diff --git a/packages/block-library/src/image/block.json b/packages/block-library/src/image/block.json
index 7c8b2c2715c99a..fad94a62e5a755 100644
--- a/packages/block-library/src/image/block.json
+++ b/packages/block-library/src/image/block.json
@@ -64,10 +64,10 @@
 			"__experimentalRole": "content"
 		},
 		"width": {
-			"type": "number"
+			"type": "string"
 		},
 		"height": {
-			"type": "number"
+			"type": "string"
 		},
 		"aspectRatio": {
 			"type": "string"
diff --git a/packages/block-library/src/image/deprecated.js b/packages/block-library/src/image/deprecated.js
index edbabd7fb2d835..d159009b173739 100644
--- a/packages/block-library/src/image/deprecated.js
+++ b/packages/block-library/src/image/deprecated.js
@@ -740,4 +740,211 @@ const v6 = {
 	},
 };
 
-export default [ v6, v5, v4, v3, v2, v1 ];
+/**
+ * Deprecation for converting to string width and height block attributes and
+ * removing the width and height img element attributes which are not needed
+ * as they get added by the TODO hook.
+ *
+ * @see https://github.com/WordPress/gutenberg/pull/53274
+ */
+const v7 = {
+	attributes: {
+		align: {
+			type: 'string',
+		},
+		url: {
+			type: 'string',
+			source: 'attribute',
+			selector: 'img',
+			attribute: 'src',
+			__experimentalRole: 'content',
+		},
+		alt: {
+			type: 'string',
+			source: 'attribute',
+			selector: 'img',
+			attribute: 'alt',
+			default: '',
+			__experimentalRole: 'content',
+		},
+		caption: {
+			type: 'string',
+			source: 'html',
+			selector: 'figcaption',
+			__experimentalRole: 'content',
+		},
+		title: {
+			type: 'string',
+			source: 'attribute',
+			selector: 'img',
+			attribute: 'title',
+			__experimentalRole: 'content',
+		},
+		href: {
+			type: 'string',
+			source: 'attribute',
+			selector: 'figure > a',
+			attribute: 'href',
+			__experimentalRole: 'content',
+		},
+		rel: {
+			type: 'string',
+			source: 'attribute',
+			selector: 'figure > a',
+			attribute: 'rel',
+		},
+		linkClass: {
+			type: 'string',
+			source: 'attribute',
+			selector: 'figure > a',
+			attribute: 'class',
+		},
+		id: {
+			type: 'number',
+			__experimentalRole: 'content',
+		},
+		width: {
+			type: 'number',
+		},
+		height: {
+			type: 'number',
+		},
+		aspectRatio: {
+			type: 'string',
+		},
+		scale: {
+			type: 'string',
+		},
+		sizeSlug: {
+			type: 'string',
+		},
+		linkDestination: {
+			type: 'string',
+		},
+		linkTarget: {
+			type: 'string',
+			source: 'attribute',
+			selector: 'figure > a',
+			attribute: 'target',
+		},
+	},
+	supports: {
+		anchor: true,
+		behaviors: {
+			lightbox: true,
+		},
+		color: {
+			text: false,
+			background: false,
+		},
+		filter: {
+			duotone: true,
+		},
+		__experimentalBorder: {
+			color: true,
+			radius: true,
+			width: true,
+			__experimentalSkipSerialization: true,
+			__experimentalDefaultControls: {
+				color: true,
+				radius: true,
+				width: true,
+			},
+		},
+	},
+	migrate( { width, height, ...attributes } ) {
+		return {
+			...attributes,
+			width: `${ width }px`,
+			height: `${ height }px`,
+		};
+	},
+	save( { attributes } ) {
+		const {
+			url,
+			alt,
+			caption,
+			align,
+			href,
+			rel,
+			linkClass,
+			width,
+			height,
+			aspectRatio,
+			scale,
+			id,
+			linkTarget,
+			sizeSlug,
+			title,
+		} = attributes;
+
+		const newRel = ! rel ? undefined : rel;
+		const borderProps = getBorderClassesAndStyles( attributes );
+
+		const classes = classnames( {
+			[ `align${ align }` ]: align,
+			[ `size-${ sizeSlug }` ]: sizeSlug,
+			'is-resized': width || height,
+			'has-custom-border':
+				!! borderProps.className ||
+				( borderProps.style &&
+					Object.keys( borderProps.style ).length > 0 ),
+		} );
+
+		const imageClasses = classnames( borderProps.className, {
+			[ `wp-image-${ id }` ]: !! id,
+		} );
+
+		const image = (
+			<img
+				src={ url }
+				alt={ alt }
+				className={ imageClasses || undefined }
+				style={ {
+					...borderProps.style,
+					aspectRatio,
