Objective This qualitative study aims to present the aspirations, expectations and critical analysis of the potential for artificial intelligence (AI) to transform patient–physician relationship, according to multi-stakeholder insight. Methods This study was conducted from June to December 2021, using an anticipatory ethics approach and sociology of expectations as the theoretical frameworks. It focused mainly on three groups of stakeholders; namely, physicians (n = 12), patients (n = 15) and healthcare managers (n = 11), all of whom are directly related to the adoption of AI in medicine (n = 38). Results In this study, interviews were conducted with 40% of the patients in the sample (15/38), as well as 31% of the physicians (12/38) and 29% of health managers in the sample (11/38). The findings highlight the following: (1) the impact of AI on fundamental aspects of the patient–physician relationship and the underlying importance of a synergistic relationship between the physician and AI; (2) the potential for AI to alleviate workload and reduce administrative burden by saving time and putting the patient at the centre of the caring process and (3) the potential risk to the holistic approach by neglecting humanness in healthcare. Conclusions This multi-stakeholder qualitative study, which focused on the micro-level of healthcare decision-making, sheds new light on the impact of AI on healthcare and the potential transformation of patient–physician relationship. The results of the current study highlight the need to adopt a critical awareness approach to the implementation of AI in healthcare by applying critical thinking and reasoning. It is important not to rely solely upon the recommendations of AI while neglecting clinical reasoning and physicians’ knowledge of best clinical practices. Instead, it is vital that the core values of the existing patient–physician relationship – such as trust and honesty, conveyed through open and sincere communication – are preserved.