diff --git a/.gitignore b/.gitignore
index e1952899f4..5098314fcb 100644
--- a/.gitignore
+++ b/.gitignore
@@ -13,6 +13,7 @@
 *.gcno
 *.gcda
 *.gcov
+*.xml
 
 # Packaging
 *.egg
@@ -86,7 +87,7 @@ bpad_*.err
 waves.shm/
 
 # Interface libraries built on setup
-cocotb/libs
+src/cocotb/libs
 pip-wheel-metadata/
 
 # Mentor Modelsim/Questa
diff --git a/.pre-commit-config.yaml b/.pre-commit-config.yaml
index 94717bad13..f9fef04279 100644
--- a/.pre-commit-config.yaml
+++ b/.pre-commit-config.yaml
@@ -25,7 +25,7 @@ repos:
   rev: "v16.0.6"
   hooks:
   - id: "clang-format"
-    exclude: "^cocotb/share/include/(sv_vpi|vhpi|vpi)_user(_ext)?.h"
+    exclude: "^src/cocotb/share/include/(sv_vpi|vhpi|vpi)_user(_ext)?.h"
 
 - repo: "https://github.com/pre-commit/pre-commit-hooks"
   rev: "v4.4.0"
diff --git a/MANIFEST.in b/MANIFEST.in
index 43c82a6ef8..e2cd4678c3 100644
--- a/MANIFEST.in
+++ b/MANIFEST.in
@@ -1,5 +1,5 @@
-recursive-include cocotb/share *
-recursive-include cocotb/_vendor *
+recursive-include src/cocotb/share *
+recursive-include src/cocotb/_vendor *
 include README.md
 include LICENSE
 include cocotb_build_libs.py
diff --git a/cocotb_build_libs.py b/cocotb_build_libs.py
index fd7e15c6f9..ac9a53f809 100755
--- a/cocotb_build_libs.py
+++ b/cocotb_build_libs.py
@@ -18,7 +18,7 @@
 
 logger = logging.getLogger(__name__)
 cocotb_share_dir = os.path.abspath(
-    os.path.join(os.path.dirname(__file__), "cocotb", "share")
+    os.path.join(os.path.dirname(__file__), "src", "cocotb", "share")
 )
 _base_warns = [
     "-Wall",
@@ -675,7 +675,7 @@ def get_ext():
     share_lib_dir = os.path.relpath(os.path.join(cocotb_share_dir, "lib"))
     include_dirs = [
         os.path.relpath(os.path.join(cocotb_share_dir, "include")),
-        os.path.relpath(os.path.join(os.path.dirname(__file__), "cocotb")),
+        os.path.relpath(os.path.join(os.path.dirname(__file__), "src", "cocotb")),
     ]
 
     ext = []
diff --git a/documentation/Doxyfile b/documentation/Doxyfile
index fb58ccf192..b8665e44e0 100644
--- a/documentation/Doxyfile
+++ b/documentation/Doxyfile
@@ -834,7 +834,7 @@ WARN_LOGFILE           =
 # spaces. See also FILE_PATTERNS and EXTENSION_MAPPING
 # Note: If this tag is empty the current directory is searched.
 
-INPUT                  = ../cocotb/share/include/gpi.h
+INPUT                  = ../src/cocotb/share/include/gpi.h
 
 # This tag can be used to specify the character encoding of the source files
 # that doxygen parses. Internally doxygen uses the UTF-8 encoding. Doxygen uses
diff --git a/documentation/source/building.rst b/documentation/source/building.rst
index 275335389b..913ab771a5 100644
--- a/documentation/source/building.rst
+++ b/documentation/source/building.rst
@@ -7,8 +7,8 @@ Build options and Environment Variables
 Make System
 ===========
 
-Makefiles are provided for a variety of simulators in :file:`cocotb/share/makefiles/simulators`.
-The common Makefile :file:`cocotb/share/makefiles/Makefile.sim` includes the appropriate simulator Makefile based on the contents of the :make:var:`SIM` variable.
+Makefiles are provided for a variety of simulators in :file:`src/cocotb/share/makefiles/simulators`.
+The common Makefile :file:`src/cocotb/share/makefiles/Makefile.sim` includes the appropriate simulator Makefile based on the contents of the :make:var:`SIM` variable.
 
