diff --git a/packages/nuxt/src/app/composables/asyncData.ts b/packages/nuxt/src/app/composables/asyncData.ts
index cd50a3c549..62cae6ecd9 100644
--- a/packages/nuxt/src/app/composables/asyncData.ts
+++ b/packages/nuxt/src/app/composables/asyncData.ts
@@ -146,6 +146,8 @@ export function useAsyncData<
 
   // Create or use a shared asyncData entity
   if (!nuxt._asyncData[key] || !options.immediate) {
+    nuxt.payload._errors[key] ??= null
+
     nuxt._asyncData[key] = {
       data: ref(getCachedData() ?? options.default!()),
       pending: ref(!hasCachedData()),
@@ -153,6 +155,7 @@ export function useAsyncData<
       status: ref('idle')
     }
   }
+
   // TODO: Else, somehow check for conflicting keys with different defaults or fetcher
   const asyncData = { ...nuxt._asyncData[key] } as AsyncData<DataT | DefaultT, DataE>
 
@@ -373,11 +376,11 @@ export function clearNuxtData (keys?: string | string[] | ((key: string) => bool
       nuxtApp.payload.data[key] = undefined
     }
     if (key in nuxtApp.payload._errors) {
-      nuxtApp.payload._errors[key] = undefined
+      nuxtApp.payload._errors[key] = null
     }
     if (nuxtApp._asyncData[key]) {
       nuxtApp._asyncData[key]!.data.value = undefined
-      nuxtApp._asyncData[key]!.error.value = undefined
+      nuxtApp._asyncData[key]!.error.value = null
       nuxtApp._asyncData[key]!.pending.value = false
       nuxtApp._asyncData[key]!.status.value = 'idle'
     }
diff --git a/packages/nuxt/src/app/nuxt.ts b/packages/nuxt/src/app/nuxt.ts
index 4d635753f0..1a933c2a21 100644
--- a/packages/nuxt/src/app/nuxt.ts
+++ b/packages/nuxt/src/app/nuxt.ts
@@ -81,7 +81,7 @@ export interface NuxtPayload {
     description: string
     data?: any
   } | null
-  _errors: Record<string, NuxtError | undefined>
+  _errors: Record<string, NuxtError | null>
   [key: string]: unknown
 }
 
@@ -104,7 +104,7 @@ interface _NuxtApp {
   _asyncData: Record<string, {
     data: Ref<any>
     pending: Ref<boolean>
-    error: Ref<any>
+    error: Ref<Error | null>
     status: Ref<AsyncDataRequestStatus>
   } | undefined>
 
diff --git a/test/nuxt/composables.test.ts b/test/nuxt/composables.test.ts
index eee928d2da..8d8ad83c4d 100644
--- a/test/nuxt/composables.test.ts
+++ b/test/nuxt/composables.test.ts
@@ -125,6 +125,14 @@ describe('useAsyncData', () => {
     expect(pending.value).toBe(false)
   })
 
+  // https://github.com/nuxt/nuxt/issues/23411
+  it('should initialize with error set to null when immediate: false', async () => {
+    const { error, execute } = useAsyncData(() => ({}), { immediate: false })
+    expect(error.value).toBe(null)
+    await execute()
+    expect(error.value).toBe(null)
+  })
+
   it('should be accessible with useNuxtData', async () => {
     await useAsyncData('key', () => Promise.resolve('test'))
     const data = useNuxtData('key')