+					objectFit: scale,
+					width,
+					height,
+				} }
+				width={ width }
+				height={ height }
+				title={ title }
+			/>
+		);
+
+		const figure = (
+			<>
+				{ href ? (
+					<a
+						className={ linkClass }
+						href={ href }
+						target={ linkTarget }
+						rel={ newRel }
+					>
+						{ image }
+					</a>
+				) : (
+					image
+				) }
+				{ ! RichText.isEmpty( caption ) && (
+					<RichText.Content
+						className={ __experimentalGetElementClassName(
+							'caption'
+						) }
+						tagName="figcaption"
+						value={ caption }
+					/>
+				) }
+			</>
+		);
+
+		return (
+			<figure { ...useBlockProps.save( { className: classes } ) }>
+				{ figure }
+			</figure>
+		);
+	},
+};
+
+export default [ v7, v6, v5, v4, v3, v2, v1 ];
diff --git a/packages/block-library/src/image/image.js b/packages/block-library/src/image/image.js
index 5fe5c93f4199b4..a880c20ed59ab9 100644
--- a/packages/block-library/src/image/image.js
+++ b/packages/block-library/src/image/image.js
@@ -114,6 +114,11 @@ export default function Image( {
 		linkTarget,
 		sizeSlug,
 	} = attributes;
+
+	// The only supported unit is px, so we can parseInt to strip the px here.
+	const numericWidth = width ? parseInt( width, 10 ) : undefined;
+	const numericHeight = height ? parseInt( height, 10 ) : undefined;
+
 	const imageRef = useRef();
 	const prevCaption = usePrevious( caption );
 	const [ showCaption, setShowCaption ] = useState( !! caption );
@@ -473,23 +478,14 @@ export default function Image( {
 						</ToolsPanelItem>
 					) }
 					<DimensionsTool
-						value={ {
-							width: width && `${ width }px`,
-							height: height && `${ height }px`,
-							scale,
-							aspectRatio,
-						} }
+						value={ { width, height, scale, aspectRatio } }
 						onChange={ ( newValue ) => {
 							// Rebuilding the object forces setting `undefined`
 							// for values that are removed since setAttributes
 							// doesn't do anything with keys that aren't set.
 							setAttributes( {
-								width:
-									newValue.width &&
-									parseInt( newValue.width, 10 ),
-								height:
-									newValue.height &&
-									parseInt( newValue.height, 10 ),
+								width: newValue.width,
+								height: newValue.height,
 								scale: newValue.scale,
 								aspectRatio: newValue.aspectRatio,
 							} );
@@ -587,8 +583,8 @@ export default function Image( {
 			<ImageEditor
 				id={ id }
 				url={ url }
-				width={ width }
-				height={ height }
+				width={ numericWidth }
+				height={ numericHeight }
 				clientWidth={ fallbackClientWidth }
 				naturalHeight={ naturalHeight }
 				naturalWidth={ naturalWidth }
@@ -604,14 +600,18 @@ export default function Image( {
 	} else if ( ! isResizable ) {
 		img = <div style={ { width, height, aspectRatio } }>{ img }</div>;
 	} else {
+		const numericRatio = aspectRatio && evalAspectRatio( aspectRatio );
+		const customRatio = numericWidth / numericHeight;
 		const ratio =
-			( aspectRatio && evalAspectRatio( aspectRatio ) ) ||
-			( width && height && width / height ) ||
-			naturalWidth / naturalHeight ||
-			1;
-
-		const currentWidth = ! width && height ? height * ratio : width;
-		const currentHeight = ! height && width ? width / ratio : height;
+			numericRatio || customRatio || naturalWidth / naturalHeight || 1;
+		const currentWidth =
+			! numericWidth && numericHeight
+				? numericHeight * ratio
+				: numericWidth;
+		const currentHeight =
+			! numericHeight && numericWidth
+				? numericWidth / ratio
+				: numericHeight;
 
 		const minWidth =
 			naturalWidth < naturalHeight ? MIN_SIZE : MIN_SIZE * ratio;
@@ -687,10 +687,14 @@ export default function Image( {
 				onResizeStart={ onResizeStart }
 				onResizeStop={ ( event, direction, elt ) => {
 					onResizeStop();
+					// Since the aspect ratio is locked when resizing, we can
+					// use the width of the resized element to calculate the
+					// height in CSS to prevent stretching when the max-width
+					// is reached.
