diff --git a/README.md b/README.md
index 0169cc1..ebf6543 100644
--- a/README.md
+++ b/README.md
@@ -20,6 +20,7 @@ an event loop, it can be used with this library.
     * [async()](#async)
     * [await()](#await)
     * [coroutine()](#coroutine)
+    * [delay()](#delay)
     * [parallel()](#parallel)
     * [series()](#series)
     * [waterfall()](#waterfall)
@@ -202,17 +203,16 @@ $promise->then(function (int $bytes) {
 The returned promise is implemented in such a way that it can be cancelled
 when it is still pending. Cancelling a pending promise will cancel any awaited
 promises inside that fiber or any nested fibers. As such, the following example
-will only output `ab` and cancel the pending [`sleep()`](https://reactphp.org/promise-timer/#sleep).
+will only output `ab` and cancel the pending [`delay()`](#delay).
 The [`await()`](#await) calls in this example would throw a `RuntimeException`
-from the cancelled [`sleep()`](https://reactphp.org/promise-timer/#sleep) call
-that bubbles up through the fibers.
+from the cancelled [`delay()`](#delay) call that bubbles up through the fibers.
 
 ```php
 $promise = async(static function (): int {
     echo 'a';
     await(async(static function (): void {
         echo 'b';
-        await(React\Promise\Timer\sleep(2));
+        delay(2);
         echo 'c';
     })());
     echo 'd';
@@ -392,6 +392,110 @@ $promise->then(function (int $bytes) {
 });
 ```
 
+## delay()
+
+The `delay(float $seconds): void` function can be used to
+delay program execution for duration given in `$seconds`.
+
+```php
+React\Async\delay($seconds);
+```
+
+This function will only return after the given number of `$seconds` have
+elapsed. If there are no other events attached to this loop, it will behave
+similar to PHP's [`sleep()` function](https://www.php.net/manual/en/function.sleep.php).
+
+```php
+echo 'a';
+React\Async\delay(1.0);
+echo 'b';
+
+// prints "a" at t=0.0s
+// prints "b" at t=1.0s
+```
+
+Unlike PHP's [`sleep()` function](https://www.php.net/manual/en/function.sleep.php),
+this function may not necessarily halt execution of the entire process thread.
+Instead, it allows the event loop to run any other events attached to the
+same loop until the delay returns:
+
+```php
+echo 'a';
+Loop::addTimer(1.0, function () {
+    echo 'b';
+});
+React\Async\delay(3.0);
+echo 'c';
+
+// prints "a" at t=0.0s
+// prints "b" at t=1.0s
+// prints "c" at t=3.0s
+```
+
+This behavior is especially useful if you want to delay the program execution
+of a particular routine, such as when building a simple polling or retry
+mechanism:
+
+```php
+try {
+    something();
+} catch (Throwable) {
+    // in case of error, retry after a short delay
+    React\Async\delay(1.0);
+    something();
+}
+```
+
+Because this function only returns after some time has passed, it can be
+considered *blocking* from the perspective of the calling code. You can avoid
+this blocking behavior by wrapping it in an [`async()` function](#async) call.
+Everything inside this function will still be blocked, but everything outside
+this function can be executed asynchronously without blocking:
+
+```php
+Loop::addTimer(0.5, React\Async\async(function () {
+    echo 'a';
+    React\Async\delay(1.0);
+    echo 'c';
+}));
+
+Loop::addTimer(1.0, function () {
+    echo 'b';
+});
+
+// prints "a" at t=0.5s
+// prints "b" at t=1.0s
+// prints "c" at t=1.5s
+```
+
+See also the [`async()` function](#async) for more details.
+
+Internally, the `$seconds` argument will be used as a timer for the loop so that
+it keeps running until this timer triggers. This implies that if you pass a
+really small (or negative) value, it will still start a timer and will thus
+trigger at the earliest possible time in the future.
+
+The function is implemented in such a way that it can be cancelled when it is
+running inside an [`async()` function](#async). Cancelling the resulting
+promise will clean up any pending timers and throw a `RuntimeException` from
+the pending delay which in turn would reject the resulting promise.
