diff --git a/CHANGELOG.md b/CHANGELOG.md
index dff32bafca..28e8a85c26 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -47,6 +47,8 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
   ([#2418](https://github.com/open-telemetry/opentelemetry-python-contrib/pull/2418))
 - Use sqlalchemy version in sqlalchemy commenter instead of opentelemetry library version
   ([#2404](https://github.com/open-telemetry/opentelemetry-python-contrib/pull/2404))
+- `opentelemetry-instrumentation-asyncio` Check for cancelledException in the future
+  ([#2461](https://github.com/open-telemetry/opentelemetry-python-contrib/pull/2461))
 - Remove SDK dependency from opentelemetry-instrumentation-grpc
   ([#2474](https://github.com/open-telemetry/opentelemetry-python-contrib/pull/2474))
 
diff --git a/instrumentation/opentelemetry-instrumentation-asyncio/src/opentelemetry/instrumentation/asyncio/__init__.py b/instrumentation/opentelemetry-instrumentation-asyncio/src/opentelemetry/instrumentation/asyncio/__init__.py
index 68e3d0839f..72aa5fd2aa 100644
--- a/instrumentation/opentelemetry-instrumentation-asyncio/src/opentelemetry/instrumentation/asyncio/__init__.py
+++ b/instrumentation/opentelemetry-instrumentation-asyncio/src/opentelemetry/instrumentation/asyncio/__init__.py
@@ -116,21 +116,11 @@ class AsyncioInstrumentor(BaseInstrumentor):
         "run_coroutine_threadsafe",
     ]
 
-    def __init__(self):
-        super().__init__()
-        self.process_duration_histogram = None
-        self.process_created_counter = None
-
-        self._tracer = None
-        self._meter = None
-        self._coros_name_to_trace: set = set()
-        self._to_thread_name_to_trace: set = set()
-        self._future_active_enabled: bool = False
-
     def instrumentation_dependencies(self) -> Collection[str]:
         return _instruments
 
     def _instrument(self, **kwargs):
+        # pylint: disable=attribute-defined-outside-init
         self._tracer = get_tracer(
             __name__, __version__, kwargs.get("tracer_provider")
         )
@@ -307,13 +297,17 @@ def trace_future(self, future):
         )
 
         def callback(f):
-            exception = f.exception()
             attr = {
                 "type": "future",
+                "state": (
+                    "cancelled"
+                    if f.cancelled()
+                    else determine_state(f.exception())
+                ),
             }
-            state = determine_state(exception)
-            attr["state"] = state
-            self.record_process(start, attr, span, exception)
+            self.record_process(
+                start, attr, span, None if f.cancelled() else f.exception()
+            )
 
         future.add_done_callback(callback)
         return future
diff --git a/instrumentation/opentelemetry-instrumentation-asyncio/tests/test_asyncio_future_cancellation.py b/instrumentation/opentelemetry-instrumentation-asyncio/tests/test_asyncio_future_cancellation.py
new file mode 100644
index 0000000000..f8f4e5f230
--- /dev/null
+++ b/instrumentation/opentelemetry-instrumentation-asyncio/tests/test_asyncio_future_cancellation.py
@@ -0,0 +1,60 @@
+import asyncio
+from unittest.mock import patch
+
+from opentelemetry.instrumentation.asyncio import AsyncioInstrumentor
+from opentelemetry.instrumentation.asyncio.environment_variables import (
+    OTEL_PYTHON_ASYNCIO_FUTURE_TRACE_ENABLED,
+)
+from opentelemetry.test.test_base import TestBase
+from opentelemetry.trace import get_tracer
+
+
+class TestTraceFuture(TestBase):
+    @patch.dict(
+        "os.environ", {OTEL_PYTHON_ASYNCIO_FUTURE_TRACE_ENABLED: "true"}
+    )
+    def setUp(self):
+        super().setUp()
+        self._tracer = get_tracer(
+            __name__,
+        )
+        self.instrumentor = AsyncioInstrumentor()
+        self.instrumentor.instrument()
+
+    def tearDown(self):
+        super().tearDown()
+        self.instrumentor.uninstrument()
+
+    def test_trace_future_cancelled(self):
+        async def future_cancelled():
+            with self._tracer.start_as_current_span("root"):
+                future = asyncio.Future()
+                future = self.instrumentor.trace_future(future)
+                future.cancel()
+
+        try:
+            asyncio.run(future_cancelled())
+        except asyncio.CancelledError as exc:
+            self.assertEqual(isinstance(exc, asyncio.CancelledError), True)
+        spans = self.memory_exporter.get_finished_spans()
+        self.assertEqual(len(spans), 2)
+        self.assertEqual(spans[0].name, "root")
+        self.assertEqual(spans[1].name, "asyncio future")
+
+        metrics = (
+            self.memory_metrics_reader.get_metrics_data()
+            .resource_metrics[0]
+            .scope_metrics[0]
+            .metrics
+        )
+        self.assertEqual(len(metrics), 2)
+
+        self.assertEqual(metrics[0].name, "asyncio.process.duration")
+        self.assertEqual(
+            metrics[0].data.data_points[0].attributes["state"], "cancelled"
+        )
+
+        self.assertEqual(metrics[1].name, "asyncio.process.created")
+        self.assertEqual(
+            metrics[1].data.data_points[0].attributes["state"], "cancelled"
+        )