diff --git a/packages/calcite-components/src/components/action-menu/action-menu.e2e.ts b/packages/calcite-components/src/components/action-menu/action-menu.e2e.ts
index 0545c5f536f..f4c67bf7e5a 100755
--- a/packages/calcite-components/src/components/action-menu/action-menu.e2e.ts
+++ b/packages/calcite-components/src/components/action-menu/action-menu.e2e.ts
@@ -1,7 +1,7 @@
 import { newE2EPage } from "@stencil/core/testing";
 import { html } from "../../../support/formatting";
 import { accessible, defaults, focusable, hidden, reflects, renders, slots } from "../../tests/commonTests";
-import { TOOLTIP_DELAY_MS } from "../tooltip/resources";
+import { TOOLTIP_OPEN_DELAY_MS } from "../tooltip/resources";
 import { CSS, SLOTS } from "./resources";
 
 describe("calcite-action-menu", () => {
@@ -198,7 +198,7 @@ describe("calcite-action-menu", () => {
     expect(await tooltip.isVisible()).toBe(false);
 
     await trigger.hover();
-    await page.waitForTimeout(TOOLTIP_DELAY_MS);
+    await page.waitForTimeout(TOOLTIP_OPEN_DELAY_MS);
 
     expect(await tooltip.isVisible()).toBe(true);
 
diff --git a/packages/calcite-components/src/components/tooltip/TooltipManager.ts b/packages/calcite-components/src/components/tooltip/TooltipManager.ts
index 3b8a10ce541..ca008d94b80 100644
--- a/packages/calcite-components/src/components/tooltip/TooltipManager.ts
+++ b/packages/calcite-components/src/components/tooltip/TooltipManager.ts
@@ -1,6 +1,6 @@
 import { getShadowRootNode, isPrimaryPointerButton } from "../../utils/dom";
 import { ReferenceElement } from "../../utils/floating-ui";
-import { TOOLTIP_DELAY_MS } from "./resources";
+import { TOOLTIP_OPEN_DELAY_MS, TOOLTIP_CLOSE_DELAY_MS } from "./resources";
 import { getEffectiveReferenceElement } from "./utils";
 
 export default class TooltipManager {
@@ -14,7 +14,9 @@ export default class TooltipManager {
 
   private registeredShadowRootCounts = new WeakMap<ShadowRoot, number>();
 
-  private hoverTimeout: number = null;
+  private hoverOpenTimeout: number = null;
+
+  private hoverCloseTimeout: number = null;
 
   private hoveredTooltip: HTMLCalciteTooltipElement = null;
 
@@ -80,7 +82,7 @@ export default class TooltipManager {
 
       if (activeTooltip?.open) {
         this.clearHoverTimeout();
-        this.closeExistingTooltip();
+        this.closeActiveTooltip();
 
         const referenceElement = getEffectiveReferenceElement(activeTooltip);
 
@@ -111,9 +113,9 @@ export default class TooltipManager {
     this.clickedTooltip = null;
 
     if (tooltip) {
-      this.toggleHoveredTooltip(tooltip, true);
+      this.openHoveredTooltip(tooltip);
     } else if (activeTooltip) {
-      this.toggleHoveredTooltip(activeTooltip, false);
+      this.closeHoveredTooltip();
     }
   };
 
@@ -166,12 +168,22 @@ export default class TooltipManager {
     document.removeEventListener("focusout", this.focusOutHandler, { capture: true });
   }
 
+  private clearHoverOpenTimeout(): void {
+    window.clearTimeout(this.hoverOpenTimeout);
+    this.hoverOpenTimeout = null;
+  }
+
+  private clearHoverCloseTimeout(): void {
+    window.clearTimeout(this.hoverCloseTimeout);
+    this.hoverCloseTimeout = null;
+  }
+
   private clearHoverTimeout(): void {
-    window.clearTimeout(this.hoverTimeout);
-    this.hoverTimeout = null;
+    this.clearHoverOpenTimeout();
+    this.clearHoverCloseTimeout();
   }
 
-  private closeExistingTooltip(): void {
+  private closeActiveTooltip(): void {
     const { activeTooltip } = this;
 
     if (activeTooltip?.open) {
@@ -180,7 +192,7 @@ export default class TooltipManager {
   }
 
   private toggleFocusedTooltip(tooltip: HTMLCalciteTooltipElement, value: boolean): void {
-    this.closeExistingTooltip();
+    this.closeActiveTooltip();
 
     if (value) {
       this.clearHoverTimeout();
@@ -197,20 +209,31 @@ export default class TooltipManager {
     }
   }
 
