diff --git a/src/Hyperlink/Hyperlink.test.jsx b/src/Hyperlink/Hyperlink.test.tsx
similarity index 60%
rename from src/Hyperlink/Hyperlink.test.jsx
rename to src/Hyperlink/Hyperlink.test.tsx
index 2d5ffd3c5e..597ba8e5c4 100644
--- a/src/Hyperlink/Hyperlink.test.jsx
+++ b/src/Hyperlink/Hyperlink.test.tsx
@@ -4,30 +4,48 @@ import userEvent from '@testing-library/user-event';
 
 import Hyperlink from '.';
 
-const content = 'content';
 const destination = 'destination';
+const content = 'content';
 const onClick = jest.fn();
 const props = {
-  content,
   destination,
   onClick,
 };
 const externalLinkAlternativeText = 'externalLinkAlternativeText';
 const externalLinkTitle = 'externalLinkTitle';
 const externalLinkProps = {
-  target: '_blank',
+  target: '_blank' as const,
   externalLinkAlternativeText,
   externalLinkTitle,
   ...props,
 };
 
 describe('correct rendering', () => {
+  beforeEach(() => {
+    onClick.mockClear();
+  });
+  it('renders with deprecated "content" prop', async () => {
+    // @ts-expect-error - we don't include 'content' in the types since it's deprecated. Change to 'children'.
+    const { getByRole } = render(<Hyperlink {...props} content={content} />);
+    const wrapper = getByRole('link');
+    expect(wrapper).toBeInTheDocument();
+
+    expect(wrapper).toHaveClass('pgn__hyperlink');
+    expect(wrapper).toHaveTextContent('content');
+    expect(wrapper).toHaveAttribute('href', destination);
+    expect(wrapper).toHaveAttribute('target', '_self');
+
+    await userEvent.click(wrapper);
+    expect(onClick).toHaveBeenCalledTimes(1);
+  });
+
   it('renders Hyperlink', async () => {
-    const { getByRole } = render(<Hyperlink {...props} />);
+    const { getByRole } = render(<Hyperlink {...props}>{content}</Hyperlink>);
     const wrapper = getByRole('link');
     expect(wrapper).toBeInTheDocument();
 
     expect(wrapper).toHaveClass('pgn__hyperlink');
+    expect(wrapper).toHaveClass('standalone-link');
     expect(wrapper).toHaveTextContent(content);
     expect(wrapper).toHaveAttribute('href', destination);
     expect(wrapper).toHaveAttribute('target', '_self');
@@ -36,8 +54,17 @@ describe('correct rendering', () => {
     expect(onClick).toHaveBeenCalledTimes(1);
   });
 
+  it('renders an underlined Hyperlink', async () => {
+    const { getByRole } = render(<Hyperlink isInline {...props}>{content}</Hyperlink>);
+    const wrapper = getByRole('link');
+    expect(wrapper).toBeInTheDocument();
+    expect(wrapper).toHaveClass('pgn__hyperlink');
+    expect(wrapper).not.toHaveClass('standalone-link');
+    expect(wrapper).toHaveClass('inline-link');
+  });
+
   it('renders external Hyperlink', () => {
-    const { getByRole, getByTestId } = render(<Hyperlink {...externalLinkProps} />);
+    const { getByRole, getByTestId } = render(<Hyperlink {...externalLinkProps}>{content}</Hyperlink>);
     const wrapper = getByRole('link');
     const icon = getByTestId('hyperlink-icon');
     const iconSvg = icon.querySelector('svg');
@@ -53,18 +80,16 @@ describe('correct rendering', () => {
 
 describe('security', () => {
   it('prevents reverse tabnabbing for links with target="_blank"', () => {
-    const { getByRole } = render(<Hyperlink {...externalLinkProps} />);
+    const { getByRole } = render(<Hyperlink {...externalLinkProps}>{content}</Hyperlink>);
     const wrapper = getByRole('link');
     expect(wrapper).toHaveAttribute('rel', 'noopener noreferrer');
   });
 });
 
