diff --git a/reactor-netty-http/src/main/java/reactor/netty/http/client/Http2Pool.java b/reactor-netty-http/src/main/java/reactor/netty/http/client/Http2Pool.java
index a299f7d14d..aa6803055b 100644
--- a/reactor-netty-http/src/main/java/reactor/netty/http/client/Http2Pool.java
+++ b/reactor-netty-http/src/main/java/reactor/netty/http/client/Http2Pool.java
@@ -760,9 +760,11 @@ public void request(long n) {
 				long estimateStreamsCount = pool.totalMaxConcurrentStreams - pool.acquired;
 				int permits = pool.poolConfig.allocationStrategy().estimatePermitCount();
 				int pending = pool.pendingSize;
-				if (!acquireTimeout.isZero() && permits + estimateStreamsCount <= pending) {
+				if (permits + estimateStreamsCount <= pending) {
 					pendingAcquireStart = pool.clock.millis();
-					timeoutTask = pool.poolConfig.pendingAcquireTimer().apply(this, acquireTimeout);
+					if (!acquireTimeout.isZero()) {
+						timeoutTask = pool.poolConfig.pendingAcquireTimer().apply(this, acquireTimeout);
+					}
 				}
 				pool.doAcquire(this);
 			}
@@ -822,13 +824,15 @@ void fail(Throwable error) {
 		}
 
 		void stopPendingCountdown(boolean success) {
-			if (!timeoutTask.isDisposed()) {
+			if (pendingAcquireStart > 0) {
 				if (success) {
 					pool.poolConfig.metricsRecorder().recordPendingSuccessAndLatency(pool.clock.millis() - pendingAcquireStart);
 				}
 				else {
 					pool.poolConfig.metricsRecorder().recordPendingFailureAndLatency(pool.clock.millis() - pendingAcquireStart);
 				}
+
+				pendingAcquireStart = 0;
 			}
 			timeoutTask.dispose();
 		}
diff --git a/reactor-netty-http/src/test/java/reactor/netty/http/client/Http2PoolTest.java b/reactor-netty-http/src/test/java/reactor/netty/http/client/Http2PoolTest.java
index e8e12517b6..aca6cb55b6 100644
--- a/reactor-netty-http/src/test/java/reactor/netty/http/client/Http2PoolTest.java
+++ b/reactor-netty-http/src/test/java/reactor/netty/http/client/Http2PoolTest.java
@@ -1208,34 +1208,51 @@ void nonHttp2ConnectionEmittedOnce() {
 
 	@Test
 	void recordsPendingCountAndLatencies() {
-		EmbeddedChannel channel = new EmbeddedChannel();
+		EmbeddedChannel channel = new EmbeddedChannel(new TestChannelId(),
+				Http2FrameCodecBuilder.forClient().build(), new Http2MultiplexHandler(new ChannelHandlerAdapter() {}));
 		TestPoolMetricsRecorder recorder = new TestPoolMetricsRecorder();
 		PoolBuilder<Connection, PoolConfig<Connection>> poolBuilder =
 				PoolBuilder.from(Mono.just(Connection.from(channel)))
 				           .metricsRecorder(recorder)
 				           .maxPendingAcquireUnbounded()
 				           .sizeBetween(0, 1);
-		Http2Pool http2Pool = poolBuilder.build(config -> new Http2Pool(config, null));
+		Http2AllocationStrategy strategy = Http2AllocationStrategy.builder()
+				.maxConnections(1)
+				.maxConcurrentStreams(2)
+				.build();
+		Http2Pool http2Pool = poolBuilder.build(config -> new Http2Pool(config, strategy));
 
 		try {
+			List<PooledRef<Connection>> acquired = new ArrayList<>();
 			//success, acquisition happens immediately
-			PooledRef<Connection> pooledRef = http2Pool.acquire(Duration.ofMillis(1)).block(Duration.ofSeconds(1));
-			assertThat(pooledRef).isNotNull();
+			http2Pool.acquire(Duration.ofMillis(1)).subscribe(acquired::add);
+			// success, acquisition happens immediately without timeout
+			http2Pool.acquire().subscribe(acquired::add);
+
+			channel.runPendingTasks();
+
+			assertThat(acquired).hasSize(2);
 
 			//success, acquisition happens after pending some time
 			http2Pool.acquire(Duration.ofMillis(50)).subscribe();
 
+			// success, acquisition happens after pending some time without timeout
+			http2Pool.acquire().subscribe();
+
 			//error, timed out
 			http2Pool.acquire(Duration.ofMillis(1))
 			         .as(StepVerifier::create)
 			         .expectError(PoolAcquireTimeoutException.class)
 			         .verify(Duration.ofSeconds(1));
 
-			pooledRef.release().block(Duration.ofSeconds(1));
+			acquired.get(0).release().block(Duration.ofSeconds(1));
+			acquired.get(1).release().block(Duration.ofSeconds(1));
+
+			channel.runPendingTasks();
 
 			assertThat(recorder.pendingSuccessCounter)
 					.as("pending success")
-					.isEqualTo(1);
+					.isEqualTo(2);
 
 			assertThat(recorder.pendingErrorCounter)
 					.as("pending errors")