diff --git a/discord/ui/item.py b/discord/ui/item.py
index 958f60a7a7..491a8df344 100644
--- a/discord/ui/item.py
+++ b/discord/ui/item.py
@@ -25,7 +25,17 @@
 
 from __future__ import annotations
 
-from typing import TYPE_CHECKING, Any, Callable, Coroutine, Generic, TypeVar
+import inspect
+from typing import (
+    TYPE_CHECKING,
+    Any,
+    Callable,
+    Coroutine,
+    Generic,
+    TypeVar,
+)
+
+from typing_extensions import Self
 
 from ..interactions import Interaction
 
@@ -42,11 +52,39 @@
     from .modal import BaseModal
     from .view import BaseView
 
-I = TypeVar("I", bound="Item")
+I = TypeVar("I", bound="Item", covariant=True)
+
 T = TypeVar("T", bound="ItemInterface", covariant=True)
 V = TypeVar("V", bound="BaseView", covariant=True)
 M = TypeVar("M", bound="BaseModal", covariant=True)
+
+V_co = TypeVar("V_co", bound="BaseView", covariant=True)
+
 ItemCallbackType = Callable[[Any, I, Interaction], Coroutine[Any, Any, Any]]
+SetItemCallbackType = (
+    Callable[[Interaction], Coroutine[object, Any, Any]]
+    | Callable[[Interaction, I], Coroutine[object, Any, Any]]
+    | Callable[[Interaction, I, V], Coroutine[object, Any, Any]]
+)
+
+
+class _ProxyItemCallback:
+    def __init__(
+        self, func: SetItemCallbackType, item: ViewItem, parameters_amount: int
+    ) -> None:
+        self.func: SetItemCallbackType = func
+        self.item: ViewItem = item
+        self.parameters_amount: int = parameters_amount
+
+    def __call__(self, interaction: Interaction) -> Coroutine[Any, Any, Any]:
+        if self.parameters_amount == 1:
+            return self.func(interaction)  # type: ignore # type checker doesn't like optional params
+        elif self.parameters_amount == 2:
+            return self.func(interaction, self.item)  # type: ignore # type checker doesn't like optional params
+        elif self.parameters_amount == 3:
+            return self.func(interaction, self.item, self.item.view)  # type: ignore # type checker doesn't like optional params
+        else:
+            raise TypeError("callback must accept 1 to 3 parameters")
 
 
 class Item(Generic[T]):
@@ -124,7 +162,7 @@ def id(self, value) -> None:
         self._underlying.id = value
 
 
-class ViewItem(Item[V]):
+class ViewItem(Item[V_co], Generic[V_co]):
     """Represents an item used in Views.
 
     The following are the original items supported in :class:`discord.ui.View`:
@@ -149,7 +187,7 @@ class ViewItem(Item[V]):
 
     def __init__(self):
         super().__init__()
-        self._view: V | None = None
+        self._view: V_co | None = None
         self._row: int | None = None
         self._rendered_row: int | None = None
         self.parent: ViewItem | BaseView | None = self.view
@@ -197,7 +235,7 @@ def width(self) -> int:
         return 1
 
     @property
-    def view(self) -> V | None:
+    def view(self) -> V_co | None:
         """Gets the parent view associated with this item.
 
         The view refers to the structure that holds this item. This is typically set
@@ -227,6 +265,34 @@ async def callback(self, interaction: Interaction):
             The interaction that triggered this UI item.
         """
 
+    def set_callback(self, func: SetItemCallbackType[Self, V_co], /) -> None:
+        """Sets the callback for this item.
+
+        Parameters
+        ----------
+        func
+            The callback function to set.
+
+            This function must be a coroutine that accepts 1 to 3 parameters:
+
+            - :class:`.Interaction`, this will always be passed.
+            - :class:`.BaseView`, this will be passed if the function accepts 2 or 3 parameters.
+            - :class:`.Item`, this will be passed if the function accepts 3 parameters.
+
+        Raises
+        ------
+        TypeError
+            If the provided function is not a coroutine or does not have the correct number of parameters.
+        """
+        if not inspect.iscoroutinefunction(func):
+            raise TypeError("callback must be a coroutine function")
+
+        params = inspect.signature(func).parameters
+        if len(params) > 3:
+            raise TypeError("callback must accept 1 to 3 parameters")
+
+        self.callback = _ProxyItemCallback(func, self, len(params))  # type: ignore
+
 
 class ModalItem(Item[M]):
     """Represents an item used in Modals.