diff --git a/public/app/features/canvas/elements/text.tsx b/public/app/features/canvas/elements/text.tsx
new file mode 100644
index 00000000000..408e89120b7
--- /dev/null
+++ b/public/app/features/canvas/elements/text.tsx
@@ -0,0 +1,210 @@
+import { css } from '@emotion/css';
+import React, { useCallback } from 'react';
+import { useObservable } from 'react-use';
+import { of } from 'rxjs';
+
+import { DataFrame, GrafanaTheme2 } from '@grafana/data';
+import { Input, usePanelContext, useStyles2 } from '@grafana/ui';
+import { DimensionContext } from 'app/features/dimensions/context';
+import { ColorDimensionEditor } from 'app/features/dimensions/editors/ColorDimensionEditor';
+import { TextDimensionEditor } from 'app/features/dimensions/editors/TextDimensionEditor';
+
+import { CanvasElementItem, CanvasElementProps, defaultTextColor } from '../element';
+import { ElementState } from '../runtime/element';
+import { Align, TextConfig, TextData, VAlign } from '../types';
+
+const TextDisplay = (props: CanvasElementProps<TextConfig, TextData>) => {
+  const { data, isSelected } = props;
+  const styles = useStyles2(getStyles(data));
+
+  const context = usePanelContext();
+  const scene = context.instanceState?.scene;
+
+  const isEditMode = useObservable<boolean>(scene?.editModeEnabled ?? of(false));
+
+  if (isEditMode && isSelected) {
+    return <TextEdit {...props} />;
+  }
+  return (
+    <div className={styles.container}>
+      <span className={styles.span}>{data?.text ? data.text : 'Double click to set text'}</span>
+    </div>
+  );
+};
+
+const TextEdit = (props: CanvasElementProps<TextConfig, TextData>) => {
+  let { data, config } = props;
+  const context = usePanelContext();
+  let panelData: DataFrame[];
+  panelData = context.instanceState?.scene?.data.series;
+
+  const onTextChange = (event: React.SyntheticEvent<HTMLInputElement>) => {
+    const { value: textValue } = event.currentTarget;
+    saveText(textValue);
+  };
+
+  const onKeyDown = (event: React.KeyboardEvent<HTMLInputElement>) => {
+    if (event.key === 'Enter') {
+      event.preventDefault();
+      const scene = context.instanceState?.scene;
+      if (scene) {
+        scene.editModeEnabled.next(false);
+      }
+    }
+  };
+
+  const saveText = useCallback(
+    (textValue: string) => {
+      let selectedElement: ElementState;
+      selectedElement = context.instanceState?.selected[0];
+      if (selectedElement) {
+        const options = selectedElement.options;
+        selectedElement.onChange({
+          ...options,
+          config: {
+            ...options.config,
+            text: { ...selectedElement.options.config.text, fixed: textValue },
+          },
+        });
+
+        // Force a re-render (update scene data after config update)
+        const scene = context.instanceState?.scene;
+        if (scene) {
+          scene.updateData(scene.data);
+        }
+      }
+    },
+    [context.instanceState?.scene, context.instanceState?.selected]
+  );
+
+  const styles = useStyles2(getStyles(data));
+  return (
+    <div className={styles.inlineEditorContainer}>
+      {panelData && <Input value={config.text?.fixed ?? ''} onChange={onTextChange} onKeyDown={onKeyDown} autoFocus />}
+    </div>
+  );
+};
+
+const getStyles = (data: TextData | undefined) => (theme: GrafanaTheme2) => ({
+  container: css`
+    position: absolute;
+    height: 100%;
+    width: 100%;
+    display: table;
+  `,
+  inlineEditorContainer: css`
+    height: 100%;
+    width: 100%;
+    display: flex;
+    align-items: center;
+    padding: 10px;
+  `,
+  span: css`
+    display: table-cell;
+    vertical-align: ${data?.valign};
+    text-align: ${data?.align};
+    font-size: ${data?.size}px;
+    color: ${data?.color};
+  `,
+});
+
+export const textItem: CanvasElementItem<TextConfig, TextData> = {
+  id: 'text',
+  name: 'Text',
+  description: 'Display text',
+
+  display: TextDisplay,
+
+  hasEditMode: true,
+
+  defaultSize: {
+    width: 100,
+    height: 50,
+  },
+
+  getNewOptions: (options) => ({
+    ...options,
+    config: {
+      align: Align.Center,
+      valign: VAlign.Middle,
+      color: {
+        fixed: defaultTextColor,
+      },
+      size: 16,
+    },
+    placement: {
+      top: 100,
+      left: 100,
+    },
+  }),
+
+  prepareData: (ctx: DimensionContext, cfg: TextConfig) => {
+    const data: TextData = {
+      text: cfg.text ? ctx.getText(cfg.text).value() : '',
+      align: cfg.align ?? Align.Center,
+      valign: cfg.valign ?? VAlign.Middle,
+      size: cfg.size,
+    };
+
+    if (cfg.color) {
+      data.color = ctx.getColor(cfg.color).value();
+    }
+
+    return data;
+  },
+
+  registerOptionsUI: (builder) => {
+    const category = ['Text'];
+    builder
+      .addCustomEditor({
+        category,
+        id: 'textSelector',
+        path: 'config.text',
+        name: 'Text',
+        editor: TextDimensionEditor,
+      })
+      .addCustomEditor({
+        category,
+        id: 'config.color',
+        path: 'config.color',
+        name: 'Text color',
+        editor: ColorDimensionEditor,
+        settings: {},
+        defaultValue: {},
+      })
+      .addRadio({
+        category,
+        path: 'config.align',
+        name: 'Align text',
+        settings: {
+          options: [
+            { value: Align.Left, label: 'Left' },
+            { value: Align.Center, label: 'Center' },
+            { value: Align.Right, label: 'Right' },
+          ],
+        },
+        defaultValue: Align.Left,
+      })
+      .addRadio({
+        category,
+        path: 'config.valign',
+        name: 'Vertical align',
+        settings: {
+          options: [
+            { value: VAlign.Top, label: 'Top' },
+            { value: VAlign.Middle, label: 'Middle' },
+            { value: VAlign.Bottom, label: 'Bottom' },
+          ],
+        },
+        defaultValue: VAlign.Middle,
+      })
+      .addNumberInput({
+        category,
+        path: 'config.size',
+        name: 'Text size',
+        settings: {
+          placeholder: 'Auto',
+        },
+      });
+  },
+};
diff --git a/public/app/features/canvas/registry.ts b/public/app/features/canvas/registry.ts
index 28f6a71683f..b65c26bd4e0 100644
--- a/public/app/features/canvas/registry.ts
+++ b/public/app/features/canvas/registry.ts
@@ -8,6 +8,7 @@ import { droneTopItem } from './elements/droneTop';
 import { iconItem } from './elements/icon';
 import { metricValueItem } from './elements/metricValue';
 import { rectangleItem } from './elements/rectangle';
+import { textItem } from './elements/text';
 import { windTurbineItem } from './elements/windTurbine';
 
