diff --git a/buildbot/dependency.conf b/buildbot/dependency.conf
index bf1991a71da40..49cc49e78e69e 100644
--- a/buildbot/dependency.conf
+++ b/buildbot/dependency.conf
@@ -4,8 +4,8 @@ ocl_cpu_rt_ver=2021.11.3.0.09
 # https://github.com/intel/llvm/releases/download/2021-WW11/win-oclcpuexp-2021.11.3.0.09_rel.zip
 ocl_cpu_rt_ver_win=2021.11.3.0.09
 # Same GPU driver supports Level Zero and OpenCL
-# https://github.com/intel/compute-runtime/releases/tag/21.09.19150
-ocl_gpu_rt_ver=21.09.19150
+# https://github.com/intel/compute-runtime/releases/tag/21.12.19358
+ocl_gpu_rt_ver=21.12.19358
 # Same GPU driver supports Level Zero and OpenCL
 # https://downloadmirror.intel.com/30266/a08/igfx_win10_100.9316.zip
 ocl_gpu_rt_ver_win=27.20.100.9316
@@ -30,7 +30,7 @@ ocloc_ver_win=27.20.100.9168
 [DRIVER VERSIONS]
 cpu_driver_lin=2021.11.3.0.09
 cpu_driver_win=2021.11.3.0.09
-gpu_driver_lin=21.09.19150
+gpu_driver_lin=21.12.19358
 gpu_driver_win=27.20.100.9316
 fpga_driver_lin=2021.11.3.0.09
 fpga_driver_win=2021.11.3.0.09
diff --git a/sycl/plugins/level_zero/CMakeLists.txt b/sycl/plugins/level_zero/CMakeLists.txt
index 28cf7d7800dec..7f515f3847fa1 100755
--- a/sycl/plugins/level_zero/CMakeLists.txt
+++ b/sycl/plugins/level_zero/CMakeLists.txt
@@ -21,9 +21,14 @@ if (NOT DEFINED LEVEL_ZERO_LIBRARY OR NOT DEFINED LEVEL_ZERO_INCLUDE_DIR)
   if (NOT DEFINED SYCL_EP_LEVEL_ZERO_LOADER_SKIP_AUTO_UPDATE)
     set(SYCL_EP_LEVEL_ZERO_LOADER_SKIP_AUTO_UPDATE ${SYCL_EXTERNAL_PROJECTS_SKIP_AUTO_UPDATE})
   endif()
+  if (WIN32)
+    set(LEVEL_ZERO_LOADER_SOURCE_VERSION v1.0.16)
+  else()
+    set(LEVEL_ZERO_LOADER_SOURCE_VERSION v1.2.3)
+  endif()
   ExternalProject_Add(level-zero-loader
     GIT_REPOSITORY    https://github.com/oneapi-src/level-zero.git
-    GIT_TAG           v1.0.16
+    GIT_TAG           ${LEVEL_ZERO_LOADER_SOURCE_VERSION}
     UPDATE_DISCONNECTED ${SYCL_EP_LEVEL_ZERO_LOADER_SKIP_AUTO_UPDATE}
     SOURCE_DIR        ${LEVEL_ZERO_LOADER_SOURCE_DIR}
     BINARY_DIR        "${CMAKE_CURRENT_BINARY_DIR}/level_zero_loader_build"