 					setAttributes( {
-						width: elt.offsetWidth,
-						height: elt.offsetHeight,
-						aspectRatio: undefined,
+						width: `${ elt.offsetWidth }px`,
+						height: 'auto',
+						aspectRatio: `${ ratio }`,
 					} );
 				} }
 				resizeRatio={ align === 'center' ? 2 : 1 }
diff --git a/packages/block-library/src/image/save.js b/packages/block-library/src/image/save.js
index 6fa8c6b2342f32..81565af09ababf 100644
--- a/packages/block-library/src/image/save.js
+++ b/packages/block-library/src/image/save.js
@@ -61,8 +61,6 @@ export default function save( { attributes } ) {
 				width,
 				height,
 			} }
-			width={ width }
-			height={ height }
 			title={ title }
 		/>
 	);
diff --git a/test/integration/fixtures/blocks/core__image__deprecated-v2-add-is-resized-class.serialized.html b/test/integration/fixtures/blocks/core__image__deprecated-v2-add-is-resized-class.serialized.html
index 7ce56e11fa75e9..9a66da6c018989 100644
--- a/test/integration/fixtures/blocks/core__image__deprecated-v2-add-is-resized-class.serialized.html
+++ b/test/integration/fixtures/blocks/core__image__deprecated-v2-add-is-resized-class.serialized.html
@@ -1,3 +1,3 @@
 <!-- wp:image {"align":"left","width":100,"height":100} -->
-<figure class="wp-block-image alignleft is-resized"><img src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAACklEQVR4nGMAAQAABQABDQottAAAAABJRU5ErkJggg==" alt="" style="width:100px;height:100px" width="100" height="100"/></figure>
+<figure class="wp-block-image alignleft is-resized"><img src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAACklEQVR4nGMAAQAABQABDQottAAAAABJRU5ErkJggg==" alt="" style="width:100px;height:100px"/></figure>
 <!-- /wp:image -->
diff --git a/test/integration/fixtures/blocks/core__image__deprecated-v3-add-align-wrapper.serialized.html b/test/integration/fixtures/blocks/core__image__deprecated-v3-add-align-wrapper.serialized.html
index 7ce56e11fa75e9..9a66da6c018989 100644
--- a/test/integration/fixtures/blocks/core__image__deprecated-v3-add-align-wrapper.serialized.html
+++ b/test/integration/fixtures/blocks/core__image__deprecated-v3-add-align-wrapper.serialized.html
@@ -1,3 +1,3 @@
 <!-- wp:image {"align":"left","width":100,"height":100} -->
-<figure class="wp-block-image alignleft is-resized"><img src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAACklEQVR4nGMAAQAABQABDQottAAAAABJRU5ErkJggg==" alt="" style="width:100px;height:100px" width="100" height="100"/></figure>
+<figure class="wp-block-image alignleft is-resized"><img src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAACklEQVR4nGMAAQAABQABDQottAAAAABJRU5ErkJggg==" alt="" style="width:100px;height:100px"/></figure>
 <!-- /wp:image -->
diff --git a/test/integration/fixtures/blocks/core__image__deprecated-v4-remove-align-wrapper.serialized.html b/test/integration/fixtures/blocks/core__image__deprecated-v4-remove-align-wrapper.serialized.html
index cfdc52e3cbb6ea..99da2155bce88f 100644
--- a/test/integration/fixtures/blocks/core__image__deprecated-v4-remove-align-wrapper.serialized.html
+++ b/test/integration/fixtures/blocks/core__image__deprecated-v4-remove-align-wrapper.serialized.html
@@ -1,3 +1,3 @@
 <!-- wp:image {"align":"left","id":13,"width":358,"height":164,"sizeSlug":"large","linkDestination":"none"} -->
-<figure class="wp-block-image alignleft size-large is-resized"><img src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAACklEQVR4nGMAAQAABQABDQottAAAAABJRU5ErkJggg==" alt="" class="wp-image-13" style="width:358px;height:164px" width="358" height="164"/></figure>
+<figure class="wp-block-image alignleft size-large is-resized"><img src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAACklEQVR4nGMAAQAABQABDQottAAAAABJRU5ErkJggg==" alt="" class="wp-image-13" style="width:358px;height:164px"/></figure>
 <!-- /wp:image -->
diff --git a/test/integration/fixtures/blocks/core__image__deprecated-v6-add-style-width-height.serialized.html b/test/integration/fixtures/blocks/core__image__deprecated-v6-add-style-width-height.serialized.html
index ad70fe65f35827..807ba3abc9f9ce 100644
--- a/test/integration/fixtures/blocks/core__image__deprecated-v6-add-style-width-height.serialized.html
