diff --git a/core/src/components.d.ts b/core/src/components.d.ts
index 2883d8eb438..cbe42da6d33 100644
--- a/core/src/components.d.ts
+++ b/core/src/components.d.ts
@@ -2698,7 +2698,7 @@ export namespace Components {
          */
         "justify": 'start' | 'end' | 'space-between';
         /**
-          * The visible label associated with the select.
+          * The visible label associated with the select.  Use this if you need to render a plaintext label.  The `label` property will take priority over the `label` slot if both are used.
          */
         "label"?: string;
         /**
@@ -6772,7 +6772,7 @@ declare namespace LocalJSX {
          */
         "justify"?: 'start' | 'end' | 'space-between';
         /**
-          * The visible label associated with the select.
+          * The visible label associated with the select.  Use this if you need to render a plaintext label.  The `label` property will take priority over the `label` slot if both are used.
          */
         "label"?: string;
         /**
diff --git a/core/src/components/select/select.scss b/core/src/components/select/select.scss
index a33b4cb837d..e223e1ca674 100644
--- a/core/src/components/select/select.scss
+++ b/core/src/components/select/select.scss
@@ -303,7 +303,8 @@ button {
  * works on block-level elements. A flex item is
  * considered blockified (https://www.w3.org/TR/css-display-3/#blockify).
  */
-.label-text {
+.label-text,
+::slotted([slot="label"]) {
   text-overflow: ellipsis;
 
   white-space: nowrap;
@@ -311,6 +312,15 @@ button {
   overflow: hidden;
 }
 
+/**
+ * If no label text is placed into the slot
+ * then the element should be hidden otherwise
+ * there will be additional margins added.
+ */
+.label-text-wrapper-hidden {
+  display: none;
+}
+
 // Select Native Wrapper
 // ----------------------------------------------------------------
 
diff --git a/core/src/components/select/select.tsx b/core/src/components/select/select.tsx
index 1050749ca77..0592e5f50f5 100644
--- a/core/src/components/select/select.tsx
+++ b/core/src/components/select/select.tsx
@@ -2,7 +2,7 @@ import type { ComponentInterface, EventEmitter } from '@stencil/core';
 import { Component, Element, Event, Host, Method, Prop, State, Watch, h, forceUpdate } from '@stencil/core';
 import type { LegacyFormController } from '@utils/forms';
 import { createLegacyFormController } from '@utils/forms';
-import { findItemLabel, focusElement, getAriaLabel, renderHiddenInput, inheritAttributes } from '@utils/helpers';
+import { findItemLabel, focusElement, getAriaLabel, renderHiddenInput, inheritAttributes, raf } from '@utils/helpers';
 import type { Attributes } from '@utils/helpers';
 import { printIonWarning } from '@utils/logging';
 import { actionSheetController, alertController, popoverController } from '@utils/overlays';
@@ -10,6 +10,7 @@ import type { OverlaySelect } from '@utils/overlays-interface';
 import { isRTL } from '@utils/rtl';
 import { createColorClasses, hostContext } from '@utils/theme';
 import { watchForOptions } from '@utils/watch-options';
+import { win } from '@utils/window';
 import { caretDownSharp, chevronExpand } from 'ionicons/icons';
 
 import { getIonMode } from '../../global/ionic-global';
@@ -32,6 +33,8 @@ import type { SelectChangeEventDetail, SelectInterface, SelectCompareFn } from '
 /**
  * @virtualProp {"ios" | "md"} mode - The mode determines which platform styles to use.
  *
+ * @slot label - The label text to associate with the select. Use the "labelPlacement" property to control where the label is placed relative to the select. Use this if you need to render a label with custom HTML.
+ *
  * @part placeholder - The text displayed in the select when there is no value.
  * @part text - The displayed value of the select.
  * @part icon - The select icon container.
@@ -54,6 +57,8 @@ export class Select implements ComponentInterface {
   private legacyFormController!: LegacyFormController;
   private inheritedAttributes: Attributes = {};
   private nativeWrapperEl: HTMLElement | undefined;
+  private notchSpacerEl: HTMLElement | undefined;
+  private notchVisibilityIO: IntersectionObserver | undefined;
 
