniMap={false}
+              height="200px"
+            />
+          );
+        }}
+      </AutoSizer>
+    </div>
+  );
+};
+
+const getStyles = stylesFactory((theme: GrafanaTheme) => ({
+  editorBox: css`
+    label: editorBox;
+    border: ${theme.border.width.sm} solid ${theme.colors.border2};
+    border-radius: ${theme.border.radius.sm};
+    margin: ${theme.spacing.xs} 0;
+    width: 100%;
+  `,
+}));
diff --git a/public/app/plugins/panel/text/module.tsx b/public/app/plugins/panel/text/module.tsx
index 206e8f17f0a..d9cdd384d31 100644
--- a/public/app/plugins/panel/text/module.tsx
+++ b/public/app/plugins/panel/text/module.tsx
@@ -3,6 +3,7 @@ import { PanelPlugin } from '@grafana/data';
 import { TextPanel } from './TextPanel';
 import { TextOptions } from './types';
 import { textPanelMigrationHandler } from './textPanelMigrationHandler';
+import { TextPanelEditor } from './TextPanelEditor';
 
 export const plugin = new PanelPlugin<TextOptions>(TextPanel)
   .setPanelOptions(builder => {
@@ -19,18 +20,16 @@ export const plugin = new PanelPlugin<TextOptions>(TextPanel)
         },
         defaultValue: 'markdown',
       })
-      .addTextInput({
+      .addCustomEditor({
+        id: 'content',
         path: 'content',
         name: 'Content',
         description: 'Content of the panel',
-        settings: {
-          useTextarea: true,
-          rows: 5,
-        },
         defaultValue: `# Title
 
 For markdown syntax help: [commonmark.org/help](https://commonmark.org/help/)
          `,
+        editor: TextPanelEditor,
       });
   })
   .setMigrationHandler(textPanelMigrationHandler);