diff --git a/src/wp-includes/script-loader.php b/src/wp-includes/script-loader.php
index 28772b6534337..e3cb75ce60b28 100644
--- a/src/wp-includes/script-loader.php
+++ b/src/wp-includes/script-loader.php
@@ -3605,6 +3605,8 @@ function wp_print_script_tag( $attributes ) {
  *
  * @since 5.7.0
  * @since 7.0.0 Returns an empty string if the data cannot be safely embedded in a script tag.
+ * @since 7.2.0 The {@see 'wp_inline_script_attributes'} filter receives the script text as the browser
+ *              parses it from the printed tag, and is not applied when the data cannot be embedded.
  *
  * @param string                     $data       Data for script tag: JavaScript, importmap, speculationrules, etc.
  * @param array<string, string|bool> $attributes Optional. Key-value pairs representing `<script>` tag attributes.
@@ -3613,45 +3615,64 @@ function wp_print_script_tag( $attributes ) {
 function wp_get_inline_script_tag( $data, $attributes = array() ) {
 	$data = "\n" . trim( $data, "\n\r " ) . "\n";
 
+	// Returns the tag built from the given attributes, or null if the data cannot be embedded with them.
+	$build_tag = static function ( $attributes ) use ( $data ) {
+		$processor = new WP_HTML_Tag_Processor( '<script></script>' );
+		$processor->next_tag();
+		foreach ( $attributes as $name => $value ) {
+			/*
+			 * Lexical variations of an attribute name may represent the
+			 * same attribute in HTML, therefore it’s possible that the
+			 * input array might contain duplicate attributes even though
+			 * it’s keyed on their name. Calling code should rewrite an
+			 * attribute’s value rather than sending a duplicate attribute.
+			 *
+			 * Example:
+			 *
+			 *     array( 'id' => 'main', 'ID' => 'nav' )
+			 *
+			 * In this example, there are two keys both describing the `id`
+			 * attribute. PHP array iteration is in key-insertion order so
+			 * the 'id' value will be set in the SCRIPT tag.
+			 */
+			if ( null !== $processor->get_attribute( $name ) ) {
+				continue;
+			}
+
+			$processor->set_attribute( $name, $value ?? true );
+		}
+
+		// The `type` and `language` attributes decide how the text is escaped, so they are set first.
+		return $processor->set_modifiable_text( $data ) ? $processor : null;
+	};
+
+	$processor = $build_tag( $attributes );
+	if ( null === $processor ) {
+		return '';
+	}
+
 	/**
 	 * Filters attributes to be added to a script tag.
 	 *
 	 * @since 5.7.0
+	 * @since 7.2.0 `$data` is the script text as the browser parses it from the printed tag.
 	 *
 	 * @param array<string, string|bool> $attributes Key-value pairs representing `<script>` tag attributes.
 	 *                                               Only the attribute name is added to the `<script>` tag for
 	 *                                               entries with a boolean value, and that are true.
-	 * @param string                     $data       Inline data.
+	 * @param string                     $data       Script text as the browser parses it from the printed tag,
+	 *                                               escaped for the `type` and `language` in `$attributes`.
+	 *                                               A callback that changes `type` or `language` can change
+	 *                                               the escaping of the printed text.
 	 */
-	$attributes = apply_filters( 'wp_inline_script_attributes', $attributes, $data );
+	$filtered_attributes = apply_filters( 'wp_inline_script_attributes', $attributes, $processor->get_modifiable_text() );
 
-	$processor = new WP_HTML_Tag_Processor( '<script></script>' );
-	$processor->next_tag();
-	foreach ( $attributes as $name => $value ) {
-		/*
-		 * Lexical variations of an attribute name may represent the
-		 * same attribute in HTML, therefore it’s possible that the
-		 * input array might contain duplicate attributes even though
-		 * it’s keyed on their name. Calling code should rewrite an
-		 * attribute’s value rather than sending a duplicate attribute.
-		 *
-		 * Example:
-		 *
-		 *     array( 'id' => 'main', 'ID' => 'nav' )
-		 *
-		 * In this example, there are two keys both describing the `id`
-		 * attribute. PHP array iteration is in key-insertion order so
-		 * the 'id' value will be set in the SCRIPT tag.
-		 */
-		if ( null !== $processor->get_attribute( $name ) ) {
-			continue;
+	// The filtered array replaces the attributes, removals included, so the tag is built again.
+	if ( $filtered_attributes !== $attributes ) {
+		$processor = $build_tag( $filtered_attributes );
+		if ( null === $processor ) {
+			return '';
 		}
-
-		$processor->set_attribute( $name, $value ?? true );
-	}
-
-	if ( ! $processor->set_modifiable_text( $data ) ) {
-		return '';
 	}
 
