diff --git a/packages/eslint-plugin/src/util/explicitReturnTypeUtils.ts b/packages/eslint-plugin/src/util/explicitReturnTypeUtils.ts
index cd2f0b11826b..c05d6c6dab35 100644
--- a/packages/eslint-plugin/src/util/explicitReturnTypeUtils.ts
+++ b/packages/eslint-plugin/src/util/explicitReturnTypeUtils.ts
@@ -52,11 +52,12 @@ function isConstructorArgument(
 }
 
 /**
- * Checks if a node belongs to:
+ * Checks if a node is a property or a nested property of a typed object:
  * ```
  * const x: Foo = { prop: () => {} }
  * const x = { prop: () => {} } as Foo
  * const x = <Foo>{ prop: () => {} }
+ * const x: Foo = { bar: { prop: () => {} } }
  * ```
  */
 function isPropertyOfObjectWithType(
@@ -82,7 +83,8 @@ function isPropertyOfObjectWithType(
     isTypeAssertion(parent) ||
     isClassPropertyWithTypeAnnotation(parent) ||
     isVariableDeclaratorWithTypeAnnotation(parent) ||
-    isFunctionArgument(parent)
+    isFunctionArgument(parent) ||
+    isPropertyOfObjectWithType(parent)
   );
 }
 
diff --git a/packages/eslint-plugin/tests/rules/explicit-function-return-type.test.ts b/packages/eslint-plugin/tests/rules/explicit-function-return-type.test.ts
index 6ce8210822ba..4faf3fa18b70 100644
--- a/packages/eslint-plugin/tests/rules/explicit-function-return-type.test.ts
+++ b/packages/eslint-plugin/tests/rules/explicit-function-return-type.test.ts
@@ -156,6 +156,34 @@ const x = <Foo>{
       code: `
 const x: Foo = {
   foo: () => {},
+};
+      `,
+      options: [{ allowTypedFunctionExpressions: true }],
+    },
+    // https://github.com/typescript-eslint/typescript-eslint/issues/2864
+    {
+      filename: 'test.ts',
+      code: `
+const x = {
+  foo: { bar: () => {} },
+} as Foo;
+      `,
+      options: [{ allowTypedFunctionExpressions: true }],
+    },
+    {
+      filename: 'test.ts',
+      code: `
+const x = <Foo>{
+  foo: { bar: () => {} },
+};
+      `,
+      options: [{ allowTypedFunctionExpressions: true }],
+    },
+    {
+      filename: 'test.ts',
+      code: `
+const x: Foo = {
+  foo: { bar: () => {} },
 };
       `,
       options: [{ allowTypedFunctionExpressions: true }],
diff --git a/packages/eslint-plugin/tests/rules/explicit-module-boundary-types.test.ts b/packages/eslint-plugin/tests/rules/explicit-module-boundary-types.test.ts
index 3652ebc876ac..e05f4f09230d 100644
--- a/packages/eslint-plugin/tests/rules/explicit-module-boundary-types.test.ts
+++ b/packages/eslint-plugin/tests/rules/explicit-module-boundary-types.test.ts
@@ -181,6 +181,34 @@ export const x = <Foo>{
       code: `
 export const x: Foo = {
   foo: () => {},
+};
+      `,
+      options: [{ allowTypedFunctionExpressions: true }],
+    },
+    // https://github.com/typescript-eslint/typescript-eslint/issues/2864
+    {
+      filename: 'test.ts',
+      code: `
+export const x = {
+  foo: { bar: () => {} },
+} as Foo;
+      `,
+      options: [{ allowTypedFunctionExpressions: true }],
+    },
+    {
+      filename: 'test.ts',
+      code: `
+export const x = <Foo>{
+  foo: { bar: () => {} },
+};
+      `,
+      options: [{ allowTypedFunctionExpressions: true }],
+    },
+    {
+      filename: 'test.ts',
+      code: `
+export const x: Foo = {
+  foo: { bar: () => {} },
 };
       `,
       options: [{ allowTypedFunctionExpressions: true }],