+
+```php
+$promise = async(function () {
+    echo 'a';
+    delay(3.0);
+    echo 'b';
+});
+
+Loop::addTimer(2.0, function () use ($promise) {
+    $promise->cancel();
+});
+
+// prints "a" at t=0.0s
+// rejects $promise at t=2.0
+// never prints "b"
+```
+
 ### parallel()
 
 The `parallel(iterable<callable():PromiseInterface<mixed,Exception>> $tasks): PromiseInterface<array<mixed>,Exception>` function can be used
diff --git a/src/functions.php b/src/functions.php
index 092115b..e4101df 100644
--- a/src/functions.php
+++ b/src/functions.php
@@ -2,6 +2,8 @@
 
 namespace React\Async;
 
+use React\EventLoop\Loop;
+use React\EventLoop\TimerInterface;
 use React\Promise\Deferred;
 use React\Promise\Promise;
 use React\Promise\PromiseInterface;
@@ -153,17 +155,16 @@
  * The returned promise is implemented in such a way that it can be cancelled
  * when it is still pending. Cancelling a pending promise will cancel any awaited
  * promises inside that fiber or any nested fibers. As such, the following example
- * will only output `ab` and cancel the pending [`sleep()`](https://reactphp.org/promise-timer/#sleep).
+ * will only output `ab` and cancel the pending [`delay()`](#delay).
  * The [`await()`](#await) calls in this example would throw a `RuntimeException`
- * from the cancelled [`sleep()`](https://reactphp.org/promise-timer/#sleep) call
- * that bubbles up through the fibers.
+ * from the cancelled [`delay()`](#delay) call that bubbles up through the fibers.
  *
  * ```php
  * $promise = async(static function (): int {
  *     echo 'a';
  *     await(async(static function (): void {
  *         echo 'b';
- *         await(React\Promise\Timer\sleep(2));
+ *         delay(2);
  *         echo 'c';
  *     })());
  *     echo 'd';
@@ -215,7 +216,6 @@ function async(callable $function): callable
     };
 }
 
-
 /**
  * Block waiting for the given `$promise` to be fulfilled.
  *
@@ -352,6 +352,127 @@ function (mixed $throwable) use (&$rejected, &$rejectedThrowable, &$fiber, $lowL
     return $fiber->suspend();
 }
 
+/**
+ * Delay program execution for duration given in `$seconds`.
+ *
+ * ```php
+ * React\Async\delay($seconds);
+ * ```
+ *
+ * This function will only return after the given number of `$seconds` have
+ * elapsed. If there are no other events attached to this loop, it will behave
+ * similar to PHP's [`sleep()` function](https://www.php.net/manual/en/function.sleep.php).
+ *
+ * ```php
+ * echo 'a';
+ * React\Async\delay(1.0);
+ * echo 'b';
+ *
+ * // prints "a" at t=0.0s
+ * // prints "b" at t=1.0s
+ * ```
+ *
+ * Unlike PHP's [`sleep()` function](https://www.php.net/manual/en/function.sleep.php),
+ * this function may not necessarily halt execution of the entire process thread.
+ * Instead, it allows the event loop to run any other events attached to the
+ * same loop until the delay returns:
+ *
+ * ```php
+ * echo 'a';
+ * Loop::addTimer(1.0, function () {
+ *     echo 'b';
+ * });
+ * React\Async\delay(3.0);
+ * echo 'c';
+ *
+ * // prints "a" at t=0.0s
+ * // prints "b" at t=1.0s
+ * // prints "c" at t=3.0s
+ * ```
+ *
+ * This behavior is especially useful if you want to delay the program execution
+ * of a particular routine, such as when building a simple polling or retry
+ * mechanism:
+ *
+ * ```php
+ * try {
+ *     something();
+ * } catch (Throwable) {
+ *     // in case of error, retry after a short delay
+ *     React\Async\delay(1.0);
+ *     something();
+ * }
+ * ```
+ *
+ * Because this function only returns after some time has passed, it can be
+ * considered *blocking* from the perspective of the calling code. You can avoid
+ * this blocking behavior by wrapping it in an [`async()` function](#async) call.
+ * Everything inside this function will still be blocked, but everything outside
+ * this function can be executed asynchronously without blocking:
+ *
+ * ```php
+ * Loop::addTimer(0.5, React\Async\async(function () {
+ *     echo 'a';
+ *     React\Async\delay(1.0);
+ *     echo 'c';
+ * }));
+ *
+ * Loop::addTimer(1.0, function () {
+ *     echo 'b';
+ * });
+ *
+ * // prints "a" at t=0.5s
+ * // prints "b" at t=1.0s
+ * // prints "c" at t=1.5s
+ * ```
+ *
+ * See also the [`async()` function](#async) for more details.