 Make Targets
 ------------
@@ -38,7 +38,7 @@ Of the environment variables, only :envvar:`MODULE` is mandatory to be set
 (typically done in a makefile or run script), all others are optional.
 
 ..
-  If you edit the following sections, please also update the "helpmsg" text in cocotb/config.py
+  If you edit the following sections, please also update the "helpmsg" text in src/cocotb/config.py
 
 Cocotb
 ------
@@ -261,7 +261,7 @@ The following variables are makefile variables, not environment variables.
 
 .. make:var:: SIM
 
-      Selects which simulator Makefile to use.  Attempts to include a simulator specific makefile from :file:`cocotb/share/makefiles/simulators/makefile.$(SIM)`
+      Selects which simulator Makefile to use.  Attempts to include a simulator specific makefile from :file:`src/cocotb/share/makefiles/simulators/makefile.$(SIM)`
 
 .. make:var:: WAVES
 
diff --git a/documentation/source/library_reference_c.rst b/documentation/source/library_reference_c.rst
index 337c7c36ef..14d7ecd7d3 100644
--- a/documentation/source/library_reference_c.rst
+++ b/documentation/source/library_reference_c.rst
@@ -2,13 +2,13 @@
 GPI Library Reference
 *********************
 
-Cocotb contains a library called ``GPI`` (in directory :file:`cocotb/share/lib/gpi/`) written in C++
+Cocotb contains a library called ``GPI`` (in directory :file:`src/cocotb/share/lib/gpi/`) written in C++
 that is an abstraction layer for the VPI, VHPI, and FLI simulator interfaces.
 
 .. image:: diagrams/svg/cocotb_overview.svg
 
 The interaction between Python and GPI is via a Python extension module called ``simulator``
-(in directory :file:`cocotb/share/lib/simulator/`) which provides routines for
+(in directory :file:`src/cocotb/share/lib/simulator/`) which provides routines for
 traversing the hierarchy, getting/setting an object's value, registering callbacks etc.
 
 .. doxygenfile:: gpi.h
diff --git a/setup.cfg b/setup.cfg
index 3d6be662f7..f10a4bfac1 100644
--- a/setup.cfg
+++ b/setup.cfg
@@ -38,7 +38,7 @@ omit =
 
 [coverage:paths]
 source =
-    cocotb/
+    src/cocotb/
     .nox/**/cocotb/
 
 [coverage:report]
diff --git a/setup.py b/setup.py
index e188510da2..5ad4ecbce0 100755
--- a/setup.py
+++ b/setup.py
@@ -70,12 +70,12 @@ def package_files(directory):
     paths = []
     for fpath, directories, filenames in walk(directory):
         for filename in filenames:
-            paths.append(path.join("..", fpath, filename))
+            paths.append(path.join("..", "..", fpath, filename))
     return paths
 
 
 # this sets the __version__ variable
-exec(read_file(path.join("cocotb", "_version.py")))
+exec(read_file(path.join("src", "cocotb", "_version.py")))
 
