diff --git a/ci/deps/travis-37-locale.yaml b/ci/deps/travis-37-locale.yaml
index e93a86910bf34..4e442b10482a7 100644
--- a/ci/deps/travis-37-locale.yaml
+++ b/ci/deps/travis-37-locale.yaml
@@ -34,7 +34,7 @@ dependencies:
   - pyarrow>=0.17
   - pytables>=3.5.1
   - scipy
-  - xarray=0.12.0
+  - xarray=0.12.3
   - xlrd
   - xlsxwriter
   - xlwt
diff --git a/doc/source/getting_started/install.rst b/doc/source/getting_started/install.rst
index df481e8c986f7..c823ad01f10bf 100644
--- a/doc/source/getting_started/install.rst
+++ b/doc/source/getting_started/install.rst
@@ -284,7 +284,7 @@ pyxlsb                    1.0.6              Reading for xlsb files
 qtpy                                         Clipboard I/O
 s3fs                      0.4.0              Amazon S3 access
 tabulate                  0.8.3              Printing in Markdown-friendly format (see `tabulate`_)
-xarray                    0.12.0             pandas-like API for N-dimensional data
+xarray                    0.12.3             pandas-like API for N-dimensional data
 xclip                                        Clipboard I/O on linux
 xlrd                      1.2.0              Excel reading
 xlwt                      1.3.0              Excel writing
diff --git a/doc/source/reference/index.rst b/doc/source/reference/index.rst
index 9d5649c37e92f..f7c5eaf242b34 100644
--- a/doc/source/reference/index.rst
+++ b/doc/source/reference/index.rst
@@ -30,7 +30,6 @@ public functions related to data types in pandas.
    series
    frame
    arrays
-   panel
    indexing
    offset_frequency
    window
diff --git a/doc/source/reference/panel.rst b/doc/source/reference/panel.rst
deleted file mode 100644
index 37d48c2dadf2e..0000000000000
--- a/doc/source/reference/panel.rst
+++ /dev/null
@@ -1,10 +0,0 @@
-{{ header }}
-
-.. _api.panel:
-
-=====
-Panel
-=====
-.. currentmodule:: pandas
-
-``Panel`` was removed in 0.25.0. For prior documentation, see the `0.24 documentation <https://pandas.pydata.org/pandas-docs/version/0.24/reference/panel.html>`_
diff --git a/doc/source/whatsnew/v1.2.0.rst b/doc/source/whatsnew/v1.2.0.rst
index bc5229d4b4296..08e379ad2b413 100644
--- a/doc/source/whatsnew/v1.2.0.rst
+++ b/doc/source/whatsnew/v1.2.0.rst
@@ -657,6 +657,7 @@ I/O
 - Parse missing values using :func:`read_json` with ``dtype=False`` to ``NaN`` instead of ``None`` (:issue:`28501`)
 - :meth:`read_fwf` was inferring compression with ``compression=None`` which was not consistent with the other :meth:``read_*`` functions (:issue:`37909`)
 - :meth:`DataFrame.to_html` was ignoring ``formatters`` argument for ``ExtensionDtype`` columns (:issue:`36525`)
+- Bumped minimum xarray version to 0.12.3 to avoid reference to the removed ``Panel`` class (:issue:`27101`)
 
 Period
 ^^^^^^
diff --git a/pandas/__init__.py b/pandas/__init__.py
index b9b7d5d064855..cc5d835a52833 100644
--- a/pandas/__init__.py
+++ b/pandas/__init__.py
@@ -189,25 +189,10 @@
 
 
 # GH 27101
-# TODO: remove Panel compat in 1.0
 def __getattr__(name):
     import warnings
 
-    if name == "Panel":
-
-        warnings.warn(
-            "The Panel class is removed from pandas. Accessing it "
-            "from the top-level namespace will also be removed in the next version",
-            FutureWarning,
-            stacklevel=2,
-        )
-
-        class Panel:
-            pass
-
-        return Panel
-
-    elif name == "datetime":
+    if name == "datetime":
         warnings.warn(
             "The pandas.datetime class is deprecated "
             "and will be removed from pandas in a future version. "
diff --git a/pandas/compat/_optional.py b/pandas/compat/_optional.py
index d3c7888cac704..533e67acfa2f4 100644
--- a/pandas/compat/_optional.py
+++ b/pandas/compat/_optional.py
@@ -25,7 +25,7 @@
     "sqlalchemy": "1.2.8",
     "tables": "3.5.1",
     "tabulate": "0.8.3",
-    "xarray": "0.12.0",
+    "xarray": "0.12.3",
     "xlrd": "1.2.0",
     "xlwt": "1.3.0",
     "xlsxwriter": "1.0.2",
diff --git a/pandas/tests/test_downstream.py b/pandas/tests/test_downstream.py
index 392be699b6fc0..83016a08de90b 100644
--- a/pandas/tests/test_downstream.py
+++ b/pandas/tests/test_downstream.py
@@ -41,7 +41,6 @@ def test_dask(df):
     assert ddf.compute() is not None
 
 
-@pytest.mark.filterwarnings("ignore:Panel class is removed")
 def test_xarray(df):
 
     xarray = import_module("xarray")  # noqa
diff --git a/scripts/validate_rst_title_capitalization.py b/scripts/validate_rst_title_capitalization.py
index b8839c83d00b9..d521f2ee421be 100755
--- a/scripts/validate_rst_title_capitalization.py
+++ b/scripts/validate_rst_title_capitalization.py
@@ -138,7 +138,6 @@
     "Google",
     "CategoricalDtype",
     "UTC",
-    "Panel",
     "False",
     "Styler",
     "os",