diff --git a/web3.js/.eslintignore b/web3.js/.eslintignore
index ae9d81a32cba7c..129d3c45a49748 100644
--- a/web3.js/.eslintignore
+++ b/web3.js/.eslintignore
@@ -1,5 +1,6 @@
 /commitlint.config.js
 /coverage
+/declarations
 /deploy
 /doc
 /lib
diff --git a/web3.js/.gitignore b/web3.js/.gitignore
index c158f7d5046350..5aa70419051934 100644
--- a/web3.js/.gitignore
+++ b/web3.js/.gitignore
@@ -27,3 +27,6 @@ test-ledger/
 
 # Flow
 module.flow.js
+
+# TypeScript
+declarations
diff --git a/web3.js/.prettierignore b/web3.js/.prettierignore
index d846c4ba2e8373..9c0b04c435e88a 100644
--- a/web3.js/.prettierignore
+++ b/web3.js/.prettierignore
@@ -1,2 +1,3 @@
 test/dist
 module.flow.js
+declarations
diff --git a/web3.js/package-lock.json b/web3.js/package-lock.json
index 60458bb263caa2..dfc3dcc1b345c5 100644
--- a/web3.js/package-lock.json
+++ b/web3.js/package-lock.json
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-          "integrity": "sha512-zbB9rCJAT1rbjiVDb2hqKFHNYLxgtk8NURxZ3IZwD3F6NtxbXZQCnnSi1Lkx+IDohdPlFp222wVALIheZJQSEg==",
-          "dev": true,
-          "requires": {
-            "color-convert": "^2.0.1"
-          }
-        },
-        "chalk": {
-          "version": "4.1.0",
-          "resolved": "https://registry.npmjs.org/chalk/-/chalk-4.1.0.tgz",
-          "integrity": "sha512-qwx12AxXe2Q5xQ43Ac//I6v5aXTipYrSESdOgzrN+9XjgEpyjpKuvSGaN4qE93f7TQTlerQQ8S+EQ0EyDoVL1A==",
-          "dev": true,
-          "requires": {
-            "ansi-styles": "^4.1.0",
-            "supports-color": "^7.1.0"
-          }
-        },
-        "color-convert": {
-          "version": "2.0.1",
-          "resolved": "https://registry.npmjs.org/color-convert/-/color-convert-2.0.1.tgz",
-          "integrity": "sha512-RRECPsj7iu/xb5oKYcsFHSppFNnsj/52OVTRKb4zP5onXwVF3zVmmToNcOfGC+CRDpfK/U584fMg38ZHCaElKQ==",
-          "dev": true,
-          "requires": {
-            "color-name": "~1.1.4"
-          }
-        },
-        "color-name": {
-          "version": "1.1.4",
-          "resolved": "https://registry.npmjs.org/color-name/-/color-name-1.1.4.tgz",
-          "integrity": "sha512-dOy+3AuW3a2wNbZHIuMZpTcgjGuLU/uBL/ubcZF9OXbDo8ff4O8yVp5Bf0efS8uEoYo5q4Fx7dY9OgQGXgAsQA==",
-          "dev": true
-        },
-        "has-flag": {
-          "version": "4.0.0",
-          "resolved": "https://registry.npmjs.org/has-flag/-/has-flag-4.0.0.tgz",
-          "integrity": "sha512-EykJT/Q1KjTWctppgIAgfSO0tKVuZUjhgMr17kqTumMl6Afv3EISleU7qZUzoXDFTAHTDC4NOoG/ZxU3EvlMPQ==",
-          "dev": true
-        },
-        "picomatch": {
-          "version": "2.2.2",
-          "resolved": "https://registry.npmjs.org/picomatch/-/picomatch-2.2.2.tgz",
-          "integrity": "sha512-q0M/9eZHzmr0AulXyPwNfZjtwZ/RBZlbN3K3CErVrk50T2ASYI7Bye0EvekFY3IP1Nt2DHu0re+V2ZHIpMkuWg==",
-          "dev": true
-        },
-        "semver": {
-          "version": "6.3.0",
-          "resolved": "https://registry.npmjs.org/semver/-/semver-6.3.0.tgz",
-          "integrity": "sha512-b39TBaTSfV6yBrapU89p5fKekE2m/NwnDocOVruQFS1/veMgdzuPcnOM34M6CwxW8jH/lxEa5rBoDeUwu5HHTw==",
-          "dev": true
-        },
-        "supports-color": {
-          "version": "7.2.0",
-          "resolved": "https://registry.npmjs.org/supports-color/-/supports-color-7.2.0.tgz",
-          "integrity": "sha512-qpCAvRl9stuOHveKsn7HncJRvv501qIacKzQlO/+Lwxc9+0q2wLyv4Dfvt80/DPn2pqOBsJdDiogXGR9+OvwRw==",