 # store log from build_libs and display at the end in verbose mode
 # see https://github.com/pypa/pip/issues/6634
@@ -101,13 +101,14 @@ def package_files(directory):
         "find_libpython",
     ],
     python_requires=">=3.6",
-    packages=find_packages(),
+    packages=find_packages(where="src"),
+    package_dir={"": "src"},
     package_data={
         "cocotb": (
-            package_files("cocotb/share/makefiles")
-            + package_files("cocotb/share/include")  # noqa: W504
-            + package_files("cocotb/share/def")  # noqa: W504
-            + package_files("cocotb/share/lib/verilator")  # noqa: W504
+            package_files("src/cocotb/share/makefiles")
+            + package_files("src/cocotb/share/include")  # noqa: W504
+            + package_files("src/cocotb/share/def")  # noqa: W504
+            + package_files("src/cocotb/share/lib/verilator")  # noqa: W504
         )
     },
     ext_modules=get_ext(),
diff --git a/cocotb/ANSI.py b/src/cocotb/ANSI.py
similarity index 100%
rename from cocotb/ANSI.py
rename to src/cocotb/ANSI.py
diff --git a/cocotb/__init__.py b/src/cocotb/__init__.py
similarity index 100%
rename from cocotb/__init__.py
rename to src/cocotb/__init__.py
diff --git a/cocotb/_deprecation.py b/src/cocotb/_deprecation.py
similarity index 100%
rename from cocotb/_deprecation.py
rename to src/cocotb/_deprecation.py
diff --git a/cocotb/_py_compat.py b/src/cocotb/_py_compat.py
similarity index 100%
rename from cocotb/_py_compat.py
rename to src/cocotb/_py_compat.py
diff --git a/cocotb/_sim_versions.py b/src/cocotb/_sim_versions.py
similarity index 100%
rename from cocotb/_sim_versions.py
rename to src/cocotb/_sim_versions.py
diff --git a/cocotb/_vendor/README.md b/src/cocotb/_vendor/README.md
similarity index 100%
rename from cocotb/_vendor/README.md
rename to src/cocotb/_vendor/README.md
diff --git a/cocotb/_vendor/__init__.py b/src/cocotb/_vendor/__init__.py
similarity index 100%
rename from cocotb/_vendor/__init__.py
rename to src/cocotb/_vendor/__init__.py
diff --git a/cocotb/_vendor/distutils_version.py b/src/cocotb/_vendor/distutils_version.py
similarity index 100%
rename from cocotb/_vendor/distutils_version.py
rename to src/cocotb/_vendor/distutils_version.py
diff --git a/cocotb/_vendor/fli/acc_user.h b/src/cocotb/_vendor/fli/acc_user.h
similarity index 100%
rename from cocotb/_vendor/fli/acc_user.h
rename to src/cocotb/_vendor/fli/acc_user.h
diff --git a/cocotb/_vendor/fli/acc_vhdl.h b/src/cocotb/_vendor/fli/acc_vhdl.h
similarity index 100%
rename from cocotb/_vendor/fli/acc_vhdl.h
rename to src/cocotb/_vendor/fli/acc_vhdl.h
diff --git a/cocotb/_vendor/fli/mti.h b/src/cocotb/_vendor/fli/mti.h
similarity index 100%
rename from cocotb/_vendor/fli/mti.h
rename to src/cocotb/_vendor/fli/mti.h
diff --git a/cocotb/_vendor/tcl/license.terms b/src/cocotb/_vendor/tcl/license.terms
similarity index 100%
rename from cocotb/_vendor/tcl/license.terms
rename to src/cocotb/_vendor/tcl/license.terms
diff --git a/cocotb/_vendor/tcl/tcl.h b/src/cocotb/_vendor/tcl/tcl.h
similarity index 100%
rename from cocotb/_vendor/tcl/tcl.h
rename to src/cocotb/_vendor/tcl/tcl.h
diff --git a/cocotb/_vendor/tcl/tclDecls.h b/src/cocotb/_vendor/tcl/tclDecls.h
similarity index 100%
rename from cocotb/_vendor/tcl/tclDecls.h
rename to src/cocotb/_vendor/tcl/tclDecls.h
diff --git a/cocotb/_vendor/tcl/tclPlatDecls.h b/src/cocotb/_vendor/tcl/tclPlatDecls.h