   // This flag ensures we log the deprecation warning at most once.
   private hasLoggedDeprecationWarning = false;
@@ -124,6 +129,10 @@ export class Select implements ComponentInterface {
 
   /**
    * The visible label associated with the select.
+   *
+   * Use this if you need to render a plaintext label.
+   *
+   * The `label` property will take priority over the `label` slot if both are used.
    */
   @Prop() label?: string;
 
@@ -568,7 +577,7 @@ export class Select implements ComponentInterface {
      * TODO FW-3194
      * Remove legacyFormController logic.
      * Remove label and labelText vars
-     * Pass `this.label` instead of `labelText`
+     * Pass `this.labelText` instead of `labelText`
      * when setting the header.
      */
     let label: HTMLElement | null;
@@ -578,7 +587,7 @@ export class Select implements ComponentInterface {
       label = this.getLabel();
       labelText = label ? label.textContent : null;
     } else {
-      labelText = this.label;
+      labelText = this.labelText;
     }
 
     const interfaceOptions = this.interfaceOptions;
@@ -651,6 +660,30 @@ export class Select implements ComponentInterface {
     return Array.from(this.el.querySelectorAll('ion-select-option'));
   }
 
+  /**
+   * Returns any plaintext associated with
+   * the label (either prop or slot).
+   * Note: This will not return any custom
+   * HTML. Use the `hasLabel` getter if you
+   * want to know if any slotted label content
+   * was passed.
+   */
+  private get labelText() {
+    const { label } = this;
+
+    if (label !== undefined) {
+      return label;
+    }
+
+    const { labelSlot } = this;
+
+    if (labelSlot !== null) {
+      return labelSlot.textContent;
+    }
+
+    return;
+  }
+
   private getText(): string {
     const selectedText = this.selectedText;
     if (selectedText != null && selectedText !== '') {
@@ -698,17 +731,166 @@ export class Select implements ComponentInterface {
 
   private renderLabel() {
     const { label } = this;
-    if (label === undefined) {
-      return;
-    }
 
     return (
-      <div class="label-text-wrapper" part="label">
-        <div class="label-text">{this.label}</div>
+      <div
+        class={{
+          'label-text-wrapper': true,
+          'label-text-wrapper-hidden': !this.hasLabel,
+        }}
+        part="label"
+      >
+        {label === undefined ? <slot name="label"></slot> : <div class="label-text">{label}</div>}
       </div>
     );
   }
 