-  private toggleHoveredTooltip = (tooltip: HTMLCalciteTooltipElement, value: boolean): void => {
-    this.hoverTimeout = window.setTimeout(() => {
-      if (this.hoverTimeout === null) {
+  private openHoveredTooltip = (tooltip: HTMLCalciteTooltipElement): void => {
+    this.hoverOpenTimeout = window.setTimeout(() => {
+      if (this.hoverOpenTimeout === null) {
         return;
       }
 
-      this.closeExistingTooltip();
+      this.clearHoverCloseTimeout();
+      this.closeActiveTooltip();
 
       if (tooltip !== this.hoveredTooltip) {
         return;
       }
 
-      this.toggleTooltip(tooltip, value);
-    }, TOOLTIP_DELAY_MS);
+      this.toggleTooltip(tooltip, true);
+    }, TOOLTIP_OPEN_DELAY_MS);
+  };
+
+  private closeHoveredTooltip = (): void => {
+    this.hoverCloseTimeout = window.setTimeout(() => {
+      if (this.hoverCloseTimeout === null) {
+        return;
+      }
+
+      this.closeActiveTooltip();
+    }, TOOLTIP_CLOSE_DELAY_MS);
   };
 
   private queryFocusedTooltip(event: FocusEvent, value: boolean): void {
diff --git a/packages/calcite-components/src/components/tooltip/resources.ts b/packages/calcite-components/src/components/tooltip/resources.ts
index 8a22e3cbd70..0366090554d 100644
--- a/packages/calcite-components/src/components/tooltip/resources.ts
+++ b/packages/calcite-components/src/components/tooltip/resources.ts
@@ -2,6 +2,7 @@ export const CSS = {
   container: "container"
 };
 
-export const TOOLTIP_DELAY_MS = 500;
+export const TOOLTIP_OPEN_DELAY_MS = 300;
+export const TOOLTIP_CLOSE_DELAY_MS = 500;
 
 export const ARIA_DESCRIBED_BY = "aria-describedby";
diff --git a/packages/calcite-components/src/components/tooltip/tooltip.e2e.ts b/packages/calcite-components/src/components/tooltip/tooltip.e2e.ts
index 5279716c5a9..f76230a51ed 100644
--- a/packages/calcite-components/src/components/tooltip/tooltip.e2e.ts
+++ b/packages/calcite-components/src/components/tooltip/tooltip.e2e.ts
@@ -1,5 +1,5 @@
 import { E2EPage, newE2EPage } from "@stencil/core/testing";
-import { TOOLTIP_DELAY_MS } from "../tooltip/resources";
+import { TOOLTIP_OPEN_DELAY_MS, TOOLTIP_CLOSE_DELAY_MS } from "../tooltip/resources";
 import { accessible, defaults, hidden, floatingUIOwner, renders } from "../../tests/commonTests";
 import { html } from "../../../support/formatting";
 import { GlobalTestProps } from "../../tests/utils";
@@ -224,7 +224,7 @@ describe("calcite-tooltip", () => {
 
     await ref.hover();
 
-    await page.waitForTimeout(TOOLTIP_DELAY_MS);
+    await page.waitForTimeout(TOOLTIP_OPEN_DELAY_MS);
 
     expect(await tooltip.isVisible()).toBe(true);
   });
@@ -246,7 +246,7 @@ describe("calcite-tooltip", () => {
 
     await ref.hover();
 
-    await page.waitForTimeout(TOOLTIP_DELAY_MS);
+    await page.waitForTimeout(TOOLTIP_OPEN_DELAY_MS);
 
     expect(await tooltip.isVisible()).toBe(true);
   });
@@ -290,7 +290,7 @@ describe("calcite-tooltip", () => {
 
     await page.waitForChanges();
 
-    await page.waitForTimeout(TOOLTIP_DELAY_MS);
+    await page.waitForTimeout(TOOLTIP_OPEN_DELAY_MS);
 
     expect(await tooltip.getProperty("open")).toBe(true);
 
@@ -300,7 +300,7 @@ describe("calcite-tooltip", () => {
 
     await page.waitForChanges();
 
