diff --git a/sqlmesh/utils/jinja.py b/sqlmesh/utils/jinja.py
index 59e9f6dd2f..240b183391 100644
--- a/sqlmesh/utils/jinja.py
+++ b/sqlmesh/utils/jinja.py
@@ -133,6 +133,12 @@ def find_call_names(node: nodes.Node, vars_in_scope: t.Set[str]) -> t.Iterator[C
     vars_in_scope = vars_in_scope.copy()
     for child_node in node.iter_child_nodes():
         if "target" in child_node.fields:
+            # For nodes with assignment targets (Assign, AssignBlock, For, Import),
+            # the target name could shadow a reference in the right hand side.
+            # So we need to process the RHS before adding the target to scope.
+            # For example: {% set model = model.path %} should track model.path.
+            yield from find_call_names(child_node, vars_in_scope)
+
             target = getattr(child_node, "target")
             if isinstance(target, nodes.Name):
                 vars_in_scope.add(target.name)
@@ -149,7 +155,9 @@ def find_call_names(node: nodes.Node, vars_in_scope: t.Set[str]) -> t.Iterator[C
             name = call_name(child_node)
             if name[0][0] != "'" and name[0] not in vars_in_scope:
                 yield (name, child_node)
-        yield from find_call_names(child_node, vars_in_scope)
+
+        if "target" not in child_node.fields:
+            yield from find_call_names(child_node, vars_in_scope)
 
 
 def extract_call_names(
diff --git a/tests/dbt/test_manifest.py b/tests/dbt/test_manifest.py
index e2e7bc706c..2ecf8b8980 100644
--- a/tests/dbt/test_manifest.py
+++ b/tests/dbt/test_manifest.py
@@ -324,3 +324,46 @@ def test_macro_depenency_none_str():
 
     # "None" macro shouldn't raise a KeyError
     _macro_references(helper._manifest, node)
+
+
+@pytest.mark.xdist_group("dbt_manifest")
+def test_macro_assignment_shadowing(create_empty_project):
+    project_name = "local"
+    project_path, models_path = create_empty_project(project_name=project_name)
+
+    macros_path = project_path / "macros"
+    macros_path.mkdir()
+
+    (macros_path / "model_path_macro.sql").write_text("""
+{% macro model_path_macro() %}
+  {% if execute %}
+    {% set model = model.path.split('/')[-1].replace('.sql', '') %}
+    SELECT '{{ model }}' as model_name
+  {% else %}
+    SELECT 'placeholder' as placeholder
+  {% endif %}
+{% endmacro %}
+""")
+
+    (models_path / "model_using_path_macro.sql").write_text("""
+{{ model_path_macro() }}
+""")
+
+    context = DbtContext(project_path)
+    profile = Profile.load(context)
+
+    helper = ManifestHelper(
+        project_path,
+        project_path,
+        project_name,
+        profile.target,
+        model_defaults=ModelDefaultsConfig(start="2020-01-01"),
+    )
+
+    macros = helper.macros(project_name)
+    assert "model_path_macro" in macros
+    assert "path" in macros["model_path_macro"].dependencies.model_attrs.attrs
+
+    models = helper.models()
+    assert "model_using_path_macro" in models
+    assert "path" in models["model_using_path_macro"].dependencies.model_attrs.attrs