similarity index 100%
rename from cocotb/_vendor/tcl/tclPlatDecls.h
rename to src/cocotb/_vendor/tcl/tclPlatDecls.h
diff --git a/cocotb/_vendor/vhpi/vhpi_user.h b/src/cocotb/_vendor/vhpi/vhpi_user.h
similarity index 100%
rename from cocotb/_vendor/vhpi/vhpi_user.h
rename to src/cocotb/_vendor/vhpi/vhpi_user.h
diff --git a/cocotb/_vendor/vpi/sv_vpi_user.h b/src/cocotb/_vendor/vpi/sv_vpi_user.h
similarity index 100%
rename from cocotb/_vendor/vpi/sv_vpi_user.h
rename to src/cocotb/_vendor/vpi/sv_vpi_user.h
diff --git a/cocotb/_vendor/vpi/vpi_user.h b/src/cocotb/_vendor/vpi/vpi_user.h
similarity index 100%
rename from cocotb/_vendor/vpi/vpi_user.h
rename to src/cocotb/_vendor/vpi/vpi_user.h
diff --git a/cocotb/_version.py b/src/cocotb/_version.py
similarity index 100%
rename from cocotb/_version.py
rename to src/cocotb/_version.py
diff --git a/cocotb/binary.py b/src/cocotb/binary.py
similarity index 100%
rename from cocotb/binary.py
rename to src/cocotb/binary.py
diff --git a/cocotb/clock.py b/src/cocotb/clock.py
similarity index 100%
rename from cocotb/clock.py
rename to src/cocotb/clock.py
diff --git a/cocotb/config.py b/src/cocotb/config.py
similarity index 100%
rename from cocotb/config.py
rename to src/cocotb/config.py
diff --git a/cocotb/decorators.py b/src/cocotb/decorators.py
similarity index 100%
rename from cocotb/decorators.py
rename to src/cocotb/decorators.py
diff --git a/cocotb/handle.py b/src/cocotb/handle.py
similarity index 100%
rename from cocotb/handle.py
rename to src/cocotb/handle.py
diff --git a/cocotb/ipython_support.py b/src/cocotb/ipython_support.py
similarity index 100%
rename from cocotb/ipython_support.py
rename to src/cocotb/ipython_support.py
diff --git a/cocotb/log.py b/src/cocotb/log.py
similarity index 100%
rename from cocotb/log.py
rename to src/cocotb/log.py
diff --git a/cocotb/memdebug.py b/src/cocotb/memdebug.py
similarity index 100%
rename from cocotb/memdebug.py
rename to src/cocotb/memdebug.py
diff --git a/cocotb/outcomes.py b/src/cocotb/outcomes.py
similarity index 100%
rename from cocotb/outcomes.py
rename to src/cocotb/outcomes.py
diff --git a/cocotb/queue.py b/src/cocotb/queue.py
similarity index 100%
rename from cocotb/queue.py
rename to src/cocotb/queue.py
diff --git a/cocotb/regression.py b/src/cocotb/regression.py
similarity index 100%
rename from cocotb/regression.py
rename to src/cocotb/regression.py
diff --git a/cocotb/result.py b/src/cocotb/result.py
similarity index 100%
rename from cocotb/result.py
rename to src/cocotb/result.py
diff --git a/cocotb/runner.py b/src/cocotb/runner.py
similarity index 100%
rename from cocotb/runner.py
rename to src/cocotb/runner.py
diff --git a/cocotb/scheduler.py b/src/cocotb/scheduler.py
similarity index 100%
rename from cocotb/scheduler.py
rename to src/cocotb/scheduler.py
diff --git a/cocotb/share/def/.gitignore b/src/cocotb/share/def/.gitignore
similarity index 100%
rename from cocotb/share/def/.gitignore
rename to src/cocotb/share/def/.gitignore
diff --git a/cocotb/share/def/README.md b/src/cocotb/share/def/README.md
similarity index 100%
rename from cocotb/share/def/README.md
rename to src/cocotb/share/def/README.md
diff --git a/cocotb/share/def/aldec.def b/src/cocotb/share/def/aldec.def
similarity index 100%
rename from cocotb/share/def/aldec.def
rename to src/cocotb/share/def/aldec.def
diff --git a/cocotb/share/def/ghdl.def b/src/cocotb/share/def/ghdl.def
