diff --git a/cli/dts/lib.deno.unstable.d.ts b/cli/dts/lib.deno.unstable.d.ts
index a25c1011e8..6eb7153bad 100644
--- a/cli/dts/lib.deno.unstable.d.ts
+++ b/cli/dts/lib.deno.unstable.d.ts
@@ -831,20 +831,22 @@ declare namespace Deno {
     >;
 
     /**
-     * Adds one to this callback's reference counting.
+     * Adds one to this callback's reference counting and returns the
+     * new reference count.
      *
      * If the callback's reference count becomes non-zero, it will keep
      * Deno's process from exiting.
      */
-    ref(): void;
+    ref(): number;
 
     /**
-     * Removes one from this callback's reference counting.
+     * Removes one from this callback's reference counting and returns
+     * the new reference count.
      *
      * If the callback's reference counter becomes zero, it will no longer
      * keep Deno's process from exiting.
      */
-    unref(): void;
+    unref(): number;
 
     /**
      * Removes the C function pointer associated with the UnsafeCallback.
diff --git a/ext/ffi/00_ffi.js b/ext/ffi/00_ffi.js
index 30a02a6095..3f5c57a9c4 100644
--- a/ext/ffi/00_ffi.js
+++ b/ext/ffi/00_ffi.js
@@ -184,6 +184,8 @@
 
   class UnsafeCallback {
     #refcount;
+    // Internal promise only meant to keep Deno from exiting
+    #refpromise;
     #rid;
     definition;
     callback;
@@ -208,23 +210,25 @@
 
     ref() {
       if (this.#refcount++ === 0) {
-        ops.op_ffi_unsafe_callback_ref(true);
+        this.#refpromise = core.opAsync(
+          "op_ffi_unsafe_callback_ref",
+          this.#rid,
+        );
       }
+      return this.#refcount;
     }
 
     unref() {
       // Only decrement refcount if it is positive, and only
       // unref the callback if refcount reaches zero.
       if (this.#refcount > 0 && --this.#refcount === 0) {
-        ops.op_ffi_unsafe_callback_ref(false);
+        ops.op_ffi_unsafe_callback_unref(this.#rid);
       }
+      return this.#refcount;
     }
 
     close() {
-      if (this.#refcount) {
-        this.#refcount = 0;
-        ops.op_ffi_unsafe_callback_ref(false);
-      }
+      this.#refcount = 0;
       core.close(this.#rid);
     }
   }
diff --git a/ext/ffi/lib.rs b/ext/ffi/lib.rs
index 9342abf6bb..183fd9214f 100644
--- a/ext/ffi/lib.rs
+++ b/ext/ffi/lib.rs
@@ -13,6 +13,8 @@ use deno_core::op;
 use deno_core::serde_json::Value;
 use deno_core::serde_v8;
 use deno_core::v8;
+use deno_core::CancelFuture;
+use deno_core::CancelHandle;
 use deno_core::Extension;
 use deno_core::OpState;
 use deno_core::Resource;
@@ -26,14 +28,18 @@ use std::cell::RefCell;
 use std::collections::HashMap;
 use std::ffi::c_void;
 use std::ffi::CStr;
+use std::future::IntoFuture;
 use std::mem::size_of;
 use std::os::raw::c_char;
 use std::os::raw::c_short;
 use std::path::Path;
 use std::path::PathBuf;
+use std::pin::Pin;
 use std::ptr;
 use std::rc::Rc;
 use std::sync::mpsc::sync_channel;
+use std::task::Poll;
+use std::task::Waker;
 
 mod fast_call;
 