+ *
+ * Internally, the `$seconds` argument will be used as a timer for the loop so that
+ * it keeps running until this timer triggers. This implies that if you pass a
+ * really small (or negative) value, it will still start a timer and will thus
+ * trigger at the earliest possible time in the future.
+ *
+ * The function is implemented in such a way that it can be cancelled when it is
+ * running inside an [`async()` function](#async). Cancelling the resulting
+ * promise will clean up any pending timers and throw a `RuntimeException` from
+ * the pending delay which in turn would reject the resulting promise.
+ *
+ * ```php
+ * $promise = async(function () {
+ *     echo 'a';
+ *     delay(3.0);
+ *     echo 'b';
+ * });
+ *
+ * Loop::addTimer(2.0, function () use ($promise) {
+ *     $promise->cancel();
+ * });
+ *
+ * // prints "a" at t=0.0s
+ * // rejects $promise at t=2.0
+ * // never prints "b"
+ * ```
+ *
+ * @return void
+ * @throws \RuntimeException when the function is cancelled inside an `async()` function
+ * @see async()
+ * @uses await()
+ */
+function delay(float $seconds): void
+{
+    /** @var ?TimerInterface $timer */
+    $timer = null;
+
+    await(new Promise(function (callable $resolve) use ($seconds, &$timer): void {
+        $timer = Loop::addTimer($seconds, fn() => $resolve(null));
+    }, function () use (&$timer): void {
+        assert($timer instanceof TimerInterface);
+        Loop::cancelTimer($timer);
+        throw new \RuntimeException('Delay cancelled');
+    }));
+}
+
 /**
  * Execute a Generator-based coroutine to "await" promises.
  *
diff --git a/tests/DelayTest.php b/tests/DelayTest.php
new file mode 100644
index 0000000..46f0fba
--- /dev/null
+++ b/tests/DelayTest.php
@@ -0,0 +1,91 @@
+<?php
+
+namespace React\Tests\Async;
+
+use PHPUnit\Framework\TestCase;
+use React\EventLoop\Loop;
+use function React\Async\async;
+use function React\Async\await;
+use function React\Async\delay;
+
+class DelayTest extends TestCase
+{
+    public function testDelayBlocksForGivenPeriod()
+    {
+        $time = microtime(true);
+        delay(0.02);
+        $time = microtime(true) - $time;
+
+        $this->assertGreaterThan(0.01, $time);
+        $this->assertLessThan(0.03, $time);
+    }
+
+    public function testDelaySmallPeriodBlocksForCloseToZeroSeconds()
+    {
+        $time = microtime(true);
+        delay(0.000001);
+        $time = microtime(true) - $time;
+
+        $this->assertLessThan(0.01, $time);
+    }
+
+    public function testDelayNegativePeriodBlocksForCloseToZeroSeconds()
+    {
+        $time = microtime(true);
+        delay(-1);
+        $time = microtime(true) - $time;
+
+        $this->assertLessThan(0.01, $time);
+    }
+
+    public function testAwaitAsyncDelayBlocksForGivenPeriod()
+    {
+        $promise = async(function () {
+            delay(0.02);
+        })();
+
+        $time = microtime(true);
+        await($promise);
+        $time = microtime(true) - $time;
+
+        $this->assertGreaterThan(0.01, $time);
+        $this->assertLessThan(0.03, $time);
+    }
+
+    public function testAwaitAsyncDelayCancelledImmediatelyStopsTimerAndBlocksForCloseToZeroSeconds()
+    {
+        $promise = async(function () {
+            delay(1.0);
+        })();
+        $promise->cancel();
+
+        $time = microtime(true);
+        try {
+            await($promise);
+        } catch (\RuntimeException $e) {
+            $this->assertEquals('Delay cancelled', $e->getMessage());
+        }
+        $time = microtime(true) - $time;
+
+        $this->assertLessThan(0.03, $time);
+    }
+
+    public function testAwaitAsyncDelayCancelledAfterSmallPeriodStopsTimerAndBlocksUntilCancelled()
+    {
+        $promise = async(function () {
+            delay(1.0);
+        })();
+        Loop::addTimer(0.02, fn() => $promise->cancel());
+
+        $time = microtime(true);
+        try {
+            await($promise);
+        } catch (\RuntimeException $e) {
+            $this->assertEquals('Delay cancelled', $e->getMessage());
+        }
+        $time = microtime(true) - $time;
+
+        $this->assertGreaterThan(0.01, $time);
+        $this->assertLessThan(0.03, $time);
+    }
+}