diff --git a/src/compiler/checker.ts b/src/compiler/checker.ts
index a34f073df3ec8..1c9de743e9bc9 100644
--- a/src/compiler/checker.ts
+++ b/src/compiler/checker.ts
@@ -10740,7 +10740,7 @@ namespace ts {
                         }
                     }
                     const constraint = getConstraintForRelation(<TypeParameter>source);
-                    if (!constraint || constraint.flags & TypeFlags.Any) {
+                    if (!constraint || (source.flags & TypeFlags.TypeParameter && constraint.flags & TypeFlags.Any)) {
                         // A type variable with no constraint is not related to the non-primitive object type.
                         if (result = isRelatedTo(emptyObjectType, extractTypesOfKind(target, ~TypeFlags.NonPrimitive))) {
                             errorInfo = saveErrorInfo;
diff --git a/tests/baselines/reference/keyofAndIndexedAccess.js b/tests/baselines/reference/keyofAndIndexedAccess.js
index 3d222583ffd4b..c23f10f3e68c6 100644
--- a/tests/baselines/reference/keyofAndIndexedAccess.js
+++ b/tests/baselines/reference/keyofAndIndexedAccess.js
@@ -627,6 +627,14 @@ class Unbounded<T> {
         let y: {} | undefined | null = x;
     }
 }
+
+// Repro from #23940
+
+interface I7 {
+    x: any;
+}
+type Foo7<T extends number> = T;
+declare function f7<K extends keyof I7>(type: K): Foo7<I7[K]>;
 
 
 //// [keyofAndIndexedAccess.js]
@@ -1368,3 +1376,8 @@ declare function fn<T extends I, K extends keyof T>(o: T, k: K): void;
 declare class Unbounded<T> {
     foo(x: T[keyof T]): void;
 }
+interface I7 {
+    x: any;
+}
+declare type Foo7<T extends number> = T;
+declare function f7<K extends keyof I7>(type: K): Foo7<I7[K]>;
diff --git a/tests/baselines/reference/keyofAndIndexedAccess.symbols b/tests/baselines/reference/keyofAndIndexedAccess.symbols
index a40a2347d91a8..ef43a7112648b 100644
--- a/tests/baselines/reference/keyofAndIndexedAccess.symbols
+++ b/tests/baselines/reference/keyofAndIndexedAccess.symbols
@@ -2235,3 +2235,26 @@ class Unbounded<T> {
     }
 }
 
+// Repro from #23940
+
+interface I7 {
+>I7 : Symbol(I7, Decl(keyofAndIndexedAccess.ts, 627, 1))
+
+    x: any;
+>x : Symbol(I7.x, Decl(keyofAndIndexedAccess.ts, 631, 14))
+}
+type Foo7<T extends number> = T;
+>Foo7 : Symbol(Foo7, Decl(keyofAndIndexedAccess.ts, 633, 1))
+>T : Symbol(T, Decl(keyofAndIndexedAccess.ts, 634, 10))
+>T : Symbol(T, Decl(keyofAndIndexedAccess.ts, 634, 10))
+
+declare function f7<K extends keyof I7>(type: K): Foo7<I7[K]>;
+>f7 : Symbol(f7, Decl(keyofAndIndexedAccess.ts, 634, 32))
+>K : Symbol(K, Decl(keyofAndIndexedAccess.ts, 635, 20))
+>I7 : Symbol(I7, Decl(keyofAndIndexedAccess.ts, 627, 1))
+>type : Symbol(type, Decl(keyofAndIndexedAccess.ts, 635, 40))
+>K : Symbol(K, Decl(keyofAndIndexedAccess.ts, 635, 20))
+>Foo7 : Symbol(Foo7, Decl(keyofAndIndexedAccess.ts, 633, 1))
+>I7 : Symbol(I7, Decl(keyofAndIndexedAccess.ts, 627, 1))
+>K : Symbol(K, Decl(keyofAndIndexedAccess.ts, 635, 20))
+
diff --git a/tests/baselines/reference/keyofAndIndexedAccess.types b/tests/baselines/reference/keyofAndIndexedAccess.types
index 0d6a350bd3ca2..a85b34d707b36 100644
--- a/tests/baselines/reference/keyofAndIndexedAccess.types
+++ b/tests/baselines/reference/keyofAndIndexedAccess.types
@@ -2591,3 +2591,26 @@ class Unbounded<T> {
     }
 }
 
+// Repro from #23940
+
+interface I7 {
+>I7 : I7
+
+    x: any;
+>x : any
+}
+type Foo7<T extends number> = T;
+>Foo7 : T
+>T : T
+>T : T
+
+declare function f7<K extends keyof I7>(type: K): Foo7<I7[K]>;
+>f7 : <K extends "x">(type: K) => I7[K]
+>K : K
+>I7 : I7
+>type : K
+>K : K
+>Foo7 : T
+>I7 : I7
+>K : K
+
diff --git a/tests/cases/conformance/types/keyof/keyofAndIndexedAccess.ts b/tests/cases/conformance/types/keyof/keyofAndIndexedAccess.ts
index 83687e8c87251..07aa3c1994f0a 100644
--- a/tests/cases/conformance/types/keyof/keyofAndIndexedAccess.ts
+++ b/tests/cases/conformance/types/keyof/keyofAndIndexedAccess.ts
@@ -629,3 +629,11 @@ class Unbounded<T> {
         let y: {} | undefined | null = x;
     }
 }
+
+// Repro from #23940
+
+interface I7 {
+    x: any;
+}
+type Foo7<T extends number> = T;
+declare function f7<K extends keyof I7>(type: K): Foo7<I7[K]>;