diff --git a/doc/api/next_api_changes/deprecations/18591-AL.rst b/doc/api/next_api_changes/deprecations/18591-AL.rst
@@ -0,0 +1,24 @@
+``MathTextParser("bitmap")`` is deprecated
+~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
+
+The associated APIs ``MathtextBackendBitmap``, ``MathTextParser.to_mask``,
+``MathTextParser.to_rgba``, ``MathTextParser.to_png``, and
+``MathTextParser.get_depth`` are likewise deprecated.
+
+To convert a text string to an image, either directly draw the text to an
+empty `.Figure` and save the figure using a tight bbox, as demonstrated in
+:doc:`/gallery/text_labels_and_annotations/mathtext_asarray`, or use
+`.mathtext.math_to_image`.
+
+When using `.math_to_image`, text color can be set with e.g.::
+
+    with plt.rc_context({"text.color": "tab:blue"}):
+        mathtext.math_to_image(text, filename)
+
+and an RGBA array can be obtained with e.g.::
+
+    from io import BytesIO
+    buf = BytesIO()
+    mathtext.math_to_image(text, buf, format="png")
+    buf.seek(0)
+    rgba = plt.imread(buf)
diff --git a/examples/text_labels_and_annotations/mathtext_asarray.py b/examples/text_labels_and_annotations/mathtext_asarray.py
@@ -1,27 +1,47 @@
 """
-===============================
-A mathtext image as numpy array
-===============================
-
-Make images from LaTeX strings.
+=======================
+Convert texts to images
+=======================
 """
 
-import matplotlib.mathtext as mathtext
-import matplotlib.pyplot as plt
+from io import BytesIO
 
-parser = mathtext.MathTextParser("Bitmap")
-parser.to_png('test2.png',
-              r'$\left[\left\lfloor\frac{5}{\frac{\left(3\right)}{4}} '
-              r'y\right)\right]$', color='green', fontsize=14, dpi=100)
+from matplotlib.figure import Figure
+import matplotlib.pyplot as plt
+from matplotlib.transforms import IdentityTransform
+
+
+def text_to_rgba(s, *, dpi, **kwargs):
+    # To convert a text string to an image, we can:
+    # - draw it on an empty and transparent figure;
+    # - save the figure to a temporary buffer using ``bbox_inches="tight",
+    #   pad_inches=0`` which will pick the correct area to save;
+    # - load the buffer using ``plt.imread``.
+    #
+    # (If desired, one can also directly save the image to the filesystem.)
+    fig = Figure(facecolor="none")
+    fig.text(0, 0, s, **kwargs)
+    buf = BytesIO()
+    fig.savefig(buf, dpi=dpi, format="png", bbox_inches="tight", pad_inches=0)
+    buf.seek(0)
+    rgba = plt.imread(buf)
+    return rgba
 
-rgba1, depth1 = parser.to_rgba(
-    r'IQ: $\sigma_i=15$', color='blue', fontsize=20, dpi=200)
-rgba2, depth2 = parser.to_rgba(
-    r'some other string', color='red', fontsize=20, dpi=200)
 
 fig = plt.figure()
-fig.figimage(rgba1, 100, 100)
-fig.figimage(rgba2, 100, 300)
+rgba1 = text_to_rgba(r"IQ: $\sigma_i=15$", color="blue", fontsize=20, dpi=200)
+rgba2 = text_to_rgba(r"some other string", color="red", fontsize=20, dpi=200)
+# One can then draw such text images to a Figure using `.Figure.figimage`.
+fig.figimage(rgba1, 100, 50)
+fig.figimage(rgba2, 100, 150)
+
+# One can also directly draw texts to a figure with positioning
+# in pixel coordinates by using `.Figure.text` together with
+# `.transforms.IdentityTransform`.
+fig.text(100, 250, r"IQ: $\sigma_i=15$", color="blue", fontsize=20,
+         transform=IdentityTransform())
+fig.text(100, 350, r"some other string", color="red", fontsize=20,
+         transform=IdentityTransform())
 
 plt.show()
 
