diff --git a/composer.json b/composer.json
index 335b526..007b36f 100644
--- a/composer.json
+++ b/composer.json
@@ -16,7 +16,6 @@
         "evenement/evenement": "^3.0 || ^2.0 || ^1.0",
         "react/event-loop": "^1.2",
         "react/promise": "^3",
-        "react/promise-timer": "^1.10",
         "react/socket": "^1.15"
     },
     "require-dev": {
diff --git a/src/Io/Factory.php b/src/Io/Factory.php
index b6778b9..a669793 100644
--- a/src/Io/Factory.php
+++ b/src/Io/Factory.php
@@ -6,13 +6,12 @@
 use React\EventLoop\Loop;
 use React\EventLoop\LoopInterface;
 use React\Promise\Deferred;
+use React\Promise\Promise;
 use React\Promise\PromiseInterface;
-use React\Promise\Timer\TimeoutException;
 use React\Socket\ConnectionInterface;
 use React\Socket\Connector;
 use React\Socket\ConnectorInterface;
 use function React\Promise\reject;
-use function React\Promise\Timer\timeout;
 
 /**
  * @internal
@@ -175,14 +174,53 @@ function (\Exception $e) use ($redis, $uri) {
             return $deferred->promise();
         }
 
-        return timeout($deferred->promise(), $timeout, $this->loop)->then(null, function (\Throwable $e) use ($uri) {
-            if ($e instanceof TimeoutException) {
-                throw new \RuntimeException(
-                    'Connection to ' . $uri . ' timed out after ' . $e->getTimeout() . ' seconds (ETIMEDOUT)',
-                    defined('SOCKET_ETIMEDOUT') ? SOCKET_ETIMEDOUT : 110
-                );
+        $promise = $deferred->promise();
+
+        /** @var Promise<StreamingClient> */
+        $ret = new Promise(function (callable $resolve, callable $reject) use ($timeout, $promise, $uri): void {
+            /** @var ?\React\EventLoop\TimerInterface */
+            $timer = null;
+            $promise = $promise->then(function (StreamingClient $v) use (&$timer, $resolve): void {
+                if ($timer) {
+                    $this->loop->cancelTimer($timer);
+                }
+                $timer = false;
+                $resolve($v);
+            }, function (\Throwable $e) use (&$timer, $reject): void {
+                if ($timer) {
+                    $this->loop->cancelTimer($timer);
+                }
+                $timer = false;
+                $reject($e);
+            });
+
+            // promise already settled => no need to start timer
+            if ($timer === false) {
+                return;
             }
-            throw $e;
+
+            // start timeout timer which will cancel the pending promise
+            $timer = $this->loop->addTimer($timeout, function () use ($timeout, &$promise, $reject, $uri): void {
+                $reject(new \RuntimeException(
+                    'Connection to ' . $uri . ' timed out after ' . $timeout . ' seconds (ETIMEDOUT)',
+                    \defined('SOCKET_ETIMEDOUT') ? \SOCKET_ETIMEDOUT : 110
+                ));
+
+                // Cancel pending connection to clean up any underlying resources and references.
+                // Avoid garbage references in call stack by passing pending promise by reference.
+                \assert($promise instanceof PromiseInterface);
+                $promise->cancel();
+                $promise = null;
+            });
+        }, function () use (&$promise): void {
+            // Cancelling this promise will cancel the pending connection, thus triggering the rejection logic above.
+            // Avoid garbage references in call stack by passing pending promise by reference.
+            \assert($promise instanceof PromiseInterface);
+            $promise->cancel();
+            $promise = null;
         });
+
+        // variable assignment needed for legacy PHPStan on PHP 7.1 only
+        return $ret;
     }
 }
diff --git a/tests/FunctionalTest.php b/tests/FunctionalTest.php
index 767c530..c1fe42b 100644
--- a/tests/FunctionalTest.php
+++ b/tests/FunctionalTest.php
@@ -4,10 +4,9 @@
 
 use Clue\React\Redis\RedisClient;
 use React\EventLoop\Loop;
-use React\Promise\Deferred;
+use React\Promise\Promise;
 use React\Promise\PromiseInterface;
 use function React\Async\await;
-use function React\Promise\Timer\timeout;
 
 class FunctionalTest extends TestCase
 {
@@ -144,10 +143,7 @@ public function testPubSub(): void
         $channel = 'channel:test:' . mt_rand();
 
