diff --git a/homeassistant/components/esphome/__init__.py b/homeassistant/components/esphome/__init__.py
index 76f218d3668..afaefe117ba 100644
--- a/homeassistant/components/esphome/__init__.py
+++ b/homeassistant/components/esphome/__init__.py
@@ -425,14 +425,20 @@ async def async_setup_entry(  # noqa: C901
             _async_check_firmware_version(hass, device_info, entry_data.api_version)
             _async_check_using_api_password(hass, device_info, bool(password))
 
-    async def on_disconnect() -> None:
+    async def on_disconnect(expected_disconnect: bool) -> None:
         """Run disconnect callbacks on API disconnect."""
         name = entry_data.device_info.name if entry_data.device_info else host
-        _LOGGER.debug("%s: %s disconnected, running disconnected callbacks", name, host)
+        _LOGGER.debug(
+            "%s: %s disconnected (expected=%s), running disconnected callbacks",
+            name,
+            host,
+            expected_disconnect,
+        )
         for disconnect_cb in entry_data.disconnect_callbacks:
             disconnect_cb()
         entry_data.disconnect_callbacks = []
         entry_data.available = False
+        entry_data.expected_disconnect = expected_disconnect
         # Mark state as stale so that we will always dispatch
         # the next state update of that type when the device reconnects
         entry_data.stale_state = {
diff --git a/homeassistant/components/esphome/entity.py b/homeassistant/components/esphome/entity.py
index dbb16fe481d..15c136f17c3 100644
--- a/homeassistant/components/esphome/entity.py
+++ b/homeassistant/components/esphome/entity.py
@@ -259,7 +259,7 @@ class EsphomeEntity(Entity, Generic[_InfoT, _StateT]):
         if self._device_info.has_deep_sleep:
             # During deep sleep the ESP will not be connectable (by design)
             # For these cases, show it as available
-            return True
+            return self._entry_data.expected_disconnect
 
         return self._entry_data.available
 
diff --git a/homeassistant/components/esphome/entry_data.py b/homeassistant/components/esphome/entry_data.py
index e0d989c4b8b..a7c81543a94 100644
--- a/homeassistant/components/esphome/entry_data.py
+++ b/homeassistant/components/esphome/entry_data.py
@@ -94,6 +94,7 @@ class RuntimeEntryData:
     info: dict[type[EntityInfo], dict[int, EntityInfo]] = field(default_factory=dict)
     services: dict[int, UserService] = field(default_factory=dict)
     available: bool = False
+    expected_disconnect: bool = False  # Last disconnect was expected (e.g. deep sleep)
     device_info: DeviceInfo | None = None
     api_version: APIVersion = field(default_factory=APIVersion)
     cleanup_callbacks: list[Callable[[], None]] = field(default_factory=list)
diff --git a/homeassistant/components/esphome/manifest.json b/homeassistant/components/esphome/manifest.json
index 928bd851ca1..de47c904dd7 100644
--- a/homeassistant/components/esphome/manifest.json
+++ b/homeassistant/components/esphome/manifest.json
@@ -15,7 +15,7 @@
   "iot_class": "local_push",
   "loggers": ["aioesphomeapi", "noiseprotocol"],
   "requirements": [
-    "aioesphomeapi==14.1.1",
+    "aioesphomeapi==15.0.0",
     "bluetooth-data-tools==1.2.0",
     "esphome-dashboard-api==1.2.3"
   ],
diff --git a/requirements_all.txt b/requirements_all.txt
index 171f8b04a41..e67b8e2d7db 100644
--- a/requirements_all.txt
+++ b/requirements_all.txt
@@ -234,7 +234,7 @@ aioecowitt==2023.5.0
 aioemonitor==1.0.5
 
 # homeassistant.components.esphome
-aioesphomeapi==14.1.1
+aioesphomeapi==15.0.0
 
 # homeassistant.components.flo
 aioflo==2021.11.0
diff --git a/requirements_test_all.txt b/requirements_test_all.txt
index 5f1cd19dfb6..b0ced104c69 100644
--- a/requirements_test_all.txt
+++ b/requirements_test_all.txt
@@ -212,7 +212,7 @@ aioecowitt==2023.5.0
 aioemonitor==1.0.5
 
 # homeassistant.components.esphome
-aioesphomeapi==14.1.1
+aioesphomeapi==15.0.0
 
 # homeassistant.components.flo
 aioflo==2021.11.0