diff --git a/.betterer.results b/.betterer.results
index 4c02c626b98..cd5eb5be4d0 100644
--- a/.betterer.results
+++ b/.betterer.results
@@ -860,8 +860,7 @@ exports[`better eslint`] = {
       [0, 0, 0, "Do not use any type assertions.", "8"],
       [0, 0, 0, "Unexpected any. Specify a different type.", "9"],
       [0, 0, 0, "Unexpected any. Specify a different type.", "10"],
-      [0, 0, 0, "Unexpected any. Specify a different type.", "11"],
-      [0, 0, 0, "Unexpected any. Specify a different type.", "12"]
+      [0, 0, 0, "Unexpected any. Specify a different type.", "11"]
     ],
     "packages/grafana-ui/src/components/Select/SelectOptionGroup.tsx:5381": [
       [0, 0, 0, "Unexpected any. Specify a different type.", "0"],
diff --git a/packages/grafana-ui/src/components/Select/DropdownIndicator.tsx b/packages/grafana-ui/src/components/Select/DropdownIndicator.tsx
index e54058ff53f..5e56ce531d6 100644
--- a/packages/grafana-ui/src/components/Select/DropdownIndicator.tsx
+++ b/packages/grafana-ui/src/components/Select/DropdownIndicator.tsx
@@ -1,13 +1,11 @@
 import React from 'react';
+import { DropdownIndicatorProps } from 'react-select';
 
 import { Icon } from '../Icon/Icon';
 
-interface DropdownIndicatorProps {
-  isOpen: boolean;
-}
-
-export const DropdownIndicator = ({ isOpen }: DropdownIndicatorProps) => {
+export function DropdownIndicator({ selectProps }: DropdownIndicatorProps) {
+  const isOpen = selectProps.menuIsOpen;
   const icon = isOpen ? 'search' : 'angle-down';
   const size = isOpen ? 'sm' : 'md';
   return <Icon name={icon} size={size} />;
-};
+}
diff --git a/packages/grafana-ui/src/components/Select/Select.story.tsx b/packages/grafana-ui/src/components/Select/Select.story.tsx
index 2c8751b54ee..7bb9537e7d6 100644
--- a/packages/grafana-ui/src/components/Select/Select.story.tsx
+++ b/packages/grafana-ui/src/components/Select/Select.story.tsx
@@ -45,7 +45,6 @@ const meta: Meta = {
         'renderControl',
         'options',
         'isOptionDisabled',
-        'maxVisibleValues',
         'aria-label',
         'noOptionsMessage',
         'menuPosition',
@@ -225,7 +224,7 @@ export const MultiSelectBasic: Story = (args) => {
   const [value, setValue] = useState<Array<SelectableValue<string>>>([]);
 
   return (
-    <>
+    <div style={{ maxWidth: '450px' }}>
       <MultiSelect
         options={generateOptions()}
         value={value}
@@ -236,13 +235,15 @@ export const MultiSelectBasic: Story = (args) => {
         prefix={getPrefix(args.icon)}
         {...args}
       />
-    </>
+    </div>
   );
 };
+
 MultiSelectBasic.args = {
   isClearable: false,
   closeMenuOnSelect: false,
   maxVisibleValues: 5,
+  noMultiValueWrap: false,
 };
 
 export const MultiSelectAsync: Story = (args) => {
diff --git a/packages/grafana-ui/src/components/Select/SelectBase.tsx b/packages/grafana-ui/src/components/Select/SelectBase.tsx
index c47d9cf3c5c..661c97995e8 100644
--- a/packages/grafana-ui/src/components/Select/SelectBase.tsx
+++ b/packages/grafana-ui/src/components/Select/SelectBase.tsx
@@ -1,6 +1,6 @@
 import { t } from 'i18next';
 import React, { ComponentProps, useCallback, useEffect, useRef, useState } from 'react';
-import { default as ReactSelect } from 'react-select';
+import { default as ReactSelect, IndicatorsContainerProps, Props as ReactSelectProps } from 'react-select';
 import { default as ReactAsyncSelect } from 'react-select/async';
 import { default as AsyncCreatable } from 'react-select/async-creatable';
 import Creatable from 'react-select/creatable';
@@ -25,31 +25,6 @@ import { useCustomSelectStyles } from './resetSelectStyles';
 import { ActionMeta, InputActionMeta, SelectBaseProps } from './types';
 import { cleanValue, findSelectedValue, omitDescriptions } from './utils';
 