 describe('event handlers are triggered correctly', () => {
-  let spy;
-  beforeEach(() => { spy = jest.fn(); });
-
   it('should fire onClick', async () => {
-    const { getByRole } = render(<Hyperlink {...props} onClick={spy} />);
+    const spy = jest.fn();
+    const { getByRole } = render(<Hyperlink {...props} onClick={spy}>{content}</Hyperlink>);
     const wrapper = getByRole('link');
     expect(spy).toHaveBeenCalledTimes(0);
     await userEvent.click(wrapper);
diff --git a/src/Hyperlink/index.jsx b/src/Hyperlink/index.tsx
similarity index 59%
rename from src/Hyperlink/index.jsx
rename to src/Hyperlink/index.tsx
index 7c4a61f882..efe7fd3b92 100644
--- a/src/Hyperlink/index.jsx
+++ b/src/Hyperlink/index.tsx
@@ -1,7 +1,7 @@
+/* eslint-disable react/require-default-props */
 import React from 'react';
 import PropTypes from 'prop-types';
 import classNames from 'classnames';
-import isRequiredIf from 'react-proptype-conditional-require';
 import { Launch } from '../../icons';
 import Icon from '../Icon';
 
@@ -10,20 +10,39 @@ import withDeprecatedProps, { DeprTypes } from '../withDeprecatedProps';
 export const HYPER_LINK_EXTERNAL_LINK_ALT_TEXT = 'in a new tab';
 export const HYPER_LINK_EXTERNAL_LINK_TITLE = 'Opens in a new tab';
 
-const Hyperlink = React.forwardRef((props, ref) => {
-  const {
-    className,
-    destination,
-    children,
-    target,
-    onClick,
-    externalLinkAlternativeText,
-    externalLinkTitle,
-    variant,
-    isInline,
-    showLaunchIcon,
-    ...attrs
-  } = props;
+interface Props extends Omit<React.ComponentPropsWithoutRef<'a'>, 'href' | 'target'> {
+  /** specifies the URL */
+  destination: string;
+  /** Content of the hyperlink */
+  children: React.ReactNode;
+  /** Custom class names for the hyperlink */
+  className?: string;
+  /** Alt text for the icon indicating that this link opens in a new tab, if target="_blank". e.g. _("in a new tab") */
+  externalLinkAlternativeText?: string;
+  /** Tooltip text for the "opens in new tab" icon, if target="_blank". e.g. _("Opens in a new tab"). */
+  externalLinkTitle?: string;
+  /** type of hyperlink */
+  variant?: 'default' | 'muted' | 'brand';
+  /** Display the link with an underline. By default, it is only underlined on hover. */
+  isInline?: boolean;
+  /** specify if we need to show launch Icon. By default, it will be visible. */
+  showLaunchIcon?: boolean;
+  target?: '_blank' | '_self';
+}
+
+const Hyperlink = React.forwardRef<HTMLAnchorElement, Props>(({
+  className,
+  destination,
+  children,
+  target = '_self',
+  onClick = () => {},
+  externalLinkAlternativeText = HYPER_LINK_EXTERNAL_LINK_ALT_TEXT,
+  externalLinkTitle = HYPER_LINK_EXTERNAL_LINK_TITLE,
+  variant = 'default',
+  isInline = false,
+  showLaunchIcon = true,
+  ...attrs
+}, ref) => {
   let externalLinkIcon;
 
   if (target === '_blank') {
@@ -83,17 +102,6 @@ const Hyperlink = React.forwardRef((props, ref) => {
   );
 });
 
