We propose AV-Link, a unified framework for Video-to-Audio and Audio-to-Video generation that leverages the activations of frozen video and audio diffusion models for temporally-aligned cross-modal conditioning. The key to our framework is a Fusion Block that enables bidirectional information exchange between our backbone video and audio diffusion models through a temporally-aligned self attention operation. Unlike prior work that uses feature extractors pretrained for other tasks for the conditioning signal, AV-Link can directly leverage features obtained by the complementary modality in a single framework i.e. video features to generate audio, or audio features to generate video. We extensively evaluate our design choices and demonstrate the ability of our method to achieve synchronized and high-quality audiovisual content, showcasing its potential for applications in immersive media generation. Project Page: snap-research.github.io/AVLink/