@@ -36,8 +56,7 @@
 # in this example:
 
 import matplotlib
-matplotlib.mathtext
-matplotlib.mathtext.MathTextParser
-matplotlib.mathtext.MathTextParser.to_png
-matplotlib.mathtext.MathTextParser.to_rgba
 matplotlib.figure.Figure.figimage
+matplotlib.figure.Figure.text
+matplotlib.transforms.IdentityTransform
+matplotlib.image.imread
diff --git a/examples/user_interfaces/mathtext_wx_sgskip.py b/examples/user_interfaces/mathtext_wx_sgskip.py
@@ -3,36 +3,39 @@
 MathText WX
 ===========
 
-Demonstrates how to convert mathtext to a wx.Bitmap for display in various
+Demonstrates how to convert (math)text to a wx.Bitmap for display in various
 controls on wxPython.
 """
 
-import matplotlib
-matplotlib.use("WxAgg")
+from io import BytesIO
+
 from matplotlib.backends.backend_wxagg import FigureCanvasWxAgg as FigureCanvas
 from matplotlib.backends.backend_wx import NavigationToolbar2Wx
 from matplotlib.figure import Figure
 import numpy as np
-
 import wx
 
 IS_GTK = 'wxGTK' in wx.PlatformInfo
 IS_WIN = 'wxMSW' in wx.PlatformInfo
 
-############################################################
-# This is where the "magic" happens.
-from matplotlib.mathtext import MathTextParser
-mathtext_parser = MathTextParser("Bitmap")
-
 
 def mathtext_to_wxbitmap(s):
-    rgba, depth = mathtext_parser.to_rgba(s, dpi=150, fontsize=10)
-    return wx.Bitmap.FromBufferRGBA(rgba.shape[1], rgba.shape[0], rgba)
-############################################################
+    # We draw the text at position (0, 0) but then rely on
+    # ``facecolor="none"`` and ``bbox_inches="tight", pad_inches=0`` to get an
+    # transparent mask that is then loaded into a wx.Bitmap.
+    fig = Figure(facecolor="none")
+    text_color = (
+        np.array(wx.SystemSettings.GetColour(wx.SYS_COLOUR_WINDOWTEXT)) / 255)
+    fig.text(0, 0, s, fontsize=10, color=text_color)
+    buf = BytesIO()
+    fig.savefig(buf, format="png", dpi=150, bbox_inches="tight", pad_inches=0)
+    s = buf.getvalue()
+    return wx.Bitmap.NewFromPNGData(s, len(s))
+
 
 functions = [
     (r'$\sin(2 \pi x)$', lambda x: np.sin(2*np.pi*x)),
-    (r'$\frac{4}{3}\pi x^3$', lambda x: (4.0/3.0)*np.pi*x**3),
+    (r'$\frac{4}{3}\pi x^3$', lambda x: (4/3)*np.pi*x**3),
     (r'$\cos(2 \pi x)$', lambda x: np.cos(2*np.pi*x)),
     (r'$\log(x)$', lambda x: np.log(x))
 ]

diff --git a/lib/matplotlib/contour.py b/lib/matplotlib/contour.py
@@ -249,9 +249,9 @@ def get_label_width(self, lev, fmt, fsize):
                         .get_text_width_height_descent(lev, fsize))
         elif ismath:
             if not hasattr(self, '_mathtext_parser'):
-                self._mathtext_parser = mathtext.MathTextParser('bitmap')
-            img, _ = self._mathtext_parser.parse(lev, dpi=72,
-                                                 prop=self.labelFontProps)
+                self._mathtext_parser = mathtext.MathTextParser('agg')
+            _, _, _, _, _, img, _ = self._mathtext_parser.parse(
+                lev, dpi=72, prop=self.labelFontProps)
             _, lw = np.shape(img)  # at dpi=72, the units are PostScript points
         else:
             # width is much less than "font size"

diff --git a/lib/matplotlib/mathtext.py b/lib/matplotlib/mathtext.py
@@ -171,6 +171,7 @@ def get_hinting_type(self):
         return backend_agg.get_hinting_flag()
 
 
+@cbook.deprecated("3.4", alternative="mathtext.math_to_image")
 class MathtextBackendBitmap(MathtextBackendAgg):
     def get_results(self, box, used_characters):
         ox, oy, width, height, depth, image, characters = \
@@ -460,8 +461,11 @@ def _parse_cached(self, s, dpi, prop, force_standard_ps_fonts):
         font_output.set_canvas_size(box.width, box.height, box.depth)
         return font_output.get_results(box)
 
