diff --git a/wp-includes/class-wp-image-editor-imagick.php b/wp-includes/class-wp-image-editor-imagick.php
index 9abb631847..edce8d2b7d 100644
--- a/wp-includes/class-wp-image-editor-imagick.php
+++ b/wp-includes/class-wp-image-editor-imagick.php
@@ -484,7 +484,38 @@ class WP_Image_Editor_Imagick extends WP_Image_Editor {
 				$this->image->setOption( 'png:compression-filter', '5' );
 				$this->image->setOption( 'png:compression-level', '9' );
 				$this->image->setOption( 'png:compression-strategy', '1' );
-				$this->image->setOption( 'png:exclude-chunk', 'all' );
+				// Check to see if a PNG is indexed, and find the pixel depth.
+				if ( is_callable( array( $this->image, 'getImageDepth' ) ) ) {
+					$indexed_pixel_depth = $this->image->getImageDepth();
+
+					// Indexed PNG files get some additional handling.
+					if ( 0 < $indexed_pixel_depth && 8 >= $indexed_pixel_depth ) {
+						// Check for an alpha channel.
+						if (
+							is_callable( array( $this->image, 'getImageAlphaChannel' ) )
+							&& $this->image->getImageAlphaChannel()
+						) {
+							$this->image->setOption( 'png:include-chunk', 'tRNS' );
+						} else {
+							$this->image->setOption( 'png:exclude-chunk', 'all' );
+						}
+
+						// Reduce colors in the images to maximum needed, using the global colorspace.
+						$max_colors = pow( 2, $indexed_pixel_depth );
+						if ( is_callable( array( $this->image, 'getImageColors' ) ) ) {
+							$current_colors = $this->image->getImageColors();
+							$max_colors = min( $max_colors, $current_colors );
+						}
+						$this->image->quantizeImage( $max_colors, $this->image->getColorspace(), 0, false, false );
+
+						/**
+						 * If the colorspace is 'gray', use the png8 format to ensure it stays indexed.
+						 */
+						if ( Imagick::COLORSPACE_GRAY === $this->image->getImageColorspace() ) {
+							$this->image->setOption( 'png:format', 'png8' );
+						}
+					}
+				}
 			}
 
 			/*
diff --git a/wp-includes/version.php b/wp-includes/version.php
index 53071345ad..d1dcbd66d3 100644
--- a/wp-includes/version.php
+++ b/wp-includes/version.php
@@ -16,7 +16,7 @@
  *
  * @global string $wp_version
  */
-$wp_version = '6.8-alpha-59588';
+$wp_version = '6.8-alpha-59589';
 
 /**
  * Holds the WordPress DB revision, increments when changes are made to the WordPress DB schema.