diff --git a/subsys/net/ip/net_context.c b/subsys/net/ip/net_context.c
index 6b77ad8c173..5c8c0fd9733 100644
--- a/subsys/net/ip/net_context.c
+++ b/subsys/net/ip/net_context.c
@@ -1173,11 +1173,21 @@ int net_context_connect(struct net_context *context,
 
 #define ACK_TIMEOUT MSEC_PER_SEC
 
+static void ack_timer_cancel(struct net_tcp *tcp)
+{
+	tcp->ack_timer_cancelled = true;
+	k_delayed_work_cancel(&tcp->ack_timer);
+}
+
 static void ack_timeout(struct k_work *work)
 {
 	/* This means that we did not receive ACK response in time. */
 	struct net_tcp *tcp = CONTAINER_OF(work, struct net_tcp, ack_timer);
 
+	if (tcp->ack_timer_cancelled) {
+		return;
+	}
+
 	NET_DBG("Did not receive ACK in %dms", ACK_TIMEOUT);
 
 	send_reset(tcp->context, &tcp->context->remote);
@@ -1281,10 +1291,13 @@ NET_CONN_CB(tcp_syn_rcvd)
 		 * if the SYN is sent more than once. So we need to cancel
 		 * any pending timers.
 		 */
-		k_delayed_work_cancel(&tcp->ack_timer);
+		ack_timer_cancel(tcp);
+
 		k_delayed_work_init(&tcp->ack_timer, ack_timeout);
 		k_delayed_work_submit(&tcp->ack_timer, ACK_TIMEOUT);
 
+		tcp->ack_timer_cancelled = false;
+
 		return NET_DROP;
 	}
 
@@ -1292,7 +1305,7 @@ NET_CONN_CB(tcp_syn_rcvd)
 	 * If we receive RST, we go back to LISTEN state.
 	 */
 	if (NET_TCP_FLAGS(pkt) == NET_TCP_RST) {
-		k_delayed_work_cancel(&tcp->ack_timer);
+		ack_timer_cancel(tcp);
 
 		net_tcp_print_recv_info("RST", pkt, NET_TCP_HDR(pkt)->src_port);
 
@@ -1316,7 +1329,7 @@ NET_CONN_CB(tcp_syn_rcvd)
 		 * So if we are not in SYN_RCVD state, then it is an error.
 		 */
 		if (net_tcp_get_state(tcp) != NET_TCP_SYN_RCVD) {
-			k_delayed_work_cancel(&tcp->ack_timer);
+			ack_timer_cancel(tcp);
 			NET_DBG("Not in SYN_RCVD state, sending RST");
 			goto reset;
 		}
@@ -1438,7 +1451,7 @@ NET_CONN_CB(tcp_syn_rcvd)
 		net_tcp_change_state(new_context->tcp, NET_TCP_ESTABLISHED);
 		net_context_set_state(new_context, NET_CONTEXT_CONNECTED);
 
-		k_delayed_work_cancel(&tcp->ack_timer);
+		ack_timer_cancel(tcp);
 
 		context->tcp->accept_cb(new_context,
 					&new_context->remote,
diff --git a/subsys/net/ip/tcp.h b/subsys/net/ip/tcp.h
index f63dfdf4bb9..a4201db8fab 100644
--- a/subsys/net/ip/tcp.h
+++ b/subsys/net/ip/tcp.h
@@ -134,8 +134,13 @@ struct net_tcp {
 	uint32_t fin_sent : 1;
 	/* An inbound FIN packet has been received */
 	uint32_t fin_rcvd : 1;
+	/* Tells if ack timer has been already cancelled. It might happen
+	 * that the timer is executed even if it is cancelled, this is because
+	 * of various timing issues when timer is scheduled to run.
+	 */
+	uint32_t ack_timer_cancelled : 1;
 	/** Remaining bits in this uint32_t */
-	uint32_t _padding : 12;
+	uint32_t _padding : 11;
 
 	/** Accept callback to be called when the connection has been
 	 * established.