 	return "{$processor->get_updated_html()}\n";
diff --git a/tests/phpunit/tests/dependencies/wpInlineScriptTag.php b/tests/phpunit/tests/dependencies/wpInlineScriptTag.php
index 590872ee3fd6c..31d3395823dc4 100644
--- a/tests/phpunit/tests/dependencies/wpInlineScriptTag.php
+++ b/tests/phpunit/tests/dependencies/wpInlineScriptTag.php
@@ -184,4 +184,128 @@ public function test_script_tag_dangerous_unescapeable_contents() {
 		);
 		$this->assertSame( '', $result );
 	}
+
+	/**
+	 * Test that the filter receives the script text as it is printed, with escaping applied.
+	 *
+	 * @ticket 66308
+	 */
+	public function test_filter_receives_escaped_script_text() {
+		$filtered_data = null;
+		add_filter(
+			'wp_inline_script_attributes',
+			static function ( $attributes, $data ) use ( &$filtered_data ) {
+				$filtered_data = $data;
+				return $attributes;
+			},
+			10,
+			2
+		);
+
+		$tag = wp_get_inline_script_tag( 'console.log( "</script>" );' );
+
+		$this->assertSame( "\n" . 'console.log( "</\u0073cript>" );' . "\n", $filtered_data );
+		$this->assertSame( '<script>' . "\n" . 'console.log( "</\u0073cript>" );' . "\n" . '</script>' . "\n", $tag );
+	}
+
+	/**
+	 * Test that the filter receives the script text with newlines normalized as a browser parses them.
+	 *
+	 * @ticket 66308
+	 */
+	public function test_filter_receives_script_text_with_normalized_newlines() {
+		$filtered_data = null;
+		add_filter(
+			'wp_inline_script_attributes',
+			static function ( $attributes, $data ) use ( &$filtered_data ) {
+				$filtered_data = $data;
+				return $attributes;
+			},
+			10,
+			2
+		);
+
+		wp_get_inline_script_tag( "first();\r\nsecond();\rthird();" );
+
+		$this->assertSame( "\nfirst();\nsecond();\nthird();\n", $filtered_data );
+	}
+
+	/**
+	 * Test that the printed tag has exactly the attributes returned by the filter.
+	 *
+	 * @ticket 66308
+	 */
+	public function test_filter_replaces_attributes() {
+		add_filter(
+			'wp_inline_script_attributes',
+			static function ( $attributes ) {
+				unset( $attributes['nomodule'] );
+				$attributes['async'] = true;
+				return $attributes;
+			}
+		);
+
+		$expected = <<<'HTML'
+<script id="example" async>
+"script data";
+</script>
+
+HTML;
+
+		$this->assertEqualHTML(
+			$expected,
+			wp_get_inline_script_tag(
+				'"script data";',
+				array(
+					'id'       => 'example',
+					'nomodule' => true,
+				)
+			)
+		);
+	}
+
+	/**
+	 * Test that a filter setting an unrecognized type on data that cannot be escaped for it returns no tag.
+	 *
+	 * @ticket 66308
+	 *
+	 * @expectedIncorrectUsage WP_HTML_Tag_Processor::set_modifiable_text
+	 */
+	public function test_filter_setting_unrecognized_type_on_dangerous_contents_returns_empty_string() {
+		add_filter(
+			'wp_inline_script_attributes',
+			static function ( $attributes ) {
+				$attributes['type'] = 'example/example';
+				return $attributes;
+			}
+		);
+
+		$this->assertSame( '', wp_get_inline_script_tag( 'console.log( "</script>" );' ) );
+	}
+
+	/**
+	 * Test that the filter does not run when no tag is printed.
+	 *
+	 * @ticket 66308
+	 *
+	 * @expectedIncorrectUsage WP_HTML_Tag_Processor::set_modifiable_text
+	 */
+	public function test_filter_not_called_for_dangerous_unescapeable_contents() {
+		$filter_calls = 0;
+		add_filter(
+			'wp_inline_script_attributes',
+			static function ( $attributes ) use ( &$filter_calls ) {
+				++$filter_calls;
+				return $attributes;
+			}
+		);
+
+		$result = wp_get_inline_script_tag(
+			'</script>',
+			array( 'type' => 'example/example' )
+		);
+
+		$this->assertSame( '', $result );
+		$this->assertSame( 0, $filter_calls );
+	}
 }