Progress has been made in linking water transport in leaves with anatomical traits. However, most of our current knowledge about these links is based on studies that sampled phylogenetically distant species and covered a wide range of leaf size and morphology. Here we studied covariation of leaf anatomical traits and hydraulic capacity in five closely related hybrid poplar genotypes. Variation in stomatal conductance and leaf hydraulic conductance was not linked to vein density or other anatomical lamina properties. A strong correlation was found between stomatal conductance and the transport capacity of the petiole, estimated from the diameter and number of xylem vessels. An inverse relationship existed between leaf size and major vein density. The role of bundle sheath extensions is discussed. Our data suggests that petiole xylem is an important predictor of gas exchange capacity in poplar leaves.