diff --git a/Cargo.lock b/Cargo.lock
index 87e24f06f4e..25d13a9ee4b 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -686,6 +686,15 @@ dependencies = [
  "once_cell",
 ]
 
+[[package]]
+name = "fastrand"
+version = "1.9.0"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "e51093e27b0797c359783294ca4f0a911c270184cb10f85783b118614a1501be"
+dependencies = [
+ "instant",
+]
+
 [[package]]
 name = "fastrand"
 version = "2.0.0"
@@ -2309,11 +2318,22 @@ dependencies = [
  "libc",
 ]
 
+[[package]]
+name = "self-replace"
+version = "1.3.7"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "525db198616b2bcd0f245daf7bfd8130222f7ee6af9ff9984c19a61bf1160c55"
+dependencies = [
+ "fastrand 1.9.0",
+ "tempfile",
+ "windows-sys 0.48.0",
+]
+
 [[package]]
 name = "self_update"
-version = "0.37.0"
+version = "0.38.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "a667e18055120bcc9a658d55d36f2f6bfc82e07968cc479ee7774e3bfb501e14"
+checksum = "2b3c585a1ced6b97ac13bd5e56f66559e5a75f477da5913f70df98e114518446"
 dependencies = [
  "either",
  "flate2",
@@ -2323,6 +2343,7 @@ dependencies = [
  "quick-xml 0.23.1",
  "regex",
  "reqwest",
+ "self-replace",
  "semver",
  "serde_json",
  "tar",
@@ -2690,7 +2711,7 @@ source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "cb94d2f3cc536af71caac6b6fcebf65860b347e7ce0cc9ebe8f70d3e521054ef"
 dependencies = [
  "cfg-if",
- "fastrand",
+ "fastrand 2.0.0",
  "redox_syscall",
  "rustix 0.38.14",
  "windows-sys 0.48.0",
diff --git a/nextest-runner/Cargo.toml b/nextest-runner/Cargo.toml
index 8d65011c2af..a7473743a3e 100644
--- a/nextest-runner/Cargo.toml
+++ b/nextest-runner/Cargo.toml
@@ -77,7 +77,7 @@ zstd = { version = "0.12.4", features = ["zstdmt"] }
 ###
 mukti-metadata = { version = "0.1.0", optional = true }
 # TODO: remove dependency on self_update, build our own thing on top of mukti
-self_update = { version = "0.37.0", optional = true, default-features = false, features = [
+self_update = { version = "0.38.0", optional = true, default-features = false, features = [
     "archive-tar",
     "compression-flate2",
 ] }
@@ -115,7 +115,7 @@ dunce = "1.0.4"
 # RISC-V: https://github.com/nextest-rs/nextest/issues/820
 # (default features for self_update turns on openssl)
 [target.'cfg(not(any(target_arch = "riscv32", target_arch = "riscv64")))'.dependencies]
-self_update = { version = "0.37.0", optional = true, default-features = false, features = [
+self_update = { version = "0.38.0", optional = true, default-features = false, features = [
     "rustls",
 ] }