+    @cbook.deprecated("3.4", alternative="mathtext.math_to_image")
     def to_mask(self, texstr, dpi=120, fontsize=14):
         r"""
+        Convert a mathtext string to a grayscale array and depth.
+
         Parameters
         ----------
         texstr : str
@@ -483,8 +487,11 @@ def to_mask(self, texstr, dpi=120, fontsize=14):
         ftimage, depth = self.parse(texstr, dpi=dpi, prop=prop)
         return np.asarray(ftimage), depth
 
+    @cbook.deprecated("3.4", alternative="mathtext.math_to_image")
     def to_rgba(self, texstr, color='black', dpi=120, fontsize=14):
         r"""
+        Convert a mathtext string to an RGBA array and depth.
+
         Parameters
         ----------
         texstr : str
@@ -513,6 +520,7 @@ def to_rgba(self, texstr, color='black', dpi=120, fontsize=14):
         RGBA[:, :, 3] = x
         return RGBA, depth
 
+    @cbook.deprecated("3.4", alternative="mathtext.math_to_image")
     def to_png(self, filename, texstr, color='black', dpi=120, fontsize=14):
         r"""
         Render a tex expression to a PNG file.
@@ -540,8 +548,11 @@ def to_png(self, filename, texstr, color='black', dpi=120, fontsize=14):
         Image.fromarray(rgba).save(filename, format="png")
         return depth
 
+    @cbook.deprecated("3.4", alternative="mathtext.math_to_image")
     def get_depth(self, texstr, dpi=120, fontsize=14):
         r"""
+        Get the depth of a mathtext string.
+
         Parameters
         ----------
         texstr : str

diff --git a/lib/matplotlib/sphinxext/mathmpl.py b/lib/matplotlib/sphinxext/mathmpl.py
@@ -6,9 +6,7 @@
 import sphinx
 
 import matplotlib as mpl
-from matplotlib import cbook
-from matplotlib.mathtext import MathTextParser
-mathtext_parser = MathTextParser("Bitmap")
+from matplotlib import cbook, mathtext
 
 
 # Define LaTeX math node:
@@ -17,7 +15,7 @@ class latex_math(nodes.General, nodes.Element):
 
 
 def fontset_choice(arg):
-    return directives.choice(arg, MathTextParser._font_type_mapping)
+    return directives.choice(arg, mathtext.MathTextParser._font_type_mapping)
 
 
 def math_role(role, rawtext, text, lineno, inliner,
@@ -50,15 +48,12 @@ def run(self):
 def latex2png(latex, filename, fontset='cm'):
     latex = "$%s$" % latex
     with mpl.rc_context({'mathtext.fontset': fontset}):
-        if Path(filename).exists():
-            depth = mathtext_parser.get_depth(latex, dpi=100)
-        else:
-            try:
-                depth = mathtext_parser.to_png(filename, latex, dpi=100)
-            except Exception:
-                cbook._warn_external(
-                    f"Could not render math expression {latex}")
-                depth = 0
+        try:
+            depth = mathtext.math_to_image(
+                latex, filename, dpi=100, format="png")
+        except Exception:
+            cbook._warn_external(f"Could not render math expression {latex}")
+            depth = 0
     return depth
 
 

diff --git a/lib/matplotlib/tests/test_mathtext.py b/lib/matplotlib/tests/test_mathtext.py
@@ -8,7 +8,7 @@
 import matplotlib as mpl
 from matplotlib.testing.decorators import check_figures_equal, image_comparison
 import matplotlib.pyplot as plt
-from matplotlib import mathtext
+from matplotlib import cbook, mathtext
 
 
 # If test is removed, use None as placeholder
@@ -357,9 +357,10 @@ def test_math_to_image(tmpdir):
 
 
 def test_mathtext_to_png(tmpdir):
-    mt = mathtext.MathTextParser('bitmap')
-    mt.to_png(str(tmpdir.join('example.png')), '$x^2$')
-    mt.to_png(io.BytesIO(), '$x^2$')
+    with cbook._suppress_matplotlib_deprecation_warning():
+        mt = mathtext.MathTextParser('bitmap')
+        mt.to_png(str(tmpdir.join('example.png')), '$x^2$')
+        mt.to_png(io.BytesIO(), '$x^2$')
 
 
 @image_comparison(baseline_images=['math_fontfamily_image.png'],