diff --git a/libp2p/switch.nim b/libp2p/switch.nim
index 76c98fdf4..89c434d27 100644
--- a/libp2p/switch.nim
+++ b/libp2p/switch.nim
@@ -451,7 +451,7 @@ proc accept(s: Switch, transport: Transport) {.async.} = # noraises
   ## switch accept loop, ran for every transport
   ##
 
-  let upgrades = AsyncSemaphore.init(ConcurrentUpgrades)
+  let upgrades = newAsyncSemaphore(ConcurrentUpgrades)
   while transport.running:
     var conn: Connection
     try:
diff --git a/libp2p/utils/semaphore.nim b/libp2p/utils/semaphore.nim
index 72ed68b75..301a3e517 100644
--- a/libp2p/utils/semaphore.nim
+++ b/libp2p/utils/semaphore.nim
@@ -18,11 +18,13 @@ logScope:
 type
   AsyncSemaphore* = ref object of RootObj
     size*: int
-    count*: int
-    queue*: seq[Future[void]]
+    count: int
+    queue: seq[Future[void]]
 
-proc init*(T: type AsyncSemaphore, size: int): T =
-  T(size: size, count: size)
+proc newAsyncSemaphore*(size: int): AsyncSemaphore =
+  AsyncSemaphore(size: size, count: size)
+
+proc `count`*(s: AsyncSemaphore): int = s.count
 
 proc tryAcquire*(s: AsyncSemaphore): bool =
   ## Attempts to acquire a resource, if successful
@@ -38,7 +40,7 @@ proc acquire*(s: AsyncSemaphore): Future[void] =
   ## Acquire a resource and decrement the resource
   ## counter. If no more resources are available,
   ## the returned future will not complete until
-  ## the resource count goes above 0 again.
+  ## the resource count goes above 0.
   ##
 
   let fut = newFuture[void]("AsyncSemaphore.acquire")
@@ -46,8 +48,17 @@ proc acquire*(s: AsyncSemaphore): Future[void] =
     fut.complete()
     return fut
 
+  proc cancellation(udata: pointer) {.gcsafe.} =
+    fut.cancelCallback = nil
+    if not fut.finished:
+      s.queue.keepItIf( it != fut )
+      s.count.inc
+
+  fut.cancelCallback = cancellation
+
   s.queue.add(fut)
   s.count.dec
+
   trace "Queued slot", available = s.count, queue = s.queue.len
   return fut
 
@@ -65,7 +76,8 @@ proc release*(s: AsyncSemaphore) =
                             queue = s.queue.len
 
     if s.queue.len > 0:
-      var fut = s.queue.pop()
+      var fut = s.queue[0]
+      s.queue.delete(0)
       if not fut.finished():
         fut.complete()
 
diff --git a/tests/testsemaphore.nim b/tests/testsemaphore.nim
index 39134b69e..c7a26d86d 100644
--- a/tests/testsemaphore.nim
+++ b/tests/testsemaphore.nim
@@ -1,5 +1,6 @@
 import random
 import chronos
+
 import ../libp2p/utils/semaphore
 
 import ./helpers
@@ -8,7 +9,7 @@ randomize()
 
 suite "AsyncSemaphore":
   asyncTest "should acquire":
-    let sema = AsyncSemaphore.init(3)
+    let sema = newAsyncSemaphore(3)
 
     await sema.acquire()
     await sema.acquire()
@@ -17,7 +18,7 @@ suite "AsyncSemaphore":
     check sema.count == 0
 
   asyncTest "should release":
-    let sema = AsyncSemaphore.init(3)
+    let sema = newAsyncSemaphore(3)
 
     await sema.acquire()
     await sema.acquire()
@@ -30,13 +31,12 @@ suite "AsyncSemaphore":
     check sema.count == 3
 
   asyncTest "should queue acquire":
-    let sema = AsyncSemaphore.init(1)
+    let sema = newAsyncSemaphore(1)
 
     await sema.acquire()
     let fut = sema.acquire()
 
     check sema.count == -1
-    check sema.queue.len == 1
     sema.release()
     sema.release()
     check sema.count == 1
@@ -45,19 +45,19 @@ suite "AsyncSemaphore":
     check fut.finished()
 
   asyncTest "should keep count == size":
-    let sema = AsyncSemaphore.init(1)
+    let sema = newAsyncSemaphore(1)
     sema.release()
     sema.release()
     sema.release()
     check sema.count == 1
 
   asyncTest "should tryAcquire":
-    let sema = AsyncSemaphore.init(1)
+    let sema = newAsyncSemaphore(1)
     await sema.acquire()
     check sema.tryAcquire() == false
 
   asyncTest "should tryAcquire and acquire":
-    let sema = AsyncSemaphore.init(4)
+    let sema = newAsyncSemaphore(4)
     check sema.tryAcquire() == true
     check sema.tryAcquire() == true
     check sema.tryAcquire() == true
@@ -67,8 +67,6 @@ suite "AsyncSemaphore":
     let fut = sema.acquire()
     check fut.finished == false
     check sema.count == -1
-    # queue is only used when count is < 0
-    check sema.queue.len == 1
 
     sema.release()
     sema.release()
@@ -78,10 +76,9 @@ suite "AsyncSemaphore":
 
     check fut.finished == true
     check sema.count == 4
-    check sema.queue.len == 0
 
   asyncTest "should restrict resource access":
-    let sema = AsyncSemaphore.init(3)
+    let sema = newAsyncSemaphore(3)
     var resource = 0
 
     proc task() {.async.} =
@@ -101,3 +98,50 @@ suite "AsyncSemaphore":
       tasks.add(task())
 
     await allFutures(tasks)
+
+  asyncTest "should cancel sequential semaphore slot":
+    let sema = newAsyncSemaphore(1)
+
+    await sema.acquire()
+
+    let tmp = sema.acquire()
+    check not tmp.finished()
+
+    tmp.cancel()
+    sema.release()
+
+    check await sema.acquire().withTimeout(10.millis)
+
+  asyncTest "should handle out of order cancellations":
+    let sema = newAsyncSemaphore(1)
+
+    await sema.acquire()      # 1st acquire
+    let tmp1 = sema.acquire() # 2nd acquire
+    check not tmp1.finished()
+
+    let tmp2 = sema.acquire() # 3rd acquire
+    check not tmp2.finished()
+
+    let tmp3 = sema.acquire() # 4th acquire
+    check not tmp3.finished()
+
+    # up to this point, we've called acquire 4 times
+    tmp1.cancel() # 1st release (implicit)
+    tmp2.cancel() # 2nd release (implicit)
+
+    check not tmp3.finished() # check that we didn't release the wrong slot
+
+    sema.release() # 3rd release (explicit)
+    check tmp3.finished()
+
+    sema.release() # 4th release
+    check await sema.acquire().withTimeout(10.millis)
+
+  asyncTest "should properly handle timeouts and cancellations":
+    let sema = newAsyncSemaphore(1)
+
+    await sema.acquire()
+    check not(await sema.acquire().withTimeout(1.millis)) # should not acquire but cancel
+    sema.release()
+
+    check await sema.acquire().withTimeout(10.millis)