diff --git a/model_utils/tracker.py b/model_utils/tracker.py
index d89f4a8..266ff3b 100644
--- a/model_utils/tracker.py
+++ b/model_utils/tracker.py
@@ -296,14 +296,30 @@ class FieldTracker:
         # finalize_class() will replace None; pretend it is never None.
         self.fields = cast(Iterable[str], fields)
 
+    @overload
     def __call__(
         self,
-        func: Callable | None = None,
+        func: None = None,
         fields: Iterable[str] | None = None
-    ) -> Any:
-        def decorator(f: Callable) -> Callable:
+    ) -> Callable[[Callable[..., T]], Callable[..., T]]:
+        ...
+
+    @overload
+    def __call__(
+        self,
+        func: Callable[..., T],
+        fields: Iterable[str] | None = None
+    ) -> Callable[..., T]:
+        ...
+
+    def __call__(
+        self,
+        func: Callable[..., T] | None = None,
+        fields: Iterable[str] | None = None
+    ) -> Callable[[Callable[..., T]], Callable[..., T]] | Callable[..., T]:
+        def decorator(f: Callable[..., T]) -> Callable[..., T]:
             @wraps(f)
-            def inner(obj: models.Model, *args: object, **kwargs: object) -> object:
+            def inner(obj: models.Model, *args: object, **kwargs: object) -> T:
                 tracker = getattr(obj, self.attname)
                 field_list = tracker.fields if fields is None else fields
                 with tracker(*field_list):