+  componentDidRender() {
+    if (this.needsExplicitNotchWidth()) {
+      /**
+       * Run this the frame after
+       * the browser has re-painted the select.
+       * Otherwise, the label element may have a width
+       * of 0 and the IntersectionObserver will be used.
+       */
+      raf(() => {
+        this.setNotchWidth();
+      });
+    }
+  }
+
+  /**
+   * Gets any content passed into the `label` slot,
+   * not the <slot> definition.
+   */
+  private get labelSlot() {
+    return this.el.querySelector('[slot="label"]');
+  }
+
+  /**
+   * Returns `true` if label content is provided
+   * either by a prop or a content. If you want
+   * to get the plaintext value of the label use
+   * the `labelText` getter instead.
+   */
+  private get hasLabel() {
+    return this.label !== undefined || this.labelSlot !== null;
+  }
+
+  private needsExplicitNotchWidth() {
+    if (
+      /**
+       * If the notch is not being used
+       * then we do not need to set the notch width.
+       */
+      this.notchSpacerEl === undefined ||
+      /**
+       * If either the label property is being
+       * used or the label slot is not defined,
+       * then we do not need to estimate the notch width.
+       */
+      this.label !== undefined ||
+      this.labelSlot === null
+    ) {
+      return false;
+    }
+
+    return true;
+  }
+
+  /**
+   * When using a label prop we can render
+   * the label value inside of the notch and
+   * let the browser calculate the size of the notch.
+   * However, we cannot render the label slot in multiple
+   * places so we need to manually calculate the notch dimension
+   * based on the size of the slotted content.
+   *
+   * This function should only be used to set the notch width
+   * on slotted label content. The notch width for label prop
+   * content is automatically calculated based on the
+   * intrinsic size of the label text.
+   */
+  private setNotchWidth() {
+    const { el, notchSpacerEl } = this;
+
+    if (notchSpacerEl === undefined) {
+      return;
+    }
+
+    if (!this.needsExplicitNotchWidth()) {
+      notchSpacerEl.style.removeProperty('width');
+      return;
+    }
+
+    const width = this.labelSlot!.scrollWidth;
+    if (
+      /**
+       * If the computed width of the label is 0
+       * and notchSpacerEl's offsetParent is null
+       * then that means the element is hidden.
+       * As a result, we need to wait for the element
+       * to become visible before setting the notch width.
+       *
+       * We do not check el.offsetParent because
+       * that can be null if ion-select has
+       * position: fixed applied to it.
+       * notchSpacerEl does not have position: fixed.
+       */
+      width === 0 &&
+      notchSpacerEl.offsetParent === null &&
+      win !== undefined &&
+      'IntersectionObserver' in win
+    ) {
+      /**
+       * If there is an IO already attached
+       * then that will update the notch
+       * once the element becomes visible.
+       * As a result, there is no need to create
+       * another one.
+       */
+      if (this.notchVisibilityIO !== undefined) {
+        return;
+      }
+
+      const io = (this.notchVisibilityIO = new IntersectionObserver(
+        (ev) => {
+          /**
+           * If the element is visible then we
+           * can try setting the notch width again.
+           */
+          if (ev[0].intersectionRatio === 1) {
+            this.setNotchWidth();
+            io.disconnect();
+            this.notchVisibilityIO = undefined;
+          }
+        },
+        /**
+         * Set the root to be the select
+         * This causes the IO callback
+         * to be fired in WebKit as soon as the element
+         * is visible. If we used the default root value
+         * then WebKit would only fire the IO callback
+         * after any animations (such as a modal transition)
+         * finished, and there would potentially be a flicker.
+         */
+        { threshold: 0.01, root: el }
+      ));
+
+      io.observe(notchSpacerEl);
+      return;
+    }
+
+    /**
+     * If the element is visible then we can set the notch width.
+     * The notch is only visible when the label is scaled,
+     * which is why we multiply the width by 0.75 as this is
+     * the same amount the label element is scaled by in the
+     * select CSS (See $select-floating-label-scale in select.vars.scss).
+     */
+    notchSpacerEl.style.setProperty('width', `${width * 0.75}px`);
+  }
+
   /**
    * Renders the border container
    * when fill="outline".
@@ -729,7 +911,7 @@ export class Select implements ComponentInterface {
         <div class="select-outline-container">
           <div class="select-outline-start"></div>
           <div class="select-outline-notch">
-            <div class="notch-spacer" aria-hidden="true">
+            <div class="notch-spacer" aria-hidden="true" ref={(el) => (this.notchSpacerEl = el)}>
               {this.label}
             </div>
           </div>
@@ -906,10 +1088,10 @@ Developers can use the "legacy" property to continue using the legacy form marku
   }
 
   private get ariaLabel() {
-    const { placeholder, label, el, inputId, inheritedAttributes } = this;
+    const { placeholder, el, inputId, inheritedAttributes } = this;
     const displayValue = this.getText();
     const { labelText } = getAriaLabel(el, inputId);
-    const definedLabel = label ?? inheritedAttributes['aria-label'] ?? labelText;
+    const definedLabel = this.labelText ?? inheritedAttributes['aria-label'] ?? labelText;
 