         // consumer receives a single message
-        /** @var Deferred<void> */
-        $deferred = new Deferred();
         $consumer->on('message', $this->expectCallableOnce());
-        $consumer->on('message', [$deferred, 'resolve']);
         $once = $this->expectCallableOnceWith(1);
         $consumer->subscribe($channel)->then(function() use ($producer, $channel, $once){
             // producer sends a single message
@@ -155,8 +151,16 @@ public function testPubSub(): void
         })->then($this->expectCallableOnce());
 
         // expect "message" event to take no longer than 0.1s
-
-        await(timeout($deferred->promise(), 0.1));
+        await(new Promise(function (callable $resolve, callable $reject) use ($consumer): void {
+            $timeout = Loop::addTimer(0.1, function () use ($consumer, $reject): void {
+                $consumer->close();
+                $reject(new \RuntimeException('Timed out'));
+            });
+            $consumer->on('message', function () use ($timeout, $resolve): void {
+                Loop::cancelTimer($timeout);
+                $resolve(null);
+            });
+        }));
 
         /** @var PromiseInterface<array{0:"unsubscribe",1:string,2:0}> */
         $promise = $consumer->unsubscribe($channel);
diff --git a/tests/Io/FactoryStreamingClientTest.php b/tests/Io/FactoryStreamingClientTest.php
index fba36e8..669b069 100644
--- a/tests/Io/FactoryStreamingClientTest.php
+++ b/tests/Io/FactoryStreamingClientTest.php
@@ -7,6 +7,7 @@
 use Clue\Tests\React\Redis\TestCase;
 use PHPUnit\Framework\MockObject\MockObject;
 use React\EventLoop\LoopInterface;
+use React\EventLoop\TimerInterface;
 use React\Promise\Deferred;
 use React\Socket\ConnectionInterface;
 use React\Socket\ConnectorInterface;
@@ -633,4 +634,35 @@ public function testCreateClientWithoutTimeoutParameterWillStartTimerWithDefault
         $this->factory->createClient('redis://127.0.0.1:2');
         ini_set('default_socket_timeout', $old);
     }
+
+    public function testCreateClientWillCancelTimerWhenConnectionResolves(): void
+    {
+        $timer = $this->createMock(TimerInterface::class);
+        $this->loop->expects($this->once())->method('addTimer')->willReturn($timer);
+        $this->loop->expects($this->once())->method('cancelTimer')->with($timer);
+
+        $deferred = new Deferred();
+        $this->connector->expects($this->once())->method('connect')->with('127.0.0.1:6379')->willReturn($deferred->promise());
+
+        $promise = $this->factory->createClient('127.0.0.1');
+        $promise->then($this->expectCallableOnce());
+
+        $deferred->resolve($this->createMock(ConnectionInterface::class));
+    }
+
+    public function testCreateClientWillCancelTimerWhenConnectionRejects(): void
+    {
+        $timer = $this->createMock(TimerInterface::class);
+        $this->loop->expects($this->once())->method('addTimer')->willReturn($timer);
+        $this->loop->expects($this->once())->method('cancelTimer')->with($timer);
+
+        $deferred = new Deferred();
+        $this->connector->expects($this->once())->method('connect')->with('127.0.0.1:6379')->willReturn($deferred->promise());
+
+        $promise = $this->factory->createClient('127.0.0.1');
+
+        $promise->then(null, $this->expectCallableOnceWith($this->isInstanceOf('RuntimeException')));
+
+        $deferred->reject(new \RuntimeException());
+    }
 }