diff --git a/packages/base-styles/_variables.scss b/packages/base-styles/_variables.scss
index fcfc2356168274..96d7aba226996b 100644
--- a/packages/base-styles/_variables.scss
+++ b/packages/base-styles/_variables.scss
@@ -48,6 +48,7 @@ $icon-size: 24px;
 $button-size: 36px;
 $button-size-next-default-40px: 40px; // transitionary variable for next default button size
 $button-size-small: 24px;
+$button-size-small-next-default-32px: 32px; // transitionary variable for next small button size
 $header-height: 60px;
 $panel-header-height: $grid-unit-60;
 $nav-sidebar-width: 360px;
diff --git a/packages/components/CHANGELOG.md b/packages/components/CHANGELOG.md
index 4d6ea42e8bc0e1..a7fdb1597efbc1 100644
--- a/packages/components/CHANGELOG.md
+++ b/packages/components/CHANGELOG.md
@@ -2,6 +2,10 @@
 
 ## Unreleased
 
+### Enhancements
+
+-   `Button`: Add `__next32pxSmallSize` prop to opt into the new 32px size when the `isSmall` prop is enabled ([#51012](https://github.com/WordPress/gutenberg/pull/51012)).
+
 ### Bug Fix
 
 -   `FocalPointUnitControl`: Add aria-labels ([#50993](https://github.com/WordPress/gutenberg/pull/50993)).
diff --git a/packages/components/src/button/index.tsx b/packages/components/src/button/index.tsx
index 098f6eaac3b1cf..24932ab06a9b69 100644
--- a/packages/components/src/button/index.tsx
+++ b/packages/components/src/button/index.tsx
@@ -76,6 +76,7 @@ export function UnforwardedButton(
 ) {
 	const {
 		__next40pxDefaultSize,
+		__next32pxSmallSize,
 		isSmall,
 		isPressed,
 		isBusy,
@@ -117,6 +118,7 @@ export function UnforwardedButton(
 
 	const classes = classnames( 'components-button', className, {
 		'is-next-40px-default-size': __next40pxDefaultSize,
+		'is-next-32px-small-size': __next32pxSmallSize,
 		'is-secondary': variant === 'secondary',
 		'is-primary': variant === 'primary',
 		'is-small': isSmall,
diff --git a/packages/components/src/button/style.scss b/packages/components/src/button/style.scss
index fefc93b4fa8e0e..5916876aad589d 100644
--- a/packages/components/src/button/style.scss
+++ b/packages/components/src/button/style.scss
@@ -263,15 +263,24 @@
 	}
 
 	&.is-small {
-		height: $icon-size;
+		height: $button-size-small-next-default-32px;
 		line-height: 22px;
 		padding: 0 8px;
 		font-size: 11px;
 
 		&.has-icon:not(.has-text) {
 			padding: 0;
-			width: $icon-size;
-			min-width: $icon-size;
+			width: $button-size-small-next-default-32px;
+			min-width: $button-size-small-next-default-32px;
+		}
+
+		&:not(.is-next-32px-small-size) {
+			height: $button-size-small;
+
+			&.has-icon:not(.has-text) {
+				width: $button-size-small;
+				min-width: $button-size-small;
+			}
 		}
 	}
 
diff --git a/packages/components/src/button/types.ts b/packages/components/src/button/types.ts
index 57e2a3df6ee61e..85188476e5f370 100644
--- a/packages/components/src/button/types.ts
+++ b/packages/components/src/button/types.ts
@@ -25,6 +25,15 @@ type BaseButtonProps = {
 	 * @default false
 	 */
 	__next40pxDefaultSize?: boolean;
+	/**
+	 * Start opting into the larger `isSmall` button size that will become the
+	 * default small size in a future version.
+	 *
+	 * Only takes effect when the `isSmall` prop is `true`.
+	 *
+	 * @default false
+	 */
+	__next32pxSmallSize?: boolean;
 	/**
 	 * The button's children.
 	 */