diff --git a/releasenotes/notes/fix-async-retry-type-overloads-27f3e0c239ed6b.yaml b/releasenotes/notes/fix-async-retry-type-overloads-27f3e0c239ed6b.yaml
new file mode 100644
index 00000000..c5127669
--- /dev/null
+++ b/releasenotes/notes/fix-async-retry-type-overloads-27f3e0c239ed6b.yaml
@@ -0,0 +1,9 @@
+---
+fixes:
+  - |
+    The ``@retry`` decorator's type overloads for the ``sleep=`` parameter
+    (e.g. ``sleep=trio.sleep``) have been improved. Previously, the
+    async-sleep overload used ``R | Awaitable[R]`` as the return type
+    bound, which was ambiguous: for ``async def f() -> T``, pyright could
+    infer ``R = Coroutine[Any, Any, T]`` instead of ``R = T``, producing
+    false-positive type errors in downstream code.
diff --git a/tenacity/__init__.py b/tenacity/__init__.py
index e734d6f5..0410031a 100644
--- a/tenacity/__init__.py
+++ b/tenacity/__init__.py
@@ -20,6 +20,7 @@
 import sys
 import threading
 import time
+import types
 import typing as t
 import warnings
 from abc import ABC, abstractmethod
@@ -87,8 +88,6 @@
     tornado = None
 
 if t.TYPE_CHECKING:
-    import types
-
     from typing_extensions import Self
 
     from . import asyncio as tasyncio
@@ -585,6 +584,23 @@ def __repr__(self) -> str:
         return f"<{clsname} {id(self)}: attempt #{self.attempt_number}; slept for {slept}; last result: {result}>"
 
 
+class _AsyncRetryDecorator(t.Protocol):
+    @t.overload
+    def __call__(
+        self, fn: "t.Callable[P, types.CoroutineType[t.Any, t.Any, R]]"
+    ) -> "t.Callable[P, types.CoroutineType[t.Any, t.Any, R]]": ...
+    @t.overload
+    def __call__(
+        self, fn: t.Callable[P, t.Coroutine[t.Any, t.Any, R]]
+    ) -> t.Callable[P, t.Coroutine[t.Any, t.Any, R]]: ...
+    @t.overload
+    def __call__(
+        self, fn: t.Callable[P, t.Awaitable[R]]
+    ) -> t.Callable[P, t.Awaitable[R]]: ...
+    @t.overload
+    def __call__(self, fn: t.Callable[P, R]) -> t.Callable[P, t.Awaitable[R]]: ...
+
+
 @t.overload
 def retry(func: WrappedFn) -> WrappedFn: ...
 
@@ -606,7 +622,7 @@ def retry(
     retry_error_callback: t.Optional[
         t.Callable[["RetryCallState"], t.Union[t.Any, t.Awaitable[t.Any]]]
     ] = ...,
-) -> t.Callable[[t.Callable[P, R | t.Awaitable[R]]], t.Callable[P, t.Awaitable[R]]]: ...
+) -> _AsyncRetryDecorator: ...
 
 
 @t.overload