diff --git a/public/app/features/canvas/elements/ellipse.tsx b/public/app/features/canvas/elements/ellipse.tsx
new file mode 100644
index 00000000000..00bf1b8c936
--- /dev/null
+++ b/public/app/features/canvas/elements/ellipse.tsx
@@ -0,0 +1,185 @@
+import { css } from '@emotion/css';
+import React, { PureComponent } from 'react';
+
+import { GrafanaTheme2 } from '@grafana/data';
+import { stylesFactory } from '@grafana/ui';
+import { config } from 'app/core/config';
+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, defaultBgColor, defaultTextColor } from '../element';
+import { Align, VAlign, EllipseConfig, EllipseData } from '../types';
+
+class EllipseDisplay extends PureComponent<CanvasElementProps<EllipseConfig, EllipseData>> {
+  render() {
+    const { data } = this.props;
+    const styles = getStyles(config.theme2, data);
+    return (
+      <div className={styles.container}>
+        <span className={styles.span}>{data?.text}</span>
+      </div>
+    );
+  }
+}
+
+const getStyles = stylesFactory((theme: GrafanaTheme2, data) => ({
+  container: css`
+    display: table;
+    position: absolute;
+    top: 50%;
+    transform: translateY(-50%);
+    width: 100%;
+    height: 100%;
+    background-color: ${data?.backgroundColor};
+    border: ${data?.width}px solid ${data?.borderColor};
+    border-radius: 50%;
+  `,
+  span: css`
+    display: table-cell;
+    vertical-align: ${data?.valign};
+    text-align: ${data?.align};
+    font-size: ${data?.size}px;
+    color: ${data?.color};
+  `,
+}));
+
+export const ellipseItem: CanvasElementItem<EllipseConfig, EllipseData> = {
+  id: 'ellipse',
+  name: 'Ellipse',
+  description: 'Ellipse',
+
+  display: EllipseDisplay,
+
+  defaultSize: {
+    width: 160,
+    height: 160,
+  },
+
+  getNewOptions: (options) => ({
+    ...options,
+    config: {
+      backgroundColor: {
+        fixed: defaultBgColor,
+      },
+      borderColor: {
+        fixed: 'transparent',
+      },
+      width: 1,
+      align: Align.Center,
+      valign: VAlign.Middle,
+      color: {
+        fixed: defaultTextColor,
+      },
+    },
+    background: {
+      color: {
+        fixed: 'transparent',
+      },
+    },
+  }),
+
+  prepareData: (ctx: DimensionContext, cfg: EllipseConfig) => {
+    const data: EllipseData = {
+      width: cfg.width,
+      text: cfg.text ? ctx.getText(cfg.text).value() : '',
+      align: cfg.align ?? Align.Center,
+      valign: cfg.valign ?? VAlign.Middle,
+      size: cfg.size,
+    };
+
+    if (cfg.backgroundColor) {
+      data.backgroundColor = ctx.getColor(cfg.backgroundColor).value();
+    }
+    if (cfg.borderColor) {
+      data.borderColor = ctx.getColor(cfg.borderColor).value();
+    }
+    if (cfg.color) {
+      data.color = ctx.getColor(cfg.color).value();
+    }
+
+    return data;
+  },
+
+  // Heatmap overlay options
+  registerOptionsUI: (builder) => {
+    const category = ['Ellipse'];
+    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,
+      })
+      .addCustomEditor({
+        category,
+        id: 'config.borderColor',
+        path: 'config.borderColor',
+        name: 'Ellipse border color',
+        editor: ColorDimensionEditor,
+        settings: {},
+        defaultValue: {},
+      })
+      .addNumberInput({
+        category,
+        path: 'config.width',
+        name: 'Ellipse border width',
+        settings: {
+          placeholder: 'Auto',
+        },
+      })
+      .addCustomEditor({
+        category,
+        id: 'config.backgroundColor',
+        path: 'config.backgroundColor',
+        name: 'Ellipse background color',
+        editor: ColorDimensionEditor,
+        settings: {},
+        defaultValue: {},
+      })
+      .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 fad1ebaa292..a99d142d617 100644
--- a/public/app/features/canvas/registry.ts
+++ b/public/app/features/canvas/registry.ts
@@ -5,6 +5,7 @@ import { buttonItem } from './elements/button';
 import { droneFrontItem } from './elements/droneFront';
 import { droneSideItem } from './elements/droneSide';
 import { droneTopItem } from './elements/droneTop';
+import { ellipseItem } from './elements/ellipse';
 import { iconItem } from './elements/icon';
 import { metricValueItem } from './elements/metricValue';
 import { rectangleItem } from './elements/rectangle';
@@ -22,6 +23,7 @@ export const DEFAULT_CANVAS_ELEMENT_CONFIG: CanvasElementOptions = {
 export const defaultElementItems = [
   metricValueItem, // default for now
   textItem,
+  ellipseItem,
   rectangleItem,
   iconItem,
   serverItem,
diff --git a/public/app/features/canvas/types.ts b/public/app/features/canvas/types.ts
index 32bbe8b35db..b0e667d1024 100644
--- a/public/app/features/canvas/types.ts
+++ b/public/app/features/canvas/types.ts
@@ -48,6 +48,18 @@ export interface TextConfig {
   valign: VAlign;
 }
 
+export interface EllipseConfig extends TextConfig {
+  backgroundColor?: ColorDimensionConfig;
+  borderColor?: ColorDimensionConfig;
+  width?: number;
+}
+
+export interface EllipseData extends TextData {
+  backgroundColor?: string;
+  borderColor?: string;
+  width?: number;
+}
+
 export {
   Placement,
   Constraint,