diff --git a/mypy/checker.py b/mypy/checker.py
index 2dd7f10e6f35..c1cb29652e88 100644
--- a/mypy/checker.py
+++ b/mypy/checker.py
@@ -395,6 +395,8 @@ class TypeChecker(NodeVisitor[None], TypeCheckerSharedApi):
 
     # A helper state to produce unique temporary names on demand.
     _unique_id: int
+    # Fake concrete type used when checking variance
+    _variance_dummy_type: Instance | None
 
     def __init__(
         self,
@@ -469,6 +471,7 @@ def __init__(
 
         self.pattern_checker = PatternChecker(self, self.msg, self.plugin, options)
         self._unique_id = 0
+        self._variance_dummy_type = None
 
     @property
     def expr_checker(self) -> mypy.checkexpr.ExpressionChecker:
@@ -2918,17 +2921,19 @@ def check_protocol_variance(self, defn: ClassDef) -> None:
         info = defn.info
         object_type = Instance(info.mro[-1], [])
         tvars = info.defn.type_vars
+        if self._variance_dummy_type is None:
+            _, dummy_info = self.make_fake_typeinfo("<dummy>", "Dummy", "Dummy", [])
+            self._variance_dummy_type = Instance(dummy_info, [])
+        dummy = self._variance_dummy_type
         for i, tvar in enumerate(tvars):
             if not isinstance(tvar, TypeVarType):
                 # Variance of TypeVarTuple and ParamSpec is underspecified by PEPs.
                 continue
             up_args: list[Type] = [
-                object_type if i == j else AnyType(TypeOfAny.special_form)
-                for j, _ in enumerate(tvars)
+                object_type if i == j else dummy.copy_modified() for j, _ in enumerate(tvars)
             ]
             down_args: list[Type] = [
-                UninhabitedType() if i == j else AnyType(TypeOfAny.special_form)
-                for j, _ in enumerate(tvars)
+                UninhabitedType() if i == j else dummy.copy_modified() for j, _ in enumerate(tvars)
             ]
             up, down = Instance(info, up_args), Instance(info, down_args)
             # TODO: add advanced variance checks for recursive protocols
diff --git a/test-data/unit/check-protocols.test b/test-data/unit/check-protocols.test
index ae6f60355512..e7971cd5b5d8 100644
--- a/test-data/unit/check-protocols.test
+++ b/test-data/unit/check-protocols.test
@@ -1373,6 +1373,19 @@ main:16: note:         def meth(self, x: int) -> int
 main:16: note:         @overload
 main:16: note:         def meth(self, x: bytes) -> str
 
+[case testProtocolWithMultiContravariantTypeVarOverloads]
+from typing import overload, Protocol, TypeVar
+
+T1 = TypeVar("T1", contravariant=True)
+T2 = TypeVar("T2", contravariant=True)
+
+class A(Protocol[T1, T2]):
+    @overload
+    def method(self, a: T1) -> None: ...
+    @overload
+    def method(self, a: T2) -> None: ...
+
+
 -- Join and meet with protocol types
 -- ---------------------------------