diff --git a/CHANGES/8540.bugfix.rst b/CHANGES/8540.bugfix.rst
new file mode 100644
index 00000000000..ab7c4767635
--- /dev/null
+++ b/CHANGES/8540.bugfix.rst
@@ -0,0 +1,7 @@
+Fixed WebSocket server heartbeat timeout logic to terminate `receive` and return :py:class:`~aiohttp.ServerTimeoutError` -- by :user:`arcivanov`.
+
+When a WebSocket pong message was not received, the
+ :py:meth:`~aiohttp.ClientWebSocketResponse.receive` operation did not terminate.
+ This change causes `_pong_not_received` to feed the `reader` an error message, causing
+ pending `receive` to terminate and return the error message. The error message contains
+ the exception :py:class:`~aiohttp.ServerTimeoutError`.
diff --git a/aiohttp/client_ws.py b/aiohttp/client_ws.py
index 608c659e543..c1a2c4641ba 100644
--- a/aiohttp/client_ws.py
+++ b/aiohttp/client_ws.py
@@ -4,7 +4,7 @@
 import sys
 from typing import Any, Optional, cast
 
-from .client_exceptions import ClientError
+from .client_exceptions import ClientError, ServerTimeoutError
 from .client_reqrep import ClientResponse
 from .helpers import call_later, set_result
 from .http import (
@@ -122,8 +122,12 @@ def _pong_not_received(self) -> None:
         if not self._closed:
             self._closed = True
             self._close_code = WSCloseCode.ABNORMAL_CLOSURE
-            self._exception = asyncio.TimeoutError()
+            self._exception = ServerTimeoutError()
             self._response.close()
+            if self._waiting and not self._closing:
+                self._reader.feed_data(
+                    WSMessage(WSMsgType.ERROR, self._exception, None)
+                )
 
     @property
     def closed(self) -> bool:
diff --git a/tests/test_client_ws_functional.py b/tests/test_client_ws_functional.py
index 907a362fc7e..dc474f96c39 100644
--- a/tests/test_client_ws_functional.py
+++ b/tests/test_client_ws_functional.py
@@ -5,7 +5,7 @@
 import pytest
 
 import aiohttp
-from aiohttp import hdrs, web
+from aiohttp import ServerTimeoutError, WSMsgType, hdrs, web
 from aiohttp.http import WSCloseCode
 from aiohttp.pytest_plugin import AiohttpClient
 
@@ -624,7 +624,35 @@ async def handler(request):
     assert resp.close_code is WSCloseCode.ABNORMAL_CLOSURE
 
 
-async def test_send_recv_compress(aiohttp_client) -> None:
+async def test_heartbeat_no_pong_concurrent_receive(aiohttp_client: Any) -> None:
+    ping_received = False
+
+    async def handler(request):
+        nonlocal ping_received
+        ws = web.WebSocketResponse(autoping=False)
+        await ws.prepare(request)
+        msg = await ws.receive()
+        ping_received = msg.type is aiohttp.WSMsgType.PING
+        ws._reader.feed_eof = lambda: None
+        await asyncio.sleep(10.0)
+
+    app = web.Application()
+    app.router.add_route("GET", "/", handler)
+
+    client = await aiohttp_client(app)
+    resp = await client.ws_connect("/", heartbeat=0.1)
+    resp._reader.feed_eof = lambda: None
+
+    # Connection should be closed roughly after 1.5x heartbeat.
+    msg = await resp.receive(5.0)
+    assert ping_received
+    assert resp.close_code is WSCloseCode.ABNORMAL_CLOSURE
+    assert msg
+    assert msg.type is WSMsgType.ERROR
+    assert isinstance(msg.data, ServerTimeoutError)
+
+
+async def test_send_recv_compress(aiohttp_client: Any) -> None:
     async def handler(request):
         ws = web.WebSocketResponse()
         await ws.prepare(request)