cortex-debug: Problem with GDB Server on the console

I get this error Waiting for gdb server to start... on the console when I use stm32-for-vscode extension. Everything works fine (compile, program, etc.), aside that Cortex-Debug always is waiting for some unknown to me GDB server to start!

I’ve created an issue in stm32-for-vscode but it seems that the problem is with Cortex-Debug. Please refer to this issue there which has the full problem definition as well as the possible solution suggested by @jortbmd.