similarity index 100%
rename from cocotb/share/def/ghdl.def
rename to src/cocotb/share/def/ghdl.def
diff --git a/cocotb/share/def/icarus.def b/src/cocotb/share/def/icarus.def
similarity index 100%
rename from cocotb/share/def/icarus.def
rename to src/cocotb/share/def/icarus.def
diff --git a/cocotb/share/def/modelsim.def b/src/cocotb/share/def/modelsim.def
similarity index 100%
rename from cocotb/share/def/modelsim.def
rename to src/cocotb/share/def/modelsim.def
diff --git a/cocotb/share/include/cocotb_utils.h b/src/cocotb/share/include/cocotb_utils.h
similarity index 100%
rename from cocotb/share/include/cocotb_utils.h
rename to src/cocotb/share/include/cocotb_utils.h
diff --git a/cocotb/share/include/embed.h b/src/cocotb/share/include/embed.h
similarity index 100%
rename from cocotb/share/include/embed.h
rename to src/cocotb/share/include/embed.h
diff --git a/cocotb/share/include/exports.h b/src/cocotb/share/include/exports.h
similarity index 100%
rename from cocotb/share/include/exports.h
rename to src/cocotb/share/include/exports.h
diff --git a/cocotb/share/include/gpi.h b/src/cocotb/share/include/gpi.h
similarity index 100%
rename from cocotb/share/include/gpi.h
rename to src/cocotb/share/include/gpi.h
diff --git a/cocotb/share/include/gpi_logging.h b/src/cocotb/share/include/gpi_logging.h
similarity index 100%
rename from cocotb/share/include/gpi_logging.h
rename to src/cocotb/share/include/gpi_logging.h
diff --git a/cocotb/share/include/py_gpi_logging.h b/src/cocotb/share/include/py_gpi_logging.h
similarity index 100%
rename from cocotb/share/include/py_gpi_logging.h
rename to src/cocotb/share/include/py_gpi_logging.h
diff --git a/cocotb/share/include/vhpi_user_ext.h b/src/cocotb/share/include/vhpi_user_ext.h
similarity index 100%
rename from cocotb/share/include/vhpi_user_ext.h
rename to src/cocotb/share/include/vhpi_user_ext.h
diff --git a/cocotb/share/include/vpi_user_ext.h b/src/cocotb/share/include/vpi_user_ext.h
similarity index 100%
rename from cocotb/share/include/vpi_user_ext.h
rename to src/cocotb/share/include/vpi_user_ext.h
diff --git a/cocotb/share/lib/embed/embed.cpp b/src/cocotb/share/lib/embed/embed.cpp
similarity index 100%
rename from cocotb/share/lib/embed/embed.cpp
rename to src/cocotb/share/lib/embed/embed.cpp
diff --git a/cocotb/share/lib/embed/gpi_embed.cpp b/src/cocotb/share/lib/embed/gpi_embed.cpp
similarity index 100%
rename from cocotb/share/lib/embed/gpi_embed.cpp
rename to src/cocotb/share/lib/embed/gpi_embed.cpp
diff --git a/cocotb/share/lib/fli/FliCbHdl.cpp b/src/cocotb/share/lib/fli/FliCbHdl.cpp
similarity index 100%
rename from cocotb/share/lib/fli/FliCbHdl.cpp
rename to src/cocotb/share/lib/fli/FliCbHdl.cpp
diff --git a/cocotb/share/lib/fli/FliImpl.cpp b/src/cocotb/share/lib/fli/FliImpl.cpp
similarity index 100%
rename from cocotb/share/lib/fli/FliImpl.cpp
rename to src/cocotb/share/lib/fli/FliImpl.cpp
diff --git a/cocotb/share/lib/fli/FliImpl.h b/src/cocotb/share/lib/fli/FliImpl.h
similarity index 100%
rename from cocotb/share/lib/fli/FliImpl.h
rename to src/cocotb/share/lib/fli/FliImpl.h
diff --git a/cocotb/share/lib/fli/FliObjHdl.cpp b/src/cocotb/share/lib/fli/FliObjHdl.cpp
similarity index 100%
rename from cocotb/share/lib/fli/FliObjHdl.cpp
rename to src/cocotb/share/lib/fli/FliObjHdl.cpp
diff --git a/cocotb/share/lib/gpi/GpiCbHdl.cpp b/src/cocotb/share/lib/gpi/GpiCbHdl.cpp