-          "dev": true,
-          "requires": {
-            "has-flag": "^4.0.0"
-          }
-        }
-      }
-    },
     "rollup-pluginutils": {
       "version": "2.8.2",
       "resolved": "https://registry.npmjs.org/rollup-pluginutils/-/rollup-pluginutils-2.8.2.tgz",
@@ -17468,12 +17161,6 @@
       "integrity": "sha1-uk99si2RU0oZKdkACdzhYety/T8=",
       "dev": true
     },
-    "ua-parser-js": {
-      "version": "0.7.24",
-      "resolved": "https://registry.npmjs.org/ua-parser-js/-/ua-parser-js-0.7.24.tgz",
-      "integrity": "sha512-yo+miGzQx5gakzVK3QFfN0/L9uVhosXBBO7qmnk7c2iw1IhL212wfA3zbnI54B0obGwC/5NWub/iT9sReMx+Fw==",
-      "dev": true
-    },
     "uglify-js": {
       "version": "3.13.0",
       "resolved": "https://registry.npmjs.org/uglify-js/-/uglify-js-3.13.0.tgz",
diff --git a/web3.js/package.json b/web3.js/package.json
index 258cb4254d7590..655d671979d4e3 100644
--- a/web3.js/package.json
+++ b/web3.js/package.json
@@ -25,7 +25,7 @@
   },
   "main": "lib/index.cjs.js",
   "module": "lib/index.esm.js",
-  "types": "lib/types/index.d.ts",
+  "types": "lib/index.d.ts",
   "browserslist": [
     "defaults",
     "not IE 11",
@@ -37,7 +37,7 @@
     "/src"
   ],
   "scripts": {
-    "build": "cross-env NODE_ENV=production rollup -c; npm run flowgen",
+    "build": "npm run clean; cross-env NODE_ENV=production rollup -c; npm run generate:dts; npm run generate:flow",
     "build:browser-test": "rollup -c test/rollup.config.js",
     "build:fixtures": "set -ex; ./test/fixtures/noop-program/build.sh",
     "clean": "rimraf ./coverage ./lib",
@@ -45,7 +45,8 @@
     "dev": "cross-env NODE_ENV=development rollup -c",
     "doc": "set -ex; typedoc",
     "doc:watch": "watch 'npm run doc' . --wait=1 --ignoreDirectoryPattern=/doc/",
-    "flowgen": "./scripts/flowgen.sh",
+    "generate:dts": "./scripts/typegen.sh",
+    "generate:flow": "flowgen lib/index.d.ts -o module.flow.js",
     "lint": "set -ex; npm run pretty; eslint . --ext .js,.ts",
     "lint:fix": "npm run pretty:fix && eslint . --fix",
     "lint:watch": "watch 'npm run lint:fix' . --wait=1 --ignoreDirectoryPattern=/doc/",
@@ -126,10 +127,9 @@
     "prettier": "^2.0.0",
     "rimraf": "3.0.2",
     "rollup": "2.43.1",
-    "rollup-plugin-flat-dts": "^1.0.3",
+    "rollup-plugin-dts": "^3.0.1",
     "rollup-plugin-node-polyfills": "^0.2.1",
     "rollup-plugin-terser": "^7.0.2",
-    "rollup-plugin-ts": "^1.3.7",
     "semantic-release": "^17.0.2",
     "sinon": "^10.0.0",
     "start-server-and-test": "^1.12.0",
diff --git a/web3.js/rollup.config.js b/web3.js/rollup.config.js
index 808fb16ad1d5e9..e7d012b34f2c51 100644
--- a/web3.js/rollup.config.js
+++ b/web3.js/rollup.config.js
@@ -1,7 +1,6 @@
 import babel from '@rollup/plugin-babel';
 import commonjs from '@rollup/plugin-commonjs';
 import json from '@rollup/plugin-json';
-import typescript from 'rollup-plugin-ts';
 import nodeResolve from '@rollup/plugin-node-resolve';
 import nodePolyfills from 'rollup-plugin-node-polyfills';
 import replace from '@rollup/plugin-replace';
@@ -13,7 +12,6 @@ const extensions = ['.js', '.ts'];
 function generateConfig(configType, format) {
   const browser = configType === 'browser';
   const bundle = format === 'iife';
-  const generateTypescript = configType === 'typescript';
 
