diff --git a/packages/block-editor/src/components/rich-text/format-toolbar-container.js b/packages/block-editor/src/components/rich-text/format-toolbar-container.js
index 24a931dc791754..94610af8fcda1a 100644
--- a/packages/block-editor/src/components/rich-text/format-toolbar-container.js
+++ b/packages/block-editor/src/components/rich-text/format-toolbar-container.js
@@ -17,28 +17,32 @@ import BlockControls from '../block-controls';
 import FormatToolbar from './format-toolbar';
 import { store as blockEditorStore } from '../../store';
 
-function InlineSelectionToolbar( { value, anchorRef, activeFormats } ) {
+function InlineSelectionToolbar( {
+	value,
+	editableContentRef,
+	activeFormats,
+} ) {
 	const lastFormat = activeFormats[ activeFormats.length - 1 ];
 	const lastFormatType = lastFormat?.type;
 	const settings = useSelect(
 		( select ) => select( richTextStore ).getFormatType( lastFormatType ),
 		[ lastFormatType ]
 	);
-	const selectionRef = useAnchorRef( {
-		ref: anchorRef,
+	const popoverAnchor = useAnchorRef( {
+		ref: editableContentRef,
 		value,
 		settings,
 	} );
 
-	return <InlineToolbar anchorRef={ selectionRef } />;
+	return <InlineToolbar popoverAnchor={ popoverAnchor } />;
 }
 
-function InlineToolbar( { anchorRef } ) {
+function InlineToolbar( { popoverAnchor } ) {
 	return (
 		<Popover
 			position="top center"
 			focusOnMount={ false }
-			anchorRef={ anchorRef }
+			anchor={ popoverAnchor }
 			className="block-editor-rich-text__inline-format-toolbar"
 			__unstableSlotName="block-toolbar"
 		>
@@ -51,14 +55,14 @@ function InlineToolbar( { anchorRef } ) {
 	);
 }
 
-const FormatToolbarContainer = ( { inline, anchorRef, value } ) => {
+const FormatToolbarContainer = ( { inline, editableContentRef, value } ) => {
 	const hasInlineToolbar = useSelect(
 		( select ) => select( blockEditorStore ).getSettings().hasInlineToolbar,
 		[]
 	);
 
 	if ( inline ) {
-		return <InlineToolbar anchorRef={ anchorRef } />;
+		return <InlineToolbar popoverAnchor={ editableContentRef.current } />;
 	}
 
 	if ( hasInlineToolbar ) {
@@ -70,7 +74,7 @@ const FormatToolbarContainer = ( { inline, anchorRef, value } ) => {
 
 		return (
 			<InlineSelectionToolbar
-				anchorRef={ anchorRef }
+				editableContentRef={ editableContentRef }
 				value={ value }
 				activeFormats={ activeFormats }
 			/>
diff --git a/packages/block-editor/src/components/rich-text/index.js b/packages/block-editor/src/components/rich-text/index.js
index 21c004b225f6c5..ae0942349b90c8 100644
--- a/packages/block-editor/src/components/rich-text/index.js
+++ b/packages/block-editor/src/components/rich-text/index.js
@@ -354,7 +354,7 @@ function RichTextWrapper(
 			{ isSelected && hasFormats && (
 				<FormatToolbarContainer
 					inline={ inlineToolbar }
-					anchorRef={ anchorRef }
+					editableContentRef={ anchorRef }
 					value={ value }
 				/>
 			) }
diff --git a/packages/components/src/autocomplete/autocompleter-ui.js b/packages/components/src/autocomplete/autocompleter-ui.js
index c909aa6a4a5783..c25dcfb4030189 100644
--- a/packages/components/src/autocomplete/autocompleter-ui.js
+++ b/packages/components/src/autocomplete/autocompleter-ui.js
@@ -35,7 +35,7 @@ export function getAutoCompleterUI( autocompleter ) {
 		contentRef,
 	} ) {
 		const [ items ] = useItems( filterValue );
-		const anchorRef = useAnchorRef( { ref: contentRef, value } );
+		const popoverAnchor = useAnchorRef( { ref: contentRef, value } );
 
 		useLayoutEffect( () => {
 			onChangeOptions( items );
@@ -54,7 +54,7 @@ export function getAutoCompleterUI( autocompleter ) {
 				onClose={ onReset }
 				position="top right"
 				className="components-autocomplete__popover"
-				anchorRef={ anchorRef }
+				anchor={ popoverAnchor }
 			>
 				<div
 					id={ listBoxId }
diff --git a/packages/format-library/src/image/index.js b/packages/format-library/src/image/index.js
index 3c1c2a08e62665..1969b5c5706042 100644
--- a/packages/format-library/src/image/index.js
+++ b/packages/format-library/src/image/index.js
@@ -36,7 +36,7 @@ export const image = {
 function InlineUI( { value, onChange, activeObjectAttributes, contentRef } ) {
 	const { style } = activeObjectAttributes;
 	const [ width, setWidth ] = useState( style?.replace( /\D/g, '' ) );
-	const anchorRef = useAnchorRef( {
+	const popoverAnchor = useAnchorRef( {
 		ref: contentRef,
 		value,
 		settings: image,
@@ -46,7 +46,7 @@ function InlineUI( { value, onChange, activeObjectAttributes, contentRef } ) {
 		<Popover
 			position="bottom center"
 			focusOnMount={ false }
-			anchorRef={ anchorRef }
+			anchor={ popoverAnchor }
 			className="block-editor-format-toolbar__image-popover"
 		>
 			<form
diff --git a/packages/format-library/src/link/inline.js b/packages/format-library/src/link/inline.js
index d648ce3a04e348..74256b34f0cc69 100644
--- a/packages/format-library/src/link/inline.js
+++ b/packages/format-library/src/link/inline.js
@@ -183,13 +183,13 @@ function InlineLinkUI( {
 		}
 	}
 
