diff --git a/python/python-psi-impl/src/com/jetbrains/python/psi/resolve/PyResolveUtil.java b/python/python-psi-impl/src/com/jetbrains/python/psi/resolve/PyResolveUtil.java
index 4c34ba6d2235..b93120651e36 100644
--- a/python/python-psi-impl/src/com/jetbrains/python/psi/resolve/PyResolveUtil.java
+++ b/python/python-psi-impl/src/com/jetbrains/python/psi/resolve/PyResolveUtil.java
@@ -424,9 +424,14 @@ public final class PyResolveUtil {
     // Forward references are allowed in annotations according to PEP 563
     PsiFile file = element.getContainingFile();
     if (file instanceof PyFile pyFile) {
-      return pyFile.getLanguageLevel().isAtLeast(LanguageLevel.PYTHON37) &&
-             pyFile.hasImportFromFuture(FutureFeature.ANNOTATIONS) &&
-             PsiTreeUtil.getParentOfType(element, PyAnnotation.class) != null;
+      boolean isAnnotation = pyFile.getLanguageLevel().isAtLeast(LanguageLevel.PYTHON37) &&
+                             pyFile.hasImportFromFuture(FutureFeature.ANNOTATIONS) &&
+                             PsiTreeUtil.getParentOfType(element, PyAnnotation.class) != null;
+      if (isAnnotation) return true;
+
+      boolean isReferenceFromTypeParameterList = pyFile.getLanguageLevel().isAtLeast(LanguageLevel.PYTHON312) &&
+                                                 PsiTreeUtil.getParentOfType(element, PyTypeParameter.class, true) != null;
+      if (isReferenceFromTypeParameterList) return true;
     }
     return false;
   }
diff --git a/python/testSrc/com/jetbrains/python/inspections/PyUnresolvedReferencesInspectionTest.java b/python/testSrc/com/jetbrains/python/inspections/PyUnresolvedReferencesInspectionTest.java
index 398be1b7c97a..1c446f67b1a8 100644
--- a/python/testSrc/com/jetbrains/python/inspections/PyUnresolvedReferencesInspectionTest.java
+++ b/python/testSrc/com/jetbrains/python/inspections/PyUnresolvedReferencesInspectionTest.java
@@ -881,6 +881,21 @@ public class PyUnresolvedReferencesInspectionTest extends PyInspectionTestCase {
     });
   }
 
+  // PY-76895
+  public void testForwardReferenceInTypeParameterBound() {
+    runWithLanguageLevel(LanguageLevel.PYTHON312, () -> {
+      doTestByText("""
+                   class ClassA[S: ForwardReference[int], T: "ForwardReference[str]"]:  # OK
+                       ...
+                   class ClassB[T: (ForwardReference[int], "ForwardReference[str]", bytes)]:  # OK
+                       ...
+                   class ClassC[T = ForwardReference[int], T1 = "ForwardReference[str]"]:  # OK
+                       ...
+                   class ForwardReference[T]: ...
+                   """);
+    });
+  }
+
   @NotNull
   @Override
   protected Class<? extends PyInspection> getInspectionClass() {