   const config = {
     input: 'src/index.ts',
@@ -25,12 +23,6 @@ function generateConfig(configType, format) {
         extensions,
         preferBuiltins: !browser,
       }),
-      generateTypescript
-        ? typescript({
-            browserslist: false,
-            tsconfig: './tsconfig.d.json',
-          })
-        : undefined,
       babel({
         exclude: '**/node_modules/**',
         extensions,
@@ -145,12 +137,6 @@ function generateConfig(configType, format) {
         },
       ];
       break;
-    case 'typescript':
-      config.output = {
-        file: 'lib/types/index.d.ts',
-      };
-      config.plugins.push(json());
-      break;
     default:
       throw new Error(`Unknown configType: ${configType}`);
   }
@@ -160,7 +146,6 @@ function generateConfig(configType, format) {
 
 export default [
   generateConfig('node'),
-  generateConfig('typescript'),
   generateConfig('browser', 'esm'),
   generateConfig('browser', 'iife'),
 ];
diff --git a/web3.js/rollup.config.types.js b/web3.js/rollup.config.types.js
new file mode 100644
index 00000000000000..7716ae924905df
--- /dev/null
+++ b/web3.js/rollup.config.types.js
@@ -0,0 +1,7 @@
+import dts from 'rollup-plugin-dts';
+
+export default {
+  input: './declarations/index.d.ts',
+  output: [{file: 'lib/index.d.ts', format: 'es'}],
+  plugins: [dts()],
+};
diff --git a/web3.js/scripts/flowgen.sh b/web3.js/scripts/flowgen.sh
deleted file mode 100755
index 91fb66c783e4ef..00000000000000
--- a/web3.js/scripts/flowgen.sh
+++ /dev/null
@@ -1,16 +0,0 @@
-set -ex
-
-# Generate flowdef
-npx flowgen lib/types/index.d.ts -o module.flow.js
-
-# Remove trailing export
-sed -i '/declare export {/{:a;N;/}/!ba};//g' module.flow.js
-
-# Change all declarations to exports
-sed -i 's/declare/declare export/g' module.flow.js
-
-# Prepend declare module line
-sed -i '7s;^;declare module "@solana/web3.js" {\n;' module.flow.js
-
-# Append closing brace for module declaration
-echo '}' >> module.flow.js
diff --git a/web3.js/scripts/typegen.sh b/web3.js/scripts/typegen.sh
new file mode 100755
index 00000000000000..d98df5c50ed5d8
--- /dev/null
+++ b/web3.js/scripts/typegen.sh
@@ -0,0 +1,19 @@
+set -e
+
+# Generate typescript declarations
+npx tsc -p tsconfig.d.json -d
+
+# Flatten typescript declarations
+npx rollup -c rollup.config.types.js
+
+# Replace export with closing brace for module declaration
+sed -i '$s/export {.*};/}/' lib/index.d.ts
+
+# Replace declare's with export's
+sed -i 's/declare/export/g' lib/index.d.ts
+
+# Prepend declare module line
+sed -i '2s;^;declare module "@solana/web3.js" {\n;' lib/index.d.ts
+
+# Run prettier
+npx prettier --write lib/index.d.ts
diff --git a/web3.js/test/connection.test.ts b/web3.js/test/connection.test.ts
index 178ff04c724fda..2ba430aa94fa3b 100644
--- a/web3.js/test/connection.test.ts
+++ b/web3.js/test/connection.test.ts
@@ -1417,6 +1417,7 @@ describe('Connection', () => {
       const newAccount = new Account().publicKey;
 