     /**
      * If developer has specified a placeholder
diff --git a/core/src/components/select/test/a11y/index.html b/core/src/components/select/test/a11y/index.html
index fd7b9bd55f8..cd859593888 100644
--- a/core/src/components/select/test/a11y/index.html
+++ b/core/src/components/select/test/a11y/index.html
@@ -15,6 +15,7 @@
     <main>
       <h1>Select - a11y</h1>
 
+      <ion-select> <div slot="label">Slotted Label</div> </ion-select><br />
       <ion-select label="My Visible Label"></ion-select><br />
       <ion-select aria-label="My Aria Label"></ion-select><br />
       <ion-select label="My Label" placeholder="Placeholder"></ion-select><br />
diff --git a/core/src/components/select/test/fill/select.e2e.ts b/core/src/components/select/test/fill/select.e2e.ts
index 767191fbdfa..cfd282d7854 100644
--- a/core/src/components/select/test/fill/select.e2e.ts
+++ b/core/src/components/select/test/fill/select.e2e.ts
@@ -120,6 +120,7 @@ configs({ modes: ['md'] }).forEach(({ title, screenshot, config }) => {
         const select = page.locator('ion-select');
         expect(await select.screenshot()).toMatchSnapshot(screenshot(`select-fill-outline-label-floating`));
       });
+
       test('should not have visual regressions with shaped outline', async ({ page }) => {
         await page.setContent(
           `
@@ -167,3 +168,60 @@ configs({ modes: ['md'] }).forEach(({ title, screenshot, config }) => {
     });
   });
 });
+
+configs({ modes: ['md'], directions: ['ltr'] }).forEach(({ title, screenshot, config }) => {
+  test.describe(title('select: label slot'), () => {
+    test('should render the notch correctly with a slotted label', async ({ page }) => {
+      await page.setContent(
+        `
+        <style>
+          .custom-label {
+            font-size: 30px;
+          }
+        </style>
+        <ion-select
+          fill="outline"
+          label-placement="stacked"
+          value="apple"
+        >
+          <div slot="label" class="custom-label">My Label Content</div>
+          <ion-select-option value="apple">Apple</ion-select-option>
+        </ion-select>
+      `,
+        config
+      );
+
+      const select = page.locator('ion-select');
+      expect(await select.screenshot()).toMatchSnapshot(screenshot(`select-fill-outline-slotted-label`));
+    });
+    test('should render the notch correctly with a slotted label after the select was originally hidden', async ({
+      page,
+    }) => {
+      await page.setContent(
+        `
+        <style>
+          .custom-label {
+            font-size: 30px;
+          }
+        </style>
+        <ion-select
+          fill="outline"
+          label-placement="stacked"
+          value="apple"
+          style="display: none"
+        >
+          <div slot="label" class="custom-label">My Label Content</div>
+          <ion-select-option value="apple">Apple</ion-select-option>
+        </ion-select>
+      `,
+        config
+      );
+
+      const select = page.locator('ion-select');
+
+      await select.evaluate((el: HTMLIonSelectElement) => el.style.removeProperty('display'));
+
+      expect(await select.screenshot()).toMatchSnapshot(screenshot(`select-fill-outline-hidden-slotted-label`));
+    });
+  });
+});
diff --git a/core/src/components/select/test/fill/select.e2e.ts-snapshots/select-fill-outline-hidden-slotted-label-md-ltr-Mobile-Chrome-linux.png b/core/src/components/select/test/fill/select.e2e.ts-snapshots/select-fill-outline-hidden-slotted-label-md-ltr-Mobile-Chrome-linux.png
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diff --git a/core/src/components/select/test/fill/select.e2e.ts-snapshots/select-fill-outline-hidden-slotted-label-md-ltr-Mobile-Firefox-linux.png b/core/src/components/select/test/fill/select.e2e.ts-snapshots/select-fill-outline-hidden-slotted-label-md-ltr-Mobile-Firefox-linux.png
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diff --git a/core/src/components/select/test/fill/select.e2e.ts-snapshots/select-fill-outline-hidden-slotted-label-md-ltr-Mobile-Safari-linux.png b/core/src/components/select/test/fill/select.e2e.ts-snapshots/select-fill-outline-hidden-slotted-label-md-ltr-Mobile-Safari-linux.png
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diff --git a/core/src/components/select/test/fill/select.e2e.ts-snapshots/select-fill-outline-slotted-label-md-ltr-Mobile-Chrome-linux.png b/core/src/components/select/test/fill/select.e2e.ts-snapshots/select-fill-outline-slotted-label-md-ltr-Mobile-Chrome-linux.png
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diff --git a/core/src/components/select/test/fill/select.e2e.ts-snapshots/select-fill-outline-slotted-label-md-ltr-Mobile-Firefox-linux.png b/core/src/components/select/test/fill/select.e2e.ts-snapshots/select-fill-outline-slotted-label-md-ltr-Mobile-Firefox-linux.png
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index 00000000000..79d572bee45
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diff --git a/core/src/components/select/test/fill/select.e2e.ts-snapshots/select-fill-outline-slotted-label-md-ltr-Mobile-Safari-linux.png b/core/src/components/select/test/fill/select.e2e.ts-snapshots/select-fill-outline-slotted-label-md-ltr-Mobile-Safari-linux.png
new file mode 100644
index 00000000000..0344c584fe7
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diff --git a/core/src/components/select/test/label/select.e2e.ts b/core/src/components/select/test/label/select.e2e.ts
index 1989ffab301..f9c0c570f0a 100644
--- a/core/src/components/select/test/label/select.e2e.ts
+++ b/core/src/components/select/test/label/select.e2e.ts
@@ -267,7 +267,7 @@ configs().forEach(({ title, screenshot, config }) => {
 