similarity index 100%
rename from cocotb/share/lib/gpi/GpiCbHdl.cpp
rename to src/cocotb/share/lib/gpi/GpiCbHdl.cpp
diff --git a/cocotb/share/lib/gpi/GpiCommon.cpp b/src/cocotb/share/lib/gpi/GpiCommon.cpp
similarity index 100%
rename from cocotb/share/lib/gpi/GpiCommon.cpp
rename to src/cocotb/share/lib/gpi/GpiCommon.cpp
diff --git a/cocotb/share/lib/gpi/gpi_priv.h b/src/cocotb/share/lib/gpi/gpi_priv.h
similarity index 100%
rename from cocotb/share/lib/gpi/gpi_priv.h
rename to src/cocotb/share/lib/gpi/gpi_priv.h
diff --git a/cocotb/share/lib/gpi_log/gpi_logging.cpp b/src/cocotb/share/lib/gpi_log/gpi_logging.cpp
similarity index 100%
rename from cocotb/share/lib/gpi_log/gpi_logging.cpp
rename to src/cocotb/share/lib/gpi_log/gpi_logging.cpp
diff --git a/cocotb/share/lib/py_gpi_log/py_gpi_logging.cpp b/src/cocotb/share/lib/py_gpi_log/py_gpi_logging.cpp
similarity index 100%
rename from cocotb/share/lib/py_gpi_log/py_gpi_logging.cpp
rename to src/cocotb/share/lib/py_gpi_log/py_gpi_logging.cpp
diff --git a/cocotb/share/lib/simulator/simulatormodule.cpp b/src/cocotb/share/lib/simulator/simulatormodule.cpp
similarity index 100%
rename from cocotb/share/lib/simulator/simulatormodule.cpp
rename to src/cocotb/share/lib/simulator/simulatormodule.cpp
diff --git a/cocotb/share/lib/utils/cocotb_utils.cpp b/src/cocotb/share/lib/utils/cocotb_utils.cpp
similarity index 100%
rename from cocotb/share/lib/utils/cocotb_utils.cpp
rename to src/cocotb/share/lib/utils/cocotb_utils.cpp
diff --git a/cocotb/share/lib/verilator/verilator.cpp b/src/cocotb/share/lib/verilator/verilator.cpp
similarity index 100%
rename from cocotb/share/lib/verilator/verilator.cpp
rename to src/cocotb/share/lib/verilator/verilator.cpp
diff --git a/cocotb/share/lib/vhpi/VhpiCbHdl.cpp b/src/cocotb/share/lib/vhpi/VhpiCbHdl.cpp
similarity index 100%
rename from cocotb/share/lib/vhpi/VhpiCbHdl.cpp
rename to src/cocotb/share/lib/vhpi/VhpiCbHdl.cpp
diff --git a/cocotb/share/lib/vhpi/VhpiImpl.cpp b/src/cocotb/share/lib/vhpi/VhpiImpl.cpp
similarity index 100%
rename from cocotb/share/lib/vhpi/VhpiImpl.cpp
rename to src/cocotb/share/lib/vhpi/VhpiImpl.cpp
diff --git a/cocotb/share/lib/vhpi/VhpiImpl.h b/src/cocotb/share/lib/vhpi/VhpiImpl.h
similarity index 100%
rename from cocotb/share/lib/vhpi/VhpiImpl.h
rename to src/cocotb/share/lib/vhpi/VhpiImpl.h
diff --git a/cocotb/share/lib/vpi/VpiCbHdl.cpp b/src/cocotb/share/lib/vpi/VpiCbHdl.cpp
similarity index 100%
rename from cocotb/share/lib/vpi/VpiCbHdl.cpp
rename to src/cocotb/share/lib/vpi/VpiCbHdl.cpp
diff --git a/cocotb/share/lib/vpi/VpiImpl.cpp b/src/cocotb/share/lib/vpi/VpiImpl.cpp
similarity index 100%
rename from cocotb/share/lib/vpi/VpiImpl.cpp
rename to src/cocotb/share/lib/vpi/VpiImpl.cpp
diff --git a/cocotb/share/lib/vpi/VpiImpl.h b/src/cocotb/share/lib/vpi/VpiImpl.h
similarity index 100%
rename from cocotb/share/lib/vpi/VpiImpl.h
rename to src/cocotb/share/lib/vpi/VpiImpl.h
diff --git a/cocotb/share/makefiles/Makefile.deprecations b/src/cocotb/share/makefiles/Makefile.deprecations
similarity index 100%
rename from cocotb/share/makefiles/Makefile.deprecations
rename to src/cocotb/share/makefiles/Makefile.deprecations
diff --git a/cocotb/share/makefiles/Makefile.inc b/src/cocotb/share/makefiles/Makefile.inc
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rename from cocotb/share/makefiles/Makefile.inc
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