-interface ExtraValuesIndicatorProps {
-  maxVisibleValues?: number | undefined;
-  selectedValuesCount: number;
-  menuIsOpen: boolean;
-  showAllSelectedWhenOpen: boolean;
-}
-
-const renderExtraValuesIndicator = (props: ExtraValuesIndicatorProps) => {
-  const { maxVisibleValues, selectedValuesCount, menuIsOpen, showAllSelectedWhenOpen } = props;
-
-  if (
-    maxVisibleValues !== undefined &&
-    selectedValuesCount > maxVisibleValues &&
-    !(showAllSelectedWhenOpen && menuIsOpen)
-  ) {
-    return (
-      <span key="excess-values" id="excess-values">
-        (+{selectedValuesCount - maxVisibleValues})
-      </span>
-    );
-  }
-
-  return null;
-};
-
 const CustomControl = (props: any) => {
   const {
     children,
@@ -88,6 +63,12 @@ const CustomControl = (props: any) => {
   );
 };
 
+interface SelectPropsWithExtras extends ReactSelectProps {
+  maxVisibleValues?: number | undefined;
+  showAllSelectedWhenOpen: boolean;
+  noMultiValueWrap?: boolean;
+}
+
 export function SelectBase<T, Rest = {}>({
   allowCustomValue = false,
   allowCreateWhileLoading = false,
@@ -145,6 +126,7 @@ export function SelectBase<T, Rest = {}>({
   tabSelectsValue = true,
   value,
   virtualized = false,
+  noMultiValueWrap,
   width,
   isValidNewOption,
   formatOptionLabel,
@@ -274,6 +256,7 @@ export function SelectBase<T, Rest = {}>({
     showAllSelectedWhenOpen,
     tabSelectsValue,
     value: isMulti ? selectedValue : selectedValue?.[0],
+    noMultiValueWrap,
   };
 
   if (allowCustomValue) {
@@ -305,31 +288,8 @@ export function SelectBase<T, Rest = {}>({
           MenuList: SelectMenuComponent,
           Group: SelectOptionGroup,
           ValueContainer,
-          IndicatorsContainer(props: any) {
-            const { selectProps } = props;
-            const { value, showAllSelectedWhenOpen, maxVisibleValues, menuIsOpen } = selectProps;
-
-            if (maxVisibleValues !== undefined) {
-              const selectedValuesCount = value.length;
-              const indicatorChildren = [...props.children];
-              indicatorChildren.splice(
-                -1,
-                0,
-                renderExtraValuesIndicator({
-                  maxVisibleValues,
-                  selectedValuesCount,
-                  showAllSelectedWhenOpen,
-                  menuIsOpen,
-                })
-              );
-              return <IndicatorsContainer {...props}>{indicatorChildren}</IndicatorsContainer>;
-            }
-
-            return <IndicatorsContainer {...props} />;
-          },
-          IndicatorSeparator() {
-            return <></>;
-          },
+          IndicatorsContainer: CustomIndicatorsContainer,
+          IndicatorSeparator: IndicatorSeparator,
           Control: CustomControl,
           Option: SelectMenuOptions,
           ClearIndicator(props: any) {
@@ -361,9 +321,7 @@ export function SelectBase<T, Rest = {}>({
               </div>
             );
           },
-          DropdownIndicator(props) {
-            return <DropdownIndicator isOpen={props.selectProps.menuIsOpen} />;
-          },
+          DropdownIndicator: DropdownIndicator,
           SingleValue(props: any) {
             return <SingleValue {...props} isDisabled={disabled} />;
           },
@@ -394,3 +352,37 @@ function defaultFormatCreateLabel(input: string) {
     </div>
   );
 }
+
+type CustomIndicatorsContainerProps = IndicatorsContainerProps & {
+  selectProps: SelectPropsWithExtras;
+  children: React.ReactNode;
+};
+
+function CustomIndicatorsContainer(props: CustomIndicatorsContainerProps) {
+  const { showAllSelectedWhenOpen, maxVisibleValues, menuIsOpen } = props.selectProps;
+
+  const value = props.getValue();
+
+  if (maxVisibleValues !== undefined && Array.isArray(props.children)) {
+    const selectedValuesCount = value.length;
+
+    if (selectedValuesCount > maxVisibleValues && !(showAllSelectedWhenOpen && menuIsOpen)) {
+      const indicatorChildren = [...props.children];
+      indicatorChildren.splice(
+        -1,
+        0,
+        <span key="excess-values" id="excess-values">
+          (+{selectedValuesCount - maxVisibleValues})
+        </span>
+      );
+
+      return <IndicatorsContainer {...props}>{indicatorChildren}</IndicatorsContainer>;
+    }
+  }
+
+  return <IndicatorsContainer {...props} />;
+}
+
+function IndicatorSeparator() {
+  return <></>;
+}
diff --git a/packages/grafana-ui/src/components/Select/ValueContainer.tsx b/packages/grafana-ui/src/components/Select/ValueContainer.tsx
index b7c6f957fcb..9025a4a1d0d 100644
--- a/packages/grafana-ui/src/components/Select/ValueContainer.tsx
+++ b/packages/grafana-ui/src/components/Select/ValueContainer.tsx
@@ -30,8 +30,15 @@ class UnthemedValueContainer extends Component<any & { theme: GrafanaTheme2 }> {
 