 configs({ modes: ['md'], directions: ['ltr'] }).forEach(({ title, screenshot, config }) => {
   test.describe(title('select: label overflow'), () => {
-    test('label should be truncated with ellipses', async ({ page }) => {
+    test('label property should be truncated with ellipses', async ({ page }) => {
       await page.setContent(
         `
             <ion-select label="Label Label Label Label Label" placeholder="Select an Item"></ion-select>
@@ -278,11 +278,24 @@ configs({ modes: ['md'], directions: ['ltr'] }).forEach(({ title, screenshot, co
       const select = page.locator('ion-select');
       expect(await select.screenshot()).toMatchSnapshot(screenshot(`select-label-truncate`));
     });
+    test('label slot should be truncated with ellipses', async ({ page }) => {
+      await page.setContent(
+        `
+            <ion-select placeholder="Select an Item">
+              <div slot="label">Label Label Label Label Label</div>
+            </ion-select>
+          `,
+        config
+      );
+
+      const select = page.locator('ion-select');
+      expect(await select.screenshot()).toMatchSnapshot(screenshot(`select-label-slot-truncate`));
+    });
   });
 });
 configs({ modes: ['ios'], directions: ['ltr'] }).forEach(({ title, config }) => {
   test.describe(title('select: alert label'), () => {
-    test('should use the label to set the default header in an alert', async ({ page }) => {
+    test('should use the label prop to set the default header in an alert', async ({ page }) => {
       await page.setContent(
         `
          <ion-select label="My Alert" interface="alert">
@@ -301,5 +314,47 @@ configs({ modes: ['ios'], directions: ['ltr'] }).forEach(({ title, config }) =>
 