@@ -156,7 +162,6 @@ type PendingFfiAsyncWork = Box<dyn FnOnce()>;
 struct FfiState {
   async_work_sender: mpsc::UnboundedSender<PendingFfiAsyncWork>,
   async_work_receiver: mpsc::UnboundedReceiver<PendingFfiAsyncWork>,
-  active_refed_functions: usize,
 }
 
 pub fn init<P: FfiPermissions + 'static>(unstable: bool) -> Extension {
@@ -188,6 +193,7 @@ pub fn init<P: FfiPermissions + 'static>(unstable: bool) -> Extension {
       op_ffi_read_f64::decl::<P>(),
       op_ffi_unsafe_callback_create::decl::<P>(),
       op_ffi_unsafe_callback_ref::decl(),
+      op_ffi_unsafe_callback_unref::decl(),
     ])
     .event_loop_middleware(|op_state_rc, _cx| {
       // FFI callbacks coming in from other threads will call in and get queued.
@@ -207,10 +213,6 @@ pub fn init<P: FfiPermissions + 'static>(unstable: bool) -> Extension {
           maybe_scheduling = true;
         }
 
-        if ffi_state.active_refed_functions > 0 {
-          maybe_scheduling = true;
-        }
-
         drop(op_state);
       }
       while let Some(async_work_fut) = work_items.pop() {
@@ -227,7 +229,6 @@ pub fn init<P: FfiPermissions + 'static>(unstable: bool) -> Extension {
         mpsc::unbounded::<PendingFfiAsyncWork>();
 
       state.put(FfiState {
-        active_refed_functions: 0,
         async_work_receiver,
         async_work_sender,
       });
@@ -1320,11 +1321,12 @@ fn ffi_call(
 }
 
 struct UnsafeCallbackResource {
+  cancel: Rc<CancelHandle>,
   // Closure is never directly touched, but it keeps the C callback alive
   // until `close()` method is called.
   #[allow(dead_code)]
   closure: libffi::middle::Closure<'static>,
-  info: *const CallbackInfo,
+  info: *mut CallbackInfo,
 }
 
 impl Resource for UnsafeCallbackResource {
@@ -1333,15 +1335,16 @@ impl Resource for UnsafeCallbackResource {
   }
 
   fn close(self: Rc<Self>) {
+    self.cancel.cancel();
     // SAFETY: This drops the closure and the callback info associated with it.
     // Any retained function pointers to the closure become dangling pointers.
     // It is up to the user to know that it is safe to call the `close()` on the
     // UnsafeCallback instance.
     unsafe {
-      let info = Box::from_raw(self.info as *mut CallbackInfo);
+      let info = Box::from_raw(self.info);
       let isolate = info.isolate.as_mut().unwrap();
-      v8::Global::from_raw(isolate, info.callback);
-      v8::Global::from_raw(isolate, info.context);
+      let _ = v8::Global::from_raw(isolate, info.callback);
+      let _ = v8::Global::from_raw(isolate, info.context);
     }
   }
 }
@@ -1353,6 +1356,7 @@ struct CallbackInfo {
   pub callback: NonNull<v8::Function>,
   pub context: NonNull<v8::Context>,
   pub isolate: *mut v8::Isolate,
+  pub waker: Option<Waker>,
 }
 
 unsafe extern "C" fn deno_ffi_callback(
@@ -1376,6 +1380,10 @@ unsafe extern "C" fn deno_ffi_callback(
         response_sender.send(()).unwrap();
       });
       async_work_sender.unbounded_send(fut).unwrap();
+      if let Some(waker) = info.waker.as_ref() {
+        // Make sure event loop wakes up to receive our message before we start waiting for a response.
+        waker.wake_by_ref();
+      }
       response_receiver.recv().unwrap();
     }
   });
@@ -1725,22 +1733,30 @@ where
   let current_context = scope.get_current_context();
   let context = v8::Global::new(scope, current_context).into_raw();
 
-  let info = Box::leak(Box::new(CallbackInfo {
+  let info: *mut CallbackInfo = Box::leak(Box::new(CallbackInfo {
     parameters: args.parameters.clone(),
     result: args.result,
     async_work_sender,
     callback,
     context,
     isolate,
+    waker: None,
   }));
   let cif = Cif::new(
     args.parameters.into_iter().map(libffi::middle::Type::from),
     libffi::middle::Type::from(args.result),
   );
 
