diff --git a/Makefile b/Makefile
index 5edc39a0a3..a6292b1847 100644
--- a/Makefile
+++ b/Makefile
@@ -100,7 +100,7 @@ GIT_SYNC_IMAGE_NAME := gcr.io/config-management-release/git-sync:$(GIT_SYNC_VERS
 
 # To automatically update, run this command:
 # UPDATE_TYPE=<latest-version|latest-build> make update-otelcontribcol-image
-OTELCONTRIBCOL_VERSION := v0.133.0-gke.11
+OTELCONTRIBCOL_VERSION := v0.150.0-gke.2
 OTELCONTRIBCOL_IMAGE_NAME := gcr.io/config-management-release/otelcontribcol:$(OTELCONTRIBCOL_VERSION)
 
 # Directory used for staging Docker contexts.