Index: src/wp-includes/css/editor.css
===================================================================
--- src/wp-includes/css/editor.css	(revision 32818)
+++ src/wp-includes/css/editor.css	(working copy)
@@ -1599,6 +1599,22 @@
 	}
 }
 
+.wp-link-preview {
+	float: left;
+	margin: 5px;
+}
+
+.wp-link-preview a {
+	color: #0073aa;
+	text-decoration: underline;
+	-webkit-transition-property: border, background, color;
+	transition-property: border, background, color;
+	-webkit-transition-duration: .05s;
+	transition-duration: .05s;
+	-webkit-transition-timing-function: ease-in-out;
+	transition-timing-function: ease-in-out;
+}
+
 /* =Overlay Body
 -------------------------------------------------------------- */
 
Index: src/wp-includes/js/tinymce/plugins/wplink/plugin.js
===================================================================
--- src/wp-includes/js/tinymce/plugins/wplink/plugin.js	(revision 32818)
+++ src/wp-includes/js/tinymce/plugins/wplink/plugin.js	(working copy)
@@ -1,51 +1,132 @@
-/* global tinymce */
-tinymce.PluginManager.add( 'wplink', function( editor ) {
-	editor.addCommand( 'WP_Link', function() {
-		window.wpLink && window.wpLink.open( editor.id );
-	});
-
-	// WP default shortcut
-	editor.addShortcut( 'Alt+Shift+A', '', 'WP_Link' );
-	// The "de-facto standard" shortcut, see #27305
-	editor.addShortcut( 'Meta+K', '', 'WP_Link' );
-
-	editor.addButton( 'link', {
-		icon: 'link',
-		tooltip: 'Insert/edit link',
-		cmd: 'WP_Link',
-		stateSelector: 'a[href]'
-	});
-
-	editor.addButton( 'unlink', {
-		icon: 'unlink',
-		tooltip: 'Remove link',
-		cmd: 'unlink'
-	});
-
-	editor.addMenuItem( 'link', {
-		icon: 'link',
-		text: 'Insert/edit link',
-		cmd: 'WP_Link',
-		stateSelector: 'a[href]',
-		context: 'insert',
-		prependToContext: true
-	});
-
-	editor.on( 'pastepreprocess', function( event ) {
-		var pastedStr = event.content,
-			regExp = /^(?:https?:)?\/\/\S+$/i;
-
-		if ( ! editor.selection.isCollapsed() && ! regExp.test( editor.selection.getContent() ) ) {
-			pastedStr = pastedStr.replace( /<[^>]+>/g, '' );
-			pastedStr = tinymce.trim( pastedStr );
-
-			if ( regExp.test( pastedStr ) ) {
-				editor.execCommand( 'mceInsertLink', false, {
-					href: editor.dom.decode( pastedStr )
+( function( tinymce ) {
+	tinymce.PluginManager.add( 'wplink', function( editor ) {
+		var toolbar;
+
+		editor.addCommand( 'WP_Link', function() {
+			window.wpLink && window.wpLink.open( editor.id );
+		} );
+
+		// WP default shortcut.
+		editor.addShortcut( 'Alt+Shift+A', '', 'WP_Link' );
+		// The "de-facto standard" shortcut, see #27305.
+		editor.addShortcut( 'Meta+K', '', 'WP_Link' );
+
+		editor.addButton( 'link', {
+			icon: 'link',
+			tooltip: 'Insert/edit link',
+			cmd: 'WP_Link',
+			stateSelector: 'a[href]'
+		} );
+
+		editor.addButton( 'unlink', {
+			icon: 'unlink',
+			tooltip: 'Remove link',
+			cmd: 'unlink'
+		} );
+
+		editor.addMenuItem( 'link', {
+			icon: 'link',
+			text: 'Insert/edit link',
+			cmd: 'WP_Link',
+			stateSelector: 'a[href]',
+			context: 'insert',
+			prependToContext: true
+		} );
+
+		editor.on( 'pastepreprocess', function( event ) {
+			var pastedStr = event.content,
+				regExp = /^(?:https?:)?\/\/\S+$/i;
+
+			if ( ! editor.selection.isCollapsed() && ! regExp.test( editor.selection.getContent() ) ) {
+				pastedStr = pastedStr.replace( /<[^>]+>/g, '' );
+				pastedStr = tinymce.trim( pastedStr );
+
+				if ( regExp.test( pastedStr ) ) {
+					editor.execCommand( 'mceInsertLink', false, {
+						href: editor.dom.decode( pastedStr )
+					} );
+
+					event.preventDefault();
+				}
+			}
+		} );
+
+		tinymce.ui.WPLinkPreview = tinymce.ui.Control.extend( {
+			renderHtml: function() {
+				return (
+					'<div id="' + this._id + '" class="wp-link-preview">' +
+						'<a href="' + this.url + '" target="_blank">' + this.url + '</a>' +
+					'</div>'
+				);
+			},
+			setURL: function( url ) {
+				var index, lastIndex;
+
+				if ( this.url !== url && this._rendered ) {
+					this.url = url;
+
+					url = url.replace( /^(?:https?:)?\/\/(?:www\.)?/, '' );
+
+					if ( ( index = url.indexOf( '?' ) ) !== -1 ) {
+						url = url.slice( 0, index );
+					}
+
+					if ( ( index = url.indexOf( '#' ) ) !== -1 ) {
+						url = url.slice( 0, index );
+					}
+
+					url = url.replace( /(?:index)?\.html$/, '' );
+
+					if ( ( lastIndex = url.lastIndexOf( '/' ) ) === url.length - 1 ) {
+						url = url.slice( 0, lastIndex );
+					}
+
+					if ( ( index = url.indexOf( '/' ) ) !== -1 && ( lastIndex = url.lastIndexOf( '/' ) ) !== -1 && lastIndex !== index ) {
+						url = url.replace( url.slice( index + 1, lastIndex ), '\u2026' );
+					}
+
+					tinymce.$( this.getEl().firstChild ).attr( 'href', this.url ).text( url );
+				}
+			},
+			postRender: function() {
+				var self = this;
+
+				editor.on( 'nodechange', function( event ) {
+					if ( event.element.nodeName === 'A' ) {
+						self.setURL( editor.$( event.element ).attr( 'href' ) );
+					}
 				} );
 
-				event.preventDefault();
+				self._rendered = true;
+
+				self._super();
+			}
+		} );
+
+		editor.addButton( 'wp_link_edit', {
+			tooltip: 'Edit ', // trailing space is needed, used for context
+			icon: 'dashicon dashicons-edit',
+			cmd: 'WP_Link'
+		} );
+
+		editor.addButton( 'wp_link_remove', {
+			tooltip: 'Remove',
+			icon: 'dashicon dashicons-no',
+			cmd: 'unlink'
+		} );
+
+		editor.on( 'preinit', function() {
+			toolbar = editor.wp._createToolbar( [
+				'WPLinkPreview',
+				'wp_link_edit',
+				'wp_link_remove'
+			], true );
+		} );
+
+		editor.on( 'wptoolbar', function( event ) {
+			if ( event.element.nodeName === 'A' ) {
+				event.toolbar = toolbar;
 			}
-		}
+		} );
 	} );
-});
+} )( window.tinymce );