diff --git a/libp2p/CHANGELOG.md b/libp2p/CHANGELOG.md
index 5fc21d366bc..8b7bf0ff55f 100644
--- a/libp2p/CHANGELOG.md
+++ b/libp2p/CHANGELOG.md
@@ -1,7 +1,11 @@
 ## 0.54.2
 
+- Add `with_connection_timeout` on `SwarmBuilder` to allow configuration of the connection_timeout parameter.
+  See [PR 5575](https://github.com/libp2p/rust-libp2p/pull/5575).
+
 - Deprecate `void` crate.
   See [PR 5676](https://github.com/libp2p/rust-libp2p/pull/5676).
+
 - Update default for idle-connection-timeout to 10s.
   See [PR 4967](https://github.com/libp2p/rust-libp2p/pull/4967).
 
diff --git a/libp2p/src/builder/phase/build.rs b/libp2p/src/builder/phase/build.rs
index f9621da756b..d3138cb8b8d 100644
--- a/libp2p/src/builder/phase/build.rs
+++ b/libp2p/src/builder/phase/build.rs
@@ -1,4 +1,6 @@
-use libp2p_core::Transport;
+use std::time::Duration;
+
+use libp2p_core::{transport::timeout::TransportTimeout, Transport};
 use libp2p_swarm::Swarm;
 
 #[allow(unused_imports)]
@@ -9,20 +11,21 @@ pub struct BuildPhase<T, B> {
     pub(crate) behaviour: B,
     pub(crate) transport: T,
     pub(crate) swarm_config: libp2p_swarm::Config,
+    pub(crate) connection_timeout: Duration,
 }
 
-const CONNECTION_TIMEOUT: std::time::Duration = std::time::Duration::from_secs(10);
-
 impl<Provider, T: AuthenticatedMultiplexedTransport, B: libp2p_swarm::NetworkBehaviour>
     SwarmBuilder<Provider, BuildPhase<T, B>>
 {
+    /// Timeout of the [`TransportTimeout`] wrapping the transport.
+    pub fn with_connection_timeout(mut self, connection_timeout: Duration) -> Self {
+        self.phase.connection_timeout = connection_timeout;
+        self
+    }
+
     pub fn build(self) -> Swarm<B> {
         Swarm::new(
-            libp2p_core::transport::timeout::TransportTimeout::new(
-                self.phase.transport,
-                CONNECTION_TIMEOUT,
-            )
-            .boxed(),
+            TransportTimeout::new(self.phase.transport, self.phase.connection_timeout).boxed(),
             self.phase.behaviour,
             self.keypair.public().to_peer_id(),
             self.phase.swarm_config,
diff --git a/libp2p/src/builder/phase/swarm.rs b/libp2p/src/builder/phase/swarm.rs
index ee456ced927..e751ad672e4 100644
--- a/libp2p/src/builder/phase/swarm.rs
+++ b/libp2p/src/builder/phase/swarm.rs
@@ -1,6 +1,9 @@
 #[allow(unused_imports)]
 use super::*;
 
+#[allow(unused)] // used below but due to feature flag combinations, clippy gives an unnecessary warning.
+const DEFAULT_CONNECTION_TIMEOUT: std::time::Duration = std::time::Duration::from_secs(10);
+
 #[allow(dead_code)]
 pub struct SwarmPhase<T, B> {
     pub(crate) behaviour: B,
@@ -20,6 +23,7 @@ macro_rules! impl_with_swarm_config {
                         behaviour: self.phase.behaviour,
                         transport: self.phase.transport,
                         swarm_config: constructor($config),
+                        connection_timeout: DEFAULT_CONNECTION_TIMEOUT,
                     },
                     keypair: self.keypair,
                     phantom: std::marker::PhantomData,