diff --git a/param/_utils.py b/param/_utils.py
index 4fdc71c9..70b20b14 100644
--- a/param/_utils.py
+++ b/param/_utils.py
@@ -1,22 +1,30 @@
+from __future__ import annotations
+
 import asyncio
 import collections
 import contextvars
 import datetime as dt
-import inspect
 import functools
+import inspect
 import numbers
 import os
 import re
 import sys
 import traceback
 import warnings
-
-from collections import defaultdict, OrderedDict
+from collections import OrderedDict, abc, defaultdict
 from contextlib import contextmanager
 from numbers import Real
 from textwrap import dedent
 from threading import get_ident
-from collections import abc
+from typing import TYPE_CHECKING, Callable, TypeVar
+
+if TYPE_CHECKING:
+    from typing_extensions import Concatenate, ParamSpec
+
+    P = ParamSpec("P")
+    R = TypeVar("R")
+    CallableT = TypeVar("CallableT", bound=Callable)
 
 DEFAULT_SIGNATURE = inspect.Signature([
     inspect.Parameter('self', inspect.Parameter.POSITIONAL_OR_KEYWORD),
@@ -282,12 +290,14 @@ def flatten(line):
             yield element
 
 
-def accept_arguments(f):
+def accept_arguments(
+    f: Callable[Concatenate[CallableT, P], R]
+) -> Callable[P, Callable[[CallableT], R]]:
     """
     Decorator for decorators that accept arguments
     """
     @functools.wraps(f)
-    def _f(*args, **kwargs):
+    def _f(*args: P.args, **kwargs: P.kwargs) -> Callable[[CallableT], R]:
         return lambda actual_f: f(actual_f, *args, **kwargs)
     return _f
 
diff --git a/param/depends.py b/param/depends.py
index 8b4c172d..344b2b4d 100644
--- a/param/depends.py
+++ b/param/depends.py
@@ -1,16 +1,46 @@
+from __future__ import annotations
+
 import inspect
 
 from collections import defaultdict
 from functools import wraps
+from typing import TYPE_CHECKING, TypeVar, Callable, Protocol, TypedDict, overload
 
 from .parameterized import (
     Parameter, Parameterized, ParameterizedMetaclass, transform_reference,
 )
 from ._utils import accept_arguments, iscoroutinefunction
 
+if TYPE_CHECKING:
+    CallableT = TypeVar("CallableT", bound=Callable)
+    Dependency = Parameter | str
+
+    class DependencyInfo(TypedDict):
+        dependencies: tuple[Dependency, ...]
+        kw: dict[str, Dependency]
+        watch: bool
+        on_init: bool
+
+    class DependsFunc(Protocol[CallableT]):
+        _dinfo: DependencyInfo
+        __call__: CallableT
+
+@overload
+def depends(
+    *dependencies: str, watch: bool = ..., on_init: bool = ...
+) -> Callable[[CallableT], DependsFunc[CallableT]]:
+    ...
+
+@overload
+def depends(
+    *dependencies: Parameter, watch: bool = ..., on_init: bool = ..., **kw: Parameter
+) -> Callable[[CallableT], DependsFunc[CallableT]]:
+    ...
 
 @accept_arguments
-def depends(func, *dependencies, watch=False, on_init=False, **kw):
+def depends(
+    func: CallableT, /, *dependencies: Dependency, watch: bool = False, on_init: bool = False, **kw: Parameter
+) -> Callable[[CallableT], DependsFunc[CallableT]]:
     """Annotates a function or Parameterized method to express its dependencies.
 
     The specified dependencies can be either be Parameter instances or if a
@@ -117,6 +147,6 @@ def cb(*events):
     _dinfo.update({'dependencies': dependencies,
                    'kw': kw, 'watch': watch, 'on_init': on_init})
 
-    _depends._dinfo = _dinfo
+    _depends._dinfo = _dinfo  # type: ignore[attr-defined]
 
     return _depends