       let testToken: Token;
+      let testTokenPubkey: PublicKey;
       let testTokenAccount: PublicKey;
       let testSignature: TransactionSignature;
       let testOwner: Account;
@@ -1474,11 +1475,11 @@ describe('Connection', () => {
         testOwner = accountOwner;
         testToken = token;
         testTokenAccount = tokenAccount as PublicKey;
+        testTokenPubkey = testToken.publicKey as PublicKey;
       });
 
       it('get token supply', async () => {
-        const supply = (await connection.getTokenSupply(testToken.publicKey))
-          .value;
+        const supply = (await connection.getTokenSupply(testTokenPubkey)).value;
         expect(supply.uiAmount).to.eq(111.11);
         expect(supply.decimals).to.eq(2);
         expect(supply.amount).to.eq('11111');
@@ -1488,7 +1489,7 @@ describe('Connection', () => {
 
       it('get token largest accounts', async () => {
         const largestAccounts = (
-          await connection.getTokenLargestAccounts(testToken.publicKey)
+          await connection.getTokenLargestAccounts(testTokenPubkey)
         ).value;
 
         expect(largestAccounts).to.have.length(2);
@@ -1575,7 +1576,7 @@ describe('Connection', () => {
       it('get parsed token accounts by owner', async () => {
         const tokenAccounts = (
           await connection.getParsedTokenAccountsByOwner(testOwner.publicKey, {
-            mint: testToken.publicKey,
+            mint: testTokenPubkey,
           })
         ).value;
         tokenAccounts.forEach(({account}) => {
@@ -1593,7 +1594,7 @@ describe('Connection', () => {
       it('get token accounts by owner', async () => {
         const accountsWithMintFilter = (
           await connection.getTokenAccountsByOwner(testOwner.publicKey, {
-            mint: testToken.publicKey,
+            mint: testTokenPubkey,
           })
         ).value;
         expect(accountsWithMintFilter).to.have.length(2);
@@ -1607,7 +1608,7 @@ describe('Connection', () => {
 
         const noAccounts = (
           await connection.getTokenAccountsByOwner(newAccount, {
-            mint: testToken.publicKey,
+            mint: testTokenPubkey,
           })
         ).value;
         expect(noAccounts).to.have.length(0);
diff --git a/web3.js/tsconfig.d.json b/web3.js/tsconfig.d.json
index 8283ec15d27a9b..921c47b4b32739 100644
--- a/web3.js/tsconfig.d.json
+++ b/web3.js/tsconfig.d.json
@@ -1,6 +1,7 @@
 {
   "extends": "./tsconfig.json",
   "compilerOptions": {
-    "stripInternal": true,
+    "emitDeclarationOnly": true,
+    "stripInternal": true
   }
 }
diff --git a/web3.js/tsconfig.json b/web3.js/tsconfig.json
index 987383d15024e9..c6af4c4f1b1c54 100644
--- a/web3.js/tsconfig.json
+++ b/web3.js/tsconfig.json
@@ -4,8 +4,7 @@
     "allowJs": true,
     "skipLibCheck": true,
     "declaration": true,
-    "declarationMap": true,
-    "declarationDir": "lib/types",
+    "declarationDir": "declarations",
     "esModuleInterop": true,
     "allowSyntheticDefaultImports": true,
     "strict": true,
@@ -16,11 +15,7 @@
     "isolatedModules": true,
     "baseUrl": "src",
     "noFallthroughCasesInSwitch": true,
-    "noImplicitReturns": true,
-    "paths": {
-      // This is needed so that @solana/spl-token's @solana/web3.js doesn't conflict
-      "@solana/web3.js": ["."]
-    }
+    "noImplicitReturns": true
   },
   "include": ["src"]
 }