-  let closure = libffi::middle::Closure::new(cif, deno_ffi_callback, info);
+  // SAFETY: CallbackInfo is leaked, is not null and stays valid as long as the callback exists.
+  let closure = libffi::middle::Closure::new(cif, deno_ffi_callback, unsafe {
+    info.as_ref().unwrap()
+  });
   let ptr = *closure.code_ptr() as usize;
-  let resource = UnsafeCallbackResource { closure, info };
+  let resource = UnsafeCallbackResource {
+    cancel: CancelHandle::new_rc(),
+    closure,
+    info,
+  };
   let rid = state.resource_table.add(resource);
 
   let rid_local = v8::Integer::new_from_unsigned(scope, rid);
@@ -1790,17 +1806,53 @@ where
   Ok(result)
 }
 
-#[op]
-fn op_ffi_unsafe_callback_ref(state: &mut deno_core::OpState, inc_dec: bool) {
-  check_unstable(state, "Deno.dlopen");
-  let ffi_state = state.borrow_mut::<FfiState>();
-  if inc_dec {
-    ffi_state.active_refed_functions += 1;
-  } else {
-    ffi_state.active_refed_functions -= 1;
+impl Future for CallbackInfo {
+  type Output = ();
+  fn poll(
+    mut self: Pin<&mut Self>,
+    cx: &mut std::task::Context<'_>,
+  ) -> std::task::Poll<Self::Output> {
+    // Always replace the waker to make sure it's bound to the proper Future.
+    self.waker.replace(cx.waker().clone());
+    // The future for the CallbackInfo never resolves: It can only be canceled.
+    Poll::Pending
   }
 }
 
+#[op]
+fn op_ffi_unsafe_callback_ref(
+  state: &mut deno_core::OpState,
+  rid: ResourceId,
+) -> Result<impl Future<Output = Result<(), AnyError>>, AnyError> {
+  let callback_resource =
+    state.resource_table.get::<UnsafeCallbackResource>(rid)?;
+
+  Ok(async move {
+    let info: &mut CallbackInfo =
+    // SAFETY: CallbackInfo pointer stays valid as long as the resource is still alive.
+      unsafe { callback_resource.info.as_mut().unwrap() };
+    // Ignore cancellation rejection
+    let _ = info
+      .into_future()
+      .or_cancel(callback_resource.cancel.clone())
+      .await;
+    Ok(())
+  })
+}
+
+#[op(fast)]
+fn op_ffi_unsafe_callback_unref(
+  state: &mut deno_core::OpState,
+  rid: u32,
+) -> Result<(), AnyError> {
+  state
+    .resource_table
+    .get::<UnsafeCallbackResource>(rid)?
+    .cancel
+    .cancel();
+  Ok(())
+}
+
 #[op(v8)]
 fn op_ffi_call_ptr_nonblocking<'scope, FP>(
   scope: &mut v8::HandleScope<'scope>,
diff --git a/test_ffi/tests/test.js b/test_ffi/tests/test.js
index 6bf3c47f82..0af94b9065 100644
--- a/test_ffi/tests/test.js
+++ b/test_ffi/tests/test.js
@@ -515,6 +515,7 @@ logCallback.unref();
 console.log("Thread safe call counter:", counter);
 returnU8Callback.ref();
 await dylib.symbols.call_fn_ptr_return_u8_thread_safe(returnU8Callback.pointer);
+// Purposefully do not unref returnU8Callback: Instead use it to test close() unrefing.
 
 // Test statics
 console.log("Static u32:", dylib.symbols.static_u32);
@@ -585,7 +586,7 @@ After: ${postStr}`,
 })();
 
 function assertIsOptimized(fn) {
-  const status = % GetOptimizationStatus(fn);
+  const status = %GetOptimizationStatus(fn);
   assert(status & (1 << 4), `expected ${fn.name} to be optimized, but wasn't`);
 }