diff --git a/packages/block-editor/src/components/link-control/index.js b/packages/block-editor/src/components/link-control/index.js
index 018d8386c153e..b5d624606ea32 100644
--- a/packages/block-editor/src/components/link-control/index.js
+++ b/packages/block-editor/src/components/link-control/index.js
@@ -2,7 +2,7 @@
  * External dependencies
  */
 import classnames from 'classnames';
-import { noop, startsWith } from 'lodash';
+import { noop, startsWith, pick, map } from 'lodash';
 
 /**
  * WordPress dependencies
@@ -83,6 +83,18 @@ import LinkControlSearchInput from './search-input';
  * @property {boolean=}                   showInitialSuggestions Whether to present initial suggestions immediately.
  */
 
+/**
+ * Default settings configuration.
+ *
+ * @type {WPLinkControlSetting[]}
+ */
+const DEFAULT_SETTINGS = [
+	{
+		id: 'opensInNewTab',
+		title: __( 'Open in New Tab' ),
+	},
+];
+
 /**
  * Renders a link control. A link control is a controlled input which maintains
  * a value associated with a link (HTML anchor element) and relevant settings
@@ -92,7 +104,7 @@ import LinkControlSearchInput from './search-input';
  */
 function LinkControl( {
 	value,
-	settings,
+	settings = DEFAULT_SETTINGS,
 	onChange = noop,
 	showInitialSuggestions,
 } ) {
@@ -211,6 +223,19 @@ function LinkControl( {
 		setIsEditingLink( false );
 	}
 
+	/**
+	 * Given a selected suggestion, returns the merged next value. The merged
+	 * value inherits only settings properties from the previous value.
+	 *
+	 * @param {WPLinkControlValue} suggestion Next value suggestion.
+	 *
+	 * @return {WPLinkControlValue} Merged next value.
+	 */
+	const getNextValue = ( suggestion ) => ( {
+		...pick( value, map( settings, 'id' ) ),
+		...suggestion,
+	} );
+
 	// Effects
 	const getSearchHandler = useCallback(
 		( val, args ) => {
@@ -285,7 +310,7 @@ function LinkControl( {
 							) }
 							suggestion={ suggestion }
 							onClick={ () => {
-								onChange( { ...value, ...suggestion } );
+								onChange( getNextValue( suggestion ) );
 								stopEditing();
 							} }
 							isSelected={ index === selectedSuggestion }
@@ -311,7 +336,7 @@ function LinkControl( {
 					value={ inputValue }
 					onChange={ onInputChange }
 					onSelect={ ( suggestion ) => {
-						onChange( { ...value, ...suggestion } );
+						onChange( getNextValue( suggestion ) );
 						stopEditing();
 					} }
 					renderSuggestions={ renderSearchResults }
diff --git a/packages/block-editor/src/components/link-control/settings-drawer.js b/packages/block-editor/src/components/link-control/settings-drawer.js
index 0df253d11a1eb..2900779e96cc1 100644
--- a/packages/block-editor/src/components/link-control/settings-drawer.js
+++ b/packages/block-editor/src/components/link-control/settings-drawer.js
@@ -9,18 +9,7 @@ import { noop } from 'lodash';
 import { __ } from '@wordpress/i18n';
 import { ToggleControl } from '@wordpress/components';
 
-const defaultSettings = [
-	{
-		id: 'opensInNewTab',
-		title: __( 'Open in New Tab' ),
-	},
-];
-
-const LinkControlSettingsDrawer = ( {
-	value,
-	onChange = noop,
-	settings = defaultSettings,
-} ) => {
+const LinkControlSettingsDrawer = ( { value, onChange = noop, settings } ) => {
 	if ( ! settings || ! settings.length ) {
 		return null;
 	}
diff --git a/packages/block-editor/src/components/link-control/test/index.js b/packages/block-editor/src/components/link-control/test/index.js
index 65d7729c973dc..17b8fe59ddaa2 100644
--- a/packages/block-editor/src/components/link-control/test/index.js
+++ b/packages/block-editor/src/components/link-control/test/index.js
@@ -816,6 +816,54 @@ describe( 'Selecting links', () => {
 		);
 		expect( isExpectedFocusTarget ).toBe( true );
 	} );
+
+	it( 'should update a selected link value', ( done ) => {
+		// Regression: Previously, the behavior of updating a value was to merge
+		// the previous value with the newly selected suggestion. If the keys
+		// between the two objects were not the same, it could wrongly leave
+		// lingering values from the previous value.
+
+		const LinkControlConsumer = () => (
+			<LinkControl
+				value={ { url: 'https://wordpress.org', title: 'WordPress' } }
+				onChange={ ( nextValue ) => {
+					expect( nextValue ).toEqual( {
+						url: 'https://example.com',
+					} );
+
+					done();
+				} }
+			/>
+		);
+
+		act( () => {
+			render( <LinkControlConsumer />, container );
+		} );
+
+		// Toggle edit.
+		document
+			.querySelector( '.block-editor-link-control__search-item-action' )
+			.click();
+
+		// Change value.
+		const form = container.querySelector( 'form' );
+		const searchInput = container.querySelector(
+			'input[aria-label="URL"]'
+		);
+
+		// Simulate searching for a term
+		act( () => {
+			Simulate.change( searchInput, {
+				target: { value: 'https://example.com' },
+			} );
+		} );
+		act( () => {
+			Simulate.keyDown( searchInput, { keyCode: ENTER } );
+		} );
+		act( () => {
+			Simulate.submit( form );
+		} );
+	} );
 } );
 
 describe( 'Addition Settings UI', () => {