       await expect(alert.locator('.alert-title')).toHaveText('My Alert');
     });
+    test('should use the label slot to set the default header in an alert', async ({ page }) => {
+      await page.setContent(
+        `
+         <ion-select interface="alert">
+            <div slot="label">My Alert</div>
+           <ion-select-option value="a">A</ion-select-option>
+         </ion-select>
+       `,
+        config
+      );
+
+      const select = page.locator('ion-select');
+      const alert = page.locator('ion-alert');
+      const ionAlertDidPresent = await page.spyOnEvent('ionAlertDidPresent');
+
+      await select.click();
+      await ionAlertDidPresent.next();
+
+      await expect(alert.locator('.alert-title')).toHaveText('My Alert');
+    });
+    test('should use the label prop to set the default header in an alert if both prop and slot are set', async ({
+      page,
+    }) => {
+      await page.setContent(
+        `
+         <ion-select label="My Prop Alert" interface="alert">
+            <div slot="label">My Slot Alert</div>
+           <ion-select-option value="a">A</ion-select-option>
+         </ion-select>
+       `,
+        config
+      );
+
+      const select = page.locator('ion-select');
+      const alert = page.locator('ion-alert');
+      const ionAlertDidPresent = await page.spyOnEvent('ionAlertDidPresent');
+
+      await select.click();
+      await ionAlertDidPresent.next();
+
+      await expect(alert.locator('.alert-title')).toHaveText('My Prop Alert');
+    });
   });
 });
diff --git a/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-slot-truncate-md-ltr-Mobile-Chrome-linux.png b/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-slot-truncate-md-ltr-Mobile-Chrome-linux.png
new file mode 100644
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diff --git a/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-slot-truncate-md-ltr-Mobile-Firefox-linux.png b/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-slot-truncate-md-ltr-Mobile-Firefox-linux.png
new file mode 100644
index 00000000000..6d9f6a7c909
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diff --git a/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-slot-truncate-md-ltr-Mobile-Safari-linux.png b/core/src/components/select/test/label/select.e2e.ts-snapshots/select-label-slot-truncate-md-ltr-Mobile-Safari-linux.png
new file mode 100644
index 00000000000..60b208fee5e
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diff --git a/core/src/components/select/test/select.spec.tsx b/core/src/components/select/test/select.spec.tsx
index 3d4620571a9..aa6436f3380 100644
--- a/core/src/components/select/test/select.spec.tsx
+++ b/core/src/components/select/test/select.spec.tsx
@@ -19,4 +19,53 @@ describe('ion-select', () => {
     expect(hiddenInput.disabled).toBe(true);
     expect(hiddenInput.name).toBe('my name');
   });
+
+  it('should render label prop if only prop provided', async () => {
+    const page = await newSpecPage({
+      components: [Select],
+      html: `
+        <ion-select label="Label Prop Text"></ion-select>
+      `,
+    });
+
+    const select = page.body.querySelector('ion-select');
+
+    const propEl = select.shadowRoot.querySelector('.label-text');
+    const slotEl = select.shadowRoot.querySelector('slot[name="label"]');
+
+    expect(propEl).not.toBe(null);
+    expect(slotEl).toBe(null);
+  });
+  it('should render label slot if only slot provided', async () => {
+    const page = await newSpecPage({
+      components: [Select],
+      html: `
+        <ion-select><div slot="label">Label Prop Slot</div></ion-select>
+      `,
+    });
+
+    const select = page.body.querySelector('ion-select');
+
+    const propEl = select.shadowRoot.querySelector('.label-text');
+    const slotEl = select.shadowRoot.querySelector('slot[name="label"]');
+
+    expect(propEl).toBe(null);
+    expect(slotEl).not.toBe(null);
+  });
+  it('should render label prop if both prop and slot provided', async () => {
+    const page = await newSpecPage({
+      components: [Select],
+      html: `
+        <ion-select label="Label Prop Text"><div slot="label">Label Prop Slot</div></ion-select>
+      `,
+    });
+
+    const select = page.body.querySelector('ion-select');
+
+    const propEl = select.shadowRoot.querySelector('.label-text');
+    const slotEl = select.shadowRoot.querySelector('slot[name="label"]');
+
+    expect(propEl).not.toBe(null);
+    expect(slotEl).toBe(null);
+  });
 });