 export const DEFAULT_CANVAS_ELEMENT_CONFIG: CanvasElementOptions = {
@@ -19,6 +20,7 @@ export const DEFAULT_CANVAS_ELEMENT_CONFIG: CanvasElementOptions = {
 
 export const defaultElementItems = [
   metricValueItem, // default for now
+  textItem,
   rectangleItem,
   iconItem,
 ];
diff --git a/public/app/features/dimensions/editors/TextDimensionEditor.tsx b/public/app/features/dimensions/editors/TextDimensionEditor.tsx
index a74ecfa0477..bda46e88493 100644
--- a/public/app/features/dimensions/editors/TextDimensionEditor.tsx
+++ b/public/app/features/dimensions/editors/TextDimensionEditor.tsx
@@ -1,4 +1,4 @@
-import React, { FC, useCallback, useState } from 'react';
+import React, { FC, useCallback } from 'react';
 
 import {
   FieldNamePickerConfigSettings,
@@ -30,9 +30,6 @@ export const TextDimensionEditor: FC<StandardEditorProps<TextDimensionConfig, Te
   const { value, context, onChange } = props;
   const labelWidth = 9;
 
-  // force re-render on clear fixed text
-  const [refresh, setRefresh] = useState(0);
-
   const onModeChange = useCallback(
     (mode) => {
       onChange({
@@ -65,11 +62,9 @@ export const TextDimensionEditor: FC<StandardEditorProps<TextDimensionConfig, Te
 
   const onClearFixed = () => {
     onFixedChange('');
-    setRefresh(refresh + 1);
   };
 
   const mode = value?.mode ?? TextDimensionMode.Fixed;
-
   return (
     <>
       <InlineFieldRow>
@@ -90,7 +85,7 @@ export const TextDimensionEditor: FC<StandardEditorProps<TextDimensionConfig, Te
         </InlineFieldRow>
       )}
       {mode === TextDimensionMode.Fixed && (
-        <InlineFieldRow key={refresh}>
+        <InlineFieldRow key={value?.fixed}>
           <InlineField label={'Value'} labelWidth={labelWidth} grow={true}>
             <StringValueEditor
               context={context}