   renderContainer(children?: ReactNode) {
     const { isMulti, theme } = this.props;
+    const noWrap = this.props.selectProps?.noMultiValueWrap && !this.props.selectProps?.menuIsOpen;
     const styles = getSelectStyles(theme);
-    const className = cx(styles.valueContainer, isMulti && styles.valueContainerMulti);
+
+    const className = cx(
+      styles.valueContainer,
+      isMulti && styles.valueContainerMulti,
+      noWrap && styles.valueContainerMultiNoWrap
+    );
+
     return <div className={className}>{children}</div>;
   }
 }
diff --git a/packages/grafana-ui/src/components/Select/getSelectStyles.ts b/packages/grafana-ui/src/components/Select/getSelectStyles.ts
index 420ccdfb15b..84ce715aab2 100644
--- a/packages/grafana-ui/src/components/Select/getSelectStyles.ts
+++ b/packages/grafana-ui/src/components/Select/getSelectStyles.ts
@@ -96,6 +96,9 @@ export const getSelectStyles = stylesFactory((theme: GrafanaTheme2) => {
       flexWrap: 'wrap',
       display: 'flex',
     }),
+    valueContainerMultiNoWrap: css({
+      flexWrap: 'nowrap',
+    }),
     loadingMessage: css({
       label: 'grafana-select-loading-message',
       padding: theme.spacing(1),
@@ -113,6 +116,8 @@ export const getSelectStyles = stylesFactory((theme: GrafanaTheme2) => {
       padding: theme.spacing(0.25, 0, 0.25, 1),
       color: theme.colors.text.primary,
       fontSize: theme.typography.size.sm,
+      overflow: 'hidden',
+      whiteSpace: 'nowrap',
 
       '&:hover': {
         background: theme.colors.emphasize(theme.colors.background.secondary),
diff --git a/packages/grafana-ui/src/components/Select/mockOptions.tsx b/packages/grafana-ui/src/components/Select/mockOptions.tsx
index 12d56b0bdc0..7af01826de6 100644
--- a/packages/grafana-ui/src/components/Select/mockOptions.tsx
+++ b/packages/grafana-ui/src/components/Select/mockOptions.tsx
@@ -24,6 +24,7 @@ export const generateOptions = (desc = false) => {
     'Ok Vicente',
     'Garry Spitz',
     'Han Harnish',
+    'A very long value that is very long and takes up a lot of space and should be truncated preferrably if it does not fit',
   ];
 
   return values.map<SelectableValue<string>>((name) => ({
diff --git a/packages/grafana-ui/src/components/Select/resetSelectStyles.ts b/packages/grafana-ui/src/components/Select/resetSelectStyles.ts
index fb844575d66..3f1e31abff7 100644
--- a/packages/grafana-ui/src/components/Select/resetSelectStyles.ts
+++ b/packages/grafana-ui/src/components/Select/resetSelectStyles.ts
@@ -30,7 +30,10 @@ export default function resetSelectStyles(theme: GrafanaTheme2) {
       maxHeight,
     }),
     multiValue: () => ({}),
-    multiValueLabel: () => ({}),
+    multiValueLabel: () => ({
+      overflow: 'hidden',
+      textOverflow: 'ellipsis',
+    }),
     multiValueRemove: () => ({}),
     noOptionsMessage: () => ({}),
     option: () => ({}),
diff --git a/packages/grafana-ui/src/components/Select/types.ts b/packages/grafana-ui/src/components/Select/types.ts
index e3fe5c6b766..0cbe644ed70 100644
--- a/packages/grafana-ui/src/components/Select/types.ts
+++ b/packages/grafana-ui/src/components/Select/types.ts
@@ -99,6 +99,8 @@ export interface SelectCommonProps<T> {
   ) => boolean;
   /** Message to display isLoading=true*/
   loadingMessage?: string;
+  /** Disables wrapping of multi value values when closed */
+  noMultiValueWrap?: boolean;
 }
 
 export interface SelectAsyncProps<T> {
diff --git a/packages/grafana-ui/src/components/index.ts b/packages/grafana-ui/src/components/index.ts
index 72c8be994c5..e4240c1daf2 100644
--- a/packages/grafana-ui/src/components/index.ts
+++ b/packages/grafana-ui/src/components/index.ts
@@ -227,7 +227,6 @@ export { FieldArray } from './Forms/FieldArray';
 // Select
 export { default as resetSelectStyles } from './Select/resetSelectStyles';
 export * from './Select/Select';
-export { DropdownIndicator } from './Select/DropdownIndicator';
 export { getSelectStyles } from './Select/getSelectStyles';
 export * from './Select/types';