+++ b/test/integration/fixtures/blocks/core__image__deprecated-v6-add-style-width-height.serialized.html
@@ -1,3 +1,3 @@
 <!-- wp:image {"align":"left","width":164,"height":164,"sizeSlug":"large","className":"is-style-rounded","style":{"border":{"radius":"100%"}}} -->
-<figure class="wp-block-image alignleft size-large is-resized has-custom-border is-style-rounded"><img src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAACklEQVR4nGMAAQAABQABDQottAAAAABJRU5ErkJggg==" alt="" style="border-radius:100%;width:164px;height:164px" width="164" height="164"/></figure>
+<figure class="wp-block-image alignleft size-large is-resized has-custom-border is-style-rounded"><img src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAACklEQVR4nGMAAQAABQABDQottAAAAABJRU5ErkJggg==" alt="" style="border-radius:100%;width:164px;height:164px"/></figure>
 <!-- /wp:image -->
diff --git a/test/integration/fixtures/blocks/core__image__deprecated-v7-string-width-height-attributes.html b/test/integration/fixtures/blocks/core__image__deprecated-v7-string-width-height-attributes.html
new file mode 100644
index 00000000000000..7210aee3564b5f
--- /dev/null
+++ b/test/integration/fixtures/blocks/core__image__deprecated-v7-string-width-height-attributes.html
@@ -0,0 +1,3 @@
+<!-- wp:image {"width":164,"height":164,"sizeSlug":"large"} -->
+<figure class="wp-block-image size-large is-resized"><img src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAACklEQVR4nGMAAQAABQABDQottAAAAABJRU5ErkJggg==" alt="" style="width:164px;height:164px;" width="164" height="164"/></figure>
+<!-- /wp:image -->
diff --git a/test/integration/fixtures/blocks/core__image__deprecated-v7-string-width-height-attributes.json b/test/integration/fixtures/blocks/core__image__deprecated-v7-string-width-height-attributes.json
new file mode 100644
index 00000000000000..b49c515f8e5ab6
--- /dev/null
+++ b/test/integration/fixtures/blocks/core__image__deprecated-v7-string-width-height-attributes.json
@@ -0,0 +1,15 @@
+[
+	{
+		"name": "core/image",
+		"isValid": true,
+		"attributes": {
+			"url": "data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAACklEQVR4nGMAAQAABQABDQottAAAAABJRU5ErkJggg==",
+			"alt": "",
+			"caption": "",
+			"sizeSlug": "large",
+			"width": "164px",
+			"height": "164px"
+		},
+		"innerBlocks": []
+	}
+]
diff --git a/test/integration/fixtures/blocks/core__image__deprecated-v7-string-width-height-attributes.parsed.json b/test/integration/fixtures/blocks/core__image__deprecated-v7-string-width-height-attributes.parsed.json
new file mode 100644
index 00000000000000..fbd8627807b3da
--- /dev/null
+++ b/test/integration/fixtures/blocks/core__image__deprecated-v7-string-width-height-attributes.parsed.json
@@ -0,0 +1,15 @@
+[
+	{
+		"blockName": "core/image",
+		"attrs": {
+			"width": 164,
+			"height": 164,
+			"sizeSlug": "large"
+		},
+		"innerBlocks": [],
+		"innerHTML": "\n<figure class=\"wp-block-image size-large is-resized\"><img src=\"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAACklEQVR4nGMAAQAABQABDQottAAAAABJRU5ErkJggg==\" alt=\"\" style=\"width:164px;height:164px;\" width=\"164\" height=\"164\"/></figure>\n",
+		"innerContent": [
+			"\n<figure class=\"wp-block-image size-large is-resized\"><img src=\"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAACklEQVR4nGMAAQAABQABDQottAAAAABJRU5ErkJggg==\" alt=\"\" style=\"width:164px;height:164px;\" width=\"164\" height=\"164\"/></figure>\n"
+		]
+	}
+]
diff --git a/test/integration/fixtures/blocks/core__image__deprecated-v7-string-width-height-attributes.serialized.html b/test/integration/fixtures/blocks/core__image__deprecated-v7-string-width-height-attributes.serialized.html
new file mode 100644
index 00000000000000..5392d261af89d6
--- /dev/null
+++ b/test/integration/fixtures/blocks/core__image__deprecated-v7-string-width-height-attributes.serialized.html
@@ -0,0 +1,3 @@
+<!-- wp:image {"width":"164px","height":"164px","sizeSlug":"large"} -->
+<figure class="wp-block-image size-large is-resized"><img src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAACklEQVR4nGMAAQAABQABDQottAAAAABJRU5ErkJggg==" alt="" style="width:164px;height:164px"/></figure>
+<!-- /wp:image -->