diff --git a/packages/block-library/src/image/image.js b/packages/block-library/src/image/image.js
index 543a5580216523..b9bb60c8d805ef 100644
--- a/packages/block-library/src/image/image.js
+++ b/packages/block-library/src/image/image.js
@@ -38,7 +38,7 @@ import {
 	getBlockType,
 	switchToBlockType,
 } from '@wordpress/blocks';
-import { crop, textColor, upload } from '@wordpress/icons';
+import { crop, overlayText, upload } from '@wordpress/icons';
 import { store as noticesStore } from '@wordpress/notices';
 import { store as coreStore } from '@wordpress/core-data';
 
@@ -315,7 +315,7 @@ export default function Image( {
 					) }
 					{ ! multiImageSelection && coverBlockExists && (
 						<ToolbarButton
-							icon={ textColor }
+							icon={ overlayText }
 							label={ __( 'Add text over image' ) }
 							onClick={ () =>
 								replaceBlocks(
diff --git a/packages/icons/src/index.js b/packages/icons/src/index.js
index c66e1ad7382fe4..354b311547b9cc 100644
--- a/packages/icons/src/index.js
+++ b/packages/icons/src/index.js
@@ -119,6 +119,7 @@ export { default as moreHorizontal } from './library/more-horizontal';
 export { default as moreHorizontalMobile } from './library/more-horizontal-mobile';
 export { default as moreVertical } from './library/more-vertical';
 export { default as navigation } from './library/navigation';
+export { default as overlayText } from './library/overlay-text';
 export { default as pageBreak } from './library/page-break';
 export { default as page } from './library/page';
 export { default as pages } from './library/pages';
diff --git a/packages/icons/src/library/overlay-text.js b/packages/icons/src/library/overlay-text.js
new file mode 100644
index 00000000000000..089feaa5293e82
--- /dev/null
+++ b/packages/icons/src/library/overlay-text.js
@@ -0,0 +1,12 @@
+/**
+ * WordPress dependencies
+ */
+import { SVG, Path } from '@wordpress/primitives';
+
+const overlayText = (
+	<SVG xmlns="http://www.w3.org/2000/svg" viewBox="0 0 24 24">
+		<Path d="M15.3 14.5c-.1-.1-.2-.2-.2-.4v-2.8c0-1.2-.2-2-.7-2.5-.5-.5-1.2-.8-2.1-.8-1 0-1.9.2-2.7.7l.2 1.4c.4-.2.8-.4 1.1-.5.3-.1.7-.2 1-.2.5 0 .9.1 1.1.3.2.2.3.6.4 1.1-.7 0-1.3.1-2 .3-.7.2-1.2.5-1.7.9s-.7.9-.7 1.6c0 .7.2 1.2.6 1.7.4.4 1 .6 1.6.6.5 0 .9-.1 1.3-.3.4-.2.8-.4 1-.7.2.3.4.6.7.7.3.2.7.2 1.2.2h.5l.2-1.4h-.2c-.3.2-.5.2-.6.1zm-2-.6c-.2.2-.4.4-.7.5-.3.1-.5.2-.8.2-.7 0-1.1-.3-1.1-1 0-.5.2-.8.7-1.1.5-.2 1.1-.4 1.9-.4v1.8zm5-9.9H5.7C4.8 4 4 4.8 4 5.7v12.5c0 1 .8 1.7 1.7 1.7h12.5c1 0 1.7-.8 1.7-1.7V5.7c.1-.9-.7-1.7-1.6-1.7zm.2 14.3c0 .1-.1.2-.2.2H5.7c-.1 0-.2-.1-.2-.2V5.7c0-.1.1-.2.2-.2h12.5c.1 0 .2.1.2.2v12.6z" />
+	</SVG>
+);
+
+export default overlayText;