-	const anchorRef = useAnchorRef( { ref: contentRef, value, settings } );
+	const popoverAnchor = useAnchorRef( { ref: contentRef, value, settings } );
 
 	// Generate a string based key that is unique to this anchor reference.
 	// This is used to force re-mount the LinkControl component to avoid
 	// potential stale state bugs caused by the component not being remounted
 	// See https://github.com/WordPress/gutenberg/pull/34742.
-	const forceRemountKey = useLinkInstanceKey( anchorRef );
+	const forceRemountKey = useLinkInstanceKey( popoverAnchor );
 
 	// The focusOnMount prop shouldn't evolve during render of a Popover
 	// otherwise it causes a render of the content.
@@ -223,7 +223,7 @@ function InlineLinkUI( {
 
 	return (
 		<Popover
-			anchorRef={ anchorRef }
+			anchor={ popoverAnchor }
 			focusOnMount={ focusOnMount.current }
 			onClose={ stopAddingLink }
 			position="bottom center"
diff --git a/packages/format-library/src/text-color/inline.js b/packages/format-library/src/text-color/inline.js
index ce8d4a43c14a44..29396a99f00544 100644
--- a/packages/format-library/src/text-color/inline.js
+++ b/packages/format-library/src/text-color/inline.js
@@ -137,14 +137,14 @@ export default function InlineColorUI( {
 	onClose,
 	contentRef,
 } ) {
-	/* 
+	/*
 	 As you change the text color by typing a HEX value into a field,
 	 the return value of document.getSelection jumps to the field you're editing,
 	 not the highlighted text. Given that useAnchorRef uses document.getSelection,
 	 it will return null, since it can't find the <mark> element within the HEX input.
 	 This caches the last truthy value of the selection anchor reference.
 	 */
-	const anchorRef = useCachedTruthy(
+	const popoverAnchor = useCachedTruthy(
 		useAnchorRef( { ref: contentRef, value, settings } )
 	);
 
@@ -152,7 +152,7 @@ export default function InlineColorUI( {
 		<Popover
 			onClose={ onClose }
 			className="components-inline-color-popover"
-			anchorRef={ anchorRef }
+			anchor={ popoverAnchor }
 		>
 			<TabPanel
 				tabs={ [
diff --git a/packages/rich-text/README.md b/packages/rich-text/README.md
index 006f0b8b095cd5..4c87a5d4a1d869 100644
--- a/packages/rich-text/README.md
+++ b/packages/rich-text/README.md
@@ -477,9 +477,9 @@ _Returns_
 ### useAnchorRef
 
 This hook, to be used in a format type's Edit component, returns the active
-element that is formatted, or the selection range if no format is active.
-The returned value is meant to be used for positioning UI, e.g. by passing it
-to the `Popover` component.
+element that is formatted, or a virtual element for the selection range if
+no format is active. The returned value is meant to be used for positioning
+UI, e.g. by passing it to the `Popover` component.
 
 _Parameters_
 
@@ -490,7 +490,7 @@ _Parameters_
 
 _Returns_
 
--   `Element|Range`: The active element or selection range.
+-   `Element|VirtualAnchorElement|undefined|null`: The active element or selection range.
 
 <!-- END TOKEN(Autogenerated API docs) -->
 
diff --git a/packages/rich-text/src/component/use-anchor-ref.js b/packages/rich-text/src/component/use-anchor-ref.js
index 4be4fdd93096a7..d601174ad379d7 100644
--- a/packages/rich-text/src/component/use-anchor-ref.js
+++ b/packages/rich-text/src/component/use-anchor-ref.js
@@ -12,11 +12,17 @@ import { getActiveFormat } from '../get-active-format';
 /** @typedef {import('../register-format-type').RichTextFormatType} RichTextFormatType */
 /** @typedef {import('../create').RichTextValue} RichTextValue */
 
+/**
+ * @typedef {Object} VirtualAnchorElement
+ * @property {Function} getBoundingClientRect A function returning a DOMRect
+ * @property {Document} ownerDocument         The element's ownerDocument
+ */
+
 /**
  * This hook, to be used in a format type's Edit component, returns the active
- * element that is formatted, or the selection range if no format is active.
- * The returned value is meant to be used for positioning UI, e.g. by passing it
- * to the `Popover` component.
+ * element that is formatted, or a virtual element for the selection range if
+ * no format is active. The returned value is meant to be used for positioning
+ * UI, e.g. by passing it to the `Popover` component.
  *
  * @param {Object}                 $1          Named parameters.
  * @param {RefObject<HTMLElement>} $1.ref      React ref of the element
@@ -24,7 +30,7 @@ import { getActiveFormat } from '../get-active-format';
  * @param {RichTextValue}          $1.value    Value to check for selection.
  * @param {RichTextFormatType}     $1.settings The format type's settings.
  *
- * @return {Element|Range} The active element or selection range.
+ * @return {Element|VirtualAnchorElement|undefined|null} The active element or selection range.
  */
 export function useAnchorRef( { ref, value, settings = {} } ) {
 	const { tagName, className, name } = settings;
@@ -44,7 +50,12 @@ export function useAnchorRef( { ref, value, settings = {} } ) {
 		const range = selection.getRangeAt( 0 );
 
 		if ( ! activeFormat ) {
-			return range;
+			return {
+				ownerDocument: range.startContainer.ownerDocument,
+				getBoundingClientRect() {
+					return range.getBoundingClientRect();
+				},
+			};
 		}
 
 		let element = range.startContainer;