-    await page.waitForTimeout(TOOLTIP_DELAY_MS);
+    await page.waitForTimeout(TOOLTIP_CLOSE_DELAY_MS);
 
     expect(await tooltip.getProperty("open")).toBe(false);
   });
@@ -419,7 +419,7 @@ describe("calcite-tooltip", () => {
 
     await referenceElement.hover();
 
-    await page.waitForTimeout(TOOLTIP_DELAY_MS);
+    await page.waitForTimeout(TOOLTIP_OPEN_DELAY_MS);
 
     await page.waitForChanges();
 
@@ -456,7 +456,7 @@ describe("calcite-tooltip", () => {
 
     await referenceElement.hover();
 
-    await page.waitForTimeout(TOOLTIP_DELAY_MS);
+    await page.waitForTimeout(TOOLTIP_OPEN_DELAY_MS);
 
     await page.waitForChanges();
 
@@ -497,7 +497,7 @@ describe("calcite-tooltip", () => {
       el.dispatchEvent(new Event("pointermove"));
     });
 
-    await page.waitForTimeout(TOOLTIP_DELAY_MS);
+    await page.waitForTimeout(TOOLTIP_OPEN_DELAY_MS);
 
     await page.waitForChanges();
 
@@ -555,7 +555,7 @@ describe("calcite-tooltip", () => {
       el.dispatchEvent(new Event("pointermove"));
     });
 
-    await page.waitForTimeout(TOOLTIP_DELAY_MS);
+    await page.waitForTimeout(TOOLTIP_OPEN_DELAY_MS);
 
     await page.waitForChanges();
 
@@ -584,7 +584,7 @@ describe("calcite-tooltip", () => {
 
     await referenceElement.hover();
 
-    await page.waitForTimeout(TOOLTIP_DELAY_MS);
+    await page.waitForTimeout(TOOLTIP_OPEN_DELAY_MS);
 
     await page.waitForChanges();
 
@@ -627,7 +627,7 @@ describe("calcite-tooltip", () => {
 
     await referenceElement.click();
 
-    await page.waitForTimeout(TOOLTIP_DELAY_MS);
+    await page.waitForTimeout(TOOLTIP_OPEN_DELAY_MS);
 
     await page.waitForChanges();
 
@@ -748,25 +748,25 @@ describe("calcite-tooltip", () => {
         selector: "#ref"
       },
       {
-        delay: TOOLTIP_DELAY_MS * 0.25,
+        delay: TOOLTIP_OPEN_DELAY_MS * 0.25,
         property: "open",
         value: false,
         selector: "#ref"
       },
       {
-        delay: TOOLTIP_DELAY_MS * 0.5,
+        delay: TOOLTIP_OPEN_DELAY_MS * 0.5,
         property: "open",
         value: false,
         selector: "#ref"
       },
       {
-        delay: TOOLTIP_DELAY_MS,
+        delay: TOOLTIP_OPEN_DELAY_MS,
         property: "open",
         value: true,
         selector: "#ref"
       },
       {
-        delay: TOOLTIP_DELAY_MS + TOOLTIP_DELAY_MS * 0.5,
+        delay: TOOLTIP_OPEN_DELAY_MS + TOOLTIP_OPEN_DELAY_MS * 0.5,
         property: "open",
         value: true,
         selector: "#ref"
@@ -809,25 +809,25 @@ describe("calcite-tooltip", () => {
         selector: "#ref"
       },
       {
-        delay: TOOLTIP_DELAY_MS,
+        delay: TOOLTIP_CLOSE_DELAY_MS,
         property: "open",
         value: true,
         selector: "#ref"
       },
       {
-        delay: TOOLTIP_DELAY_MS * 0.25,
+        delay: TOOLTIP_CLOSE_DELAY_MS * 0.25,
         property: "open",
         value: true,
         selector: "#ref2"
       },
       {
-        delay: TOOLTIP_DELAY_MS * 0.5,
+        delay: TOOLTIP_CLOSE_DELAY_MS * 0.5,
         property: "open",
         value: true,
         selector: "#ref2"
       },
       {
-        delay: TOOLTIP_DELAY_MS * 0.5,
+        delay: TOOLTIP_CLOSE_DELAY_MS * 0.5,
         property: "open",
         value: false,
         selector: "#ref2"