A method, apparatus and computer program product are disclosed to allow for proximity detection in a manner that advantageously balances power consumption and latency. In the context of a method, the presence of a communication device is detected and a wireless link is caused to be established to provide a connection, such as a session description protocol (SDP) connection, with the communication device. The method may also detect the proximity of the communication device based upon signal strength of one or more signals communicated via the established wireless link. The method may also adjust one or more connection parameters of the established wireless link based at least upon the signal strength of the one or more signals communicated via the link. A corresponding apparatus and computer program product are also disclosed.