diff --git a/tests/test_deprecation.py b/tests/test_deprecation.py
new file mode 100644
index 0000000000..bcb6fb29e2
--- /dev/null
+++ b/tests/test_deprecation.py
@@ -0,0 +1,27 @@
+from typing import Optional
+
+import pytest
+import typer
+from typer.testing import CliRunner
+
+runner = CliRunner()
+
+
+def test_deprecation():
+    app = typer.Typer()
+
+    def add_command():
+        @app.command()
+        def cmd(
+            opt: Optional[float] = typer.Option(
+                3.14,
+                is_flag=True,
+                flag_value="42",
+                help="Some wonderful number",
+            ),
+        ): ...  # pragma: no cover
+
+    with pytest.warns(
+        match="The 'is_flag' and 'flag_value' parameters are not supported by Typer"
+    ):
+        add_command()
diff --git a/typer/completion.py b/typer/completion.py
index 1220a1b545..5b930bc20c 100644
--- a/typer/completion.py
+++ b/typer/completion.py
@@ -68,7 +68,6 @@ def _install_completion_placeholder_function(
     install_completion: bool = Option(
         None,
         "--install-completion",
-        is_flag=True,
         callback=install_callback,
         expose_value=False,
         help="Install completion for the current shell.",
@@ -76,7 +75,6 @@ def _install_completion_placeholder_function(
     show_completion: bool = Option(
         None,
         "--show-completion",
-        is_flag=True,
         callback=show_callback,
         expose_value=False,
         help="Show completion for the current shell, to copy it or customize the installation.",
diff --git a/typer/core.py b/typer/core.py
index 00e21da869..84a151a0f1 100644
--- a/typer/core.py
+++ b/typer/core.py
@@ -413,7 +413,6 @@ def __init__(
         prompt_required: bool = True,
         hide_input: bool = False,
         is_flag: Optional[bool] = None,
-        flag_value: Optional[Any] = None,
         multiple: bool = False,
         count: bool = False,
         allow_from_autoenv: bool = True,
@@ -440,7 +439,6 @@ def __init__(
             confirmation_prompt=confirmation_prompt,
             hide_input=hide_input,
             is_flag=is_flag,
-            flag_value=flag_value,
             multiple=multiple,
             count=count,
             allow_from_autoenv=allow_from_autoenv,
diff --git a/typer/main.py b/typer/main.py
index a621bda6ad..0b1837389f 100644
--- a/typer/main.py
+++ b/typer/main.py
@@ -880,7 +880,7 @@ def get_click_param(
     if is_tuple:
         convertor = generate_tuple_convertor(get_args(main_type))
     if isinstance(parameter_info, OptionInfo):
-        if main_type is bool and parameter_info.is_flag is not False:
+        if main_type is bool:
             is_flag = True
             # Click doesn't accept a flag of type bool, only None, and then it sets it
             # to bool internally
@@ -907,7 +907,6 @@ def get_click_param(
                 prompt_required=parameter_info.prompt_required,
                 hide_input=parameter_info.hide_input,
                 is_flag=is_flag,
-                flag_value=parameter_info.flag_value,
                 multiple=is_list,
                 count=parameter_info.count,
                 allow_from_autoenv=parameter_info.allow_from_autoenv,
diff --git a/typer/models.py b/typer/models.py
index 9bbe2a36d2..44daaebab3 100644
--- a/typer/models.py
+++ b/typer/models.py
@@ -298,6 +298,7 @@ def __init__(
         confirmation_prompt: bool = False,
         prompt_required: bool = True,
         hide_input: bool = False,
+        # TODO: remove is_flag and flag_value in a future release
         is_flag: Optional[bool] = None,
         flag_value: Optional[Any] = None,
         count: bool = False,
@@ -378,12 +379,19 @@ def __init__(
             # Rich settings
             rich_help_panel=rich_help_panel,
         )
+        if is_flag is not None or flag_value is not None:
+            import warnings
+
+            warnings.warn(
+                "The 'is_flag' and 'flag_value' parameters are not supported by Typer "
+                "and will be removed entirely in a future release.",
+                DeprecationWarning,
+                stacklevel=2,
+            )
         self.prompt = prompt
         self.confirmation_prompt = confirmation_prompt
         self.prompt_required = prompt_required
         self.hide_input = hide_input
-        self.is_flag = is_flag
-        self.flag_value = flag_value
         self.count = count
         self.allow_from_autoenv = allow_from_autoenv
 
diff --git a/typer/params.py b/typer/params.py
index 2fd025c90d..b446db2ff0 100644
--- a/typer/params.py
+++ b/typer/params.py
@@ -35,6 +35,7 @@ def Option(
     confirmation_prompt: bool = False,
     prompt_required: bool = True,
     hide_input: bool = False,
+    # TODO: remove is_flag and flag_value in a future release
     is_flag: Optional[bool] = None,
     flag_value: Optional[Any] = None,
     count: bool = False,
@@ -98,6 +99,7 @@ def Option(
     confirmation_prompt: bool = False,
     prompt_required: bool = True,
     hide_input: bool = False,
+    # TODO: remove is_flag and flag_value in a future release
     is_flag: Optional[bool] = None,
     flag_value: Optional[Any] = None,
     count: bool = False,
@@ -160,6 +162,7 @@ def Option(
     confirmation_prompt: bool = False,
     prompt_required: bool = True,
     hide_input: bool = False,
+    # TODO: remove is_flag and flag_value in a future release
     is_flag: Optional[bool] = None,
     flag_value: Optional[Any] = None,
     count: bool = False,