diff --git a/python/src/com/jetbrains/python/inspections/PyTypeCheckerInspection.java b/python/src/com/jetbrains/python/inspections/PyTypeCheckerInspection.java
index be2502b27cf5..114ad867e10d 100644
--- a/python/src/com/jetbrains/python/inspections/PyTypeCheckerInspection.java
+++ b/python/src/com/jetbrains/python/inspections/PyTypeCheckerInspection.java
@@ -39,6 +39,8 @@ import org.jetbrains.annotations.Nullable;
 
 import java.util.*;
 
+import static com.jetbrains.python.psi.PyUtil.as;
+
 /**
  * @author vlan
  */
@@ -110,22 +112,24 @@ public class PyTypeCheckerInspection extends PyInspection {
     private PyType getExpectedReturnType(@NotNull PyFunction function) {
       final PyType returnType = myTypeEvalContext.getReturnType(function);
 
-      if (returnType instanceof PyCollectionType) {
-        final PyCollectionType genericType = (PyCollectionType)returnType;
-        if (PyNames.FAKE_COROUTINE.equals(genericType.getName())) {
+      final PyCollectionType genericType = as(returnType, PyCollectionType.class);
+      final PyClassType classType = as(returnType, PyClassType.class);
+
+      if (function.isAsync()) {
+        if (genericType != null && PyNames.FAKE_COROUTINE.equals(genericType.getName())) {
           return genericType.getIteratedItemType();
         }
-        else if (function.isGenerator()) {
-          if (PyNames.FAKE_GENERATOR.equals(genericType.getName()) ||
-              genericType instanceof PyClassType && "typing.Generator".equals(((PyClassType)genericType).getClassQName())) {
-            // Generator's type is parametrized as [YieldType, SendType, ReturnType]
-            return ContainerUtil.getOrElse(genericType.getElementTypes(myTypeEvalContext), 2, null);
-          }
-          else {
-            // Assume that any other return type annotation for a generator cannot contain its return type
-            return null;
-          }
+        // Async generators are not allowed to return anything anyway
+        return null;
+      }
+      else if (function.isGenerator()) {
+        if (genericType != null && classType != null &&
+            (PyNames.FAKE_GENERATOR.equals(genericType.getName()) || "typing.Generator".equals(classType.getClassQName()))) {
+          // Generator's type is parametrized as [YieldType, SendType, ReturnType]
+          return ContainerUtil.getOrElse(genericType.getElementTypes(myTypeEvalContext), 2, null);
         }
+        // Assume that any other return type annotation for a generator cannot contain its return type
+        return null;
       }
 
       return returnType;
diff --git a/python/testData/inspections/PyTypeCheckerInspection/AsyncGeneratorAnnotatedToReturnAsyncIterable.py b/python/testData/inspections/PyTypeCheckerInspection/AsyncGeneratorAnnotatedToReturnAsyncIterable.py
new file mode 100644
index 000000000000..a9ea51f79360
--- /dev/null
+++ b/python/testData/inspections/PyTypeCheckerInspection/AsyncGeneratorAnnotatedToReturnAsyncIterable.py
@@ -0,0 +1,16 @@
+from typing import AsyncIterable
+
+
+async def g1() -> AsyncIterable[int]:
+    yield 42
+
+async def g2() -> AsyncIterable[int]:
+    yield 42
+    <error descr="non-empty 'return' inside asynchronous generator">return None</error>
+
+async def g3() -> AsyncIterable:
+    yield 42
+
+async def g4() -> AsyncIterable:
+    yield 42
+    <error descr="non-empty 'return' inside asynchronous generator">return None</error>
\ No newline at end of file
diff --git a/python/testData/inspections/PyTypeCheckerInspection/GeneratorAnnotatedToReturnIterable.py b/python/testData/inspections/PyTypeCheckerInspection/GeneratorAnnotatedToReturnIterable.py
index 62ac2b327f1f..45964b84209c 100644
--- a/python/testData/inspections/PyTypeCheckerInspection/GeneratorAnnotatedToReturnIterable.py
+++ b/python/testData/inspections/PyTypeCheckerInspection/GeneratorAnnotatedToReturnIterable.py
@@ -8,4 +8,13 @@ def g1() -> Iterable[int]:
 
 def g2() -> Iterable[int]:
     yield 42
-    return None
\ No newline at end of file
+    return None
+
+
+def g3() -> Iterable:
+    yield 42
+
+
+def g4() -> Iterable:
+    yield 42
+    return None
diff --git a/python/testSrc/com/jetbrains/python/inspections/Py3TypeCheckerInspectionTest.java b/python/testSrc/com/jetbrains/python/inspections/Py3TypeCheckerInspectionTest.java
index 554a3387219e..fff8fdb3369a 100644
--- a/python/testSrc/com/jetbrains/python/inspections/Py3TypeCheckerInspectionTest.java
+++ b/python/testSrc/com/jetbrains/python/inspections/Py3TypeCheckerInspectionTest.java
@@ -179,11 +179,16 @@ public class Py3TypeCheckerInspectionTest extends PyTestCase {
     doTest();
   }
 
-  // PY-20657
+  // PY-20657, PY-21916
   public void testGeneratorAnnotatedToReturnIterable() {
     doTest();
   }
 
+  // PY-20657, PY-21916
+  public void testAsyncGeneratorAnnotatedToReturnAsyncIterable() {
+    doTest();
+  }
+
   // PY-21083
   public void testFloatFromhex() {
     doTest();