-Hyperlink.defaultProps = {
-  className: undefined,
-  target: '_self',
-  onClick: () => {},
-  externalLinkAlternativeText: HYPER_LINK_EXTERNAL_LINK_ALT_TEXT,
-  externalLinkTitle: HYPER_LINK_EXTERNAL_LINK_TITLE,
-  variant: 'default',
-  isInline: false,
-  showLaunchIcon: true,
-};
-
 Hyperlink.propTypes = {
   /** specifies the URL */
   destination: PropTypes.string.isRequired,
@@ -105,23 +113,18 @@ Hyperlink.propTypes = {
    * loaded into the same browsing context as the current one.
    * If the target is `_blank` (opening a new window) `rel='noopener'` will be added to the anchor tag to prevent
    * any potential [reverse tabnabbing attack](https://www.owasp.org/index.php/Reverse_Tabnabbing).
-  */
-  target: PropTypes.string,
+   */
+  // @ts-ignore - some magic 'propTypes' decoding is clashing with our other types above, and won't accept '_blank' here
+  target: PropTypes.oneOf(['_blank', '_self']),
   /** specifies the callback function when the link is clicked */
   onClick: PropTypes.func,
-  /** specifies the text for links with a `_blank` target (which loads the URL in a new browsing context). */
-  externalLinkAlternativeText: isRequiredIf(
-    PropTypes.string,
-    props => props.target === '_blank',
-  ),
-  /** specifies the title for links with a `_blank` target (which loads the URL in a new browsing context). */
-  externalLinkTitle: isRequiredIf(
-    PropTypes.string,
-    props => props.target === '_blank',
-  ),
+  /** Alt text for the icon indicating that this link opens in a new tab, if target="_blank". e.g. _("in a new tab") */
+  externalLinkAlternativeText: PropTypes.string,
+  /** Tooltip text for the "opens in new tab" icon, if target="_blank". e.g. _("Opens in a new tab"). */
+  externalLinkTitle: PropTypes.string,
   /** type of hyperlink */
   variant: PropTypes.oneOf(['default', 'muted', 'brand']),
-  /** specify the link style. By default, it will be underlined. */
+  /** Display the link with an underline. By default, it is only underlined on hover. */
   isInline: PropTypes.bool,
   /** specify if we need to show launch Icon. By default, it will be visible. */
   showLaunchIcon: PropTypes.bool,
diff --git a/src/index.d.ts b/src/index.d.ts
index 9d71f85477..e4050de325 100644
--- a/src/index.d.ts
+++ b/src/index.d.ts
@@ -7,6 +7,7 @@
 export { default as Bubble } from './Bubble';
 export { default as Chip, CHIP_PGN_CLASS } from './Chip';
 export { default as ChipCarousel } from './ChipCarousel';
+export { default as Hyperlink, HYPER_LINK_EXTERNAL_LINK_ALT_TEXT, HYPER_LINK_EXTERNAL_LINK_TITLE } from './Hyperlink';
 export { default as Icon } from './Icon';
 
 // // // // // // // // // // // // // // // // // // // // // // // // // // //
@@ -72,7 +73,6 @@ export const
   FormAutosuggestOption: any,
   InputGroup: any;
 // from './Form';
-export const Hyperlink: any, HYPER_LINK_EXTERNAL_LINK_ALT_TEXT: string, HYPER_LINK_EXTERNAL_LINK_TITLE: string; // from './Hyperlink';
 export const IconButton: any, IconButtonWithTooltip: any; // from './IconButton';
 export const IconButtonToggle: any; // from './IconButtonToggle';
 export const Input: any; // from './Input';
diff --git a/src/index.js b/src/index.js
index 6e8b9294c5..2f1b794be4 100644
--- a/src/index.js
+++ b/src/index.js
@@ -7,6 +7,7 @@
 export { default as Bubble } from './Bubble';
 export { default as Chip, CHIP_PGN_CLASS } from './Chip';
 export { default as ChipCarousel } from './ChipCarousel';
+export { default as Hyperlink, HYPER_LINK_EXTERNAL_LINK_ALT_TEXT, HYPER_LINK_EXTERNAL_LINK_TITLE } from './Hyperlink';
 export { default as Icon } from './Icon';
 
 // // // // // // // // // // // // // // // // // // // // // // // // // // //
@@ -72,7 +73,6 @@ export {
   FormAutosuggestOption,
   InputGroup,
 } from './Form';
-export { default as Hyperlink, HYPER_LINK_EXTERNAL_LINK_ALT_TEXT, HYPER_LINK_EXTERNAL_LINK_TITLE } from './Hyperlink';
 export { default as IconButton, IconButtonWithTooltip } from './IconButton';
 export { default as IconButtonToggle } from './IconButtonToggle';
 export { default as Input } from './Input';