diff --git a/staging/src/k8s.io/component-base/version/dynamic.go b/staging/src/k8s.io/component-base/version/dynamic.go
new file mode 100644
index 00000000000..46ade9f5ec1
--- /dev/null
+++ b/staging/src/k8s.io/component-base/version/dynamic.go
@@ -0,0 +1,77 @@
+/*
+Copyright 2023 The Kubernetes Authors.
+
+Licensed under the Apache License, Version 2.0 (the "License");
+you may not use this file except in compliance with the License.
+You may obtain a copy of the License at
+
+    http://www.apache.org/licenses/LICENSE-2.0
+
+Unless required by applicable law or agreed to in writing, software
+distributed under the License is distributed on an "AS IS" BASIS,
+WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+See the License for the specific language governing permissions and
+limitations under the License.
+*/
+
+package version
+
+import (
+	"fmt"
+	"sync/atomic"
+
+	utilversion "k8s.io/apimachinery/pkg/util/version"
+)
+
+var dynamicGitVersion atomic.Value
+
+func init() {
+	// initialize to static gitVersion
+	dynamicGitVersion.Store(gitVersion)
+}
+
+// SetDynamicVersion overrides the version returned as the GitVersion from Get().
+// The specified version must be non-empty, a valid semantic version, and must
+// match the major/minor/patch version of the default gitVersion.
+func SetDynamicVersion(dynamicVersion string) error {
+	if err := ValidateDynamicVersion(dynamicVersion); err != nil {
+		return err
+	}
+	dynamicGitVersion.Store(dynamicVersion)
+	return nil
+}
+
+// ValidateDynamicVersion ensures the given version is non-empty, a valid semantic version,
+// and matched the major/minor/patch version of the default gitVersion.
+func ValidateDynamicVersion(dynamicVersion string) error {
+	return validateDynamicVersion(dynamicVersion, gitVersion)
+}
+
+func validateDynamicVersion(dynamicVersion, defaultVersion string) error {
+	if len(dynamicVersion) == 0 {
+		return fmt.Errorf("version must not be empty")
+	}
+	if dynamicVersion == defaultVersion {
+		// allow no-op
+		return nil
+	}
+	vRuntime, err := utilversion.ParseSemantic(dynamicVersion)
+	if err != nil {
+		return err
+	}
+	// must match major/minor/patch of default version
+	var vDefault *utilversion.Version
+	if defaultVersion == "v0.0.0-master+$Format:%H$" {
+		// special-case the placeholder value which doesn't parse as a semantic version
+		vDefault, err = utilversion.ParseSemantic("v0.0.0-master")
+	} else {
+		vDefault, err = utilversion.ParseSemantic(defaultVersion)
+	}
+	if err != nil {
+		return err
+	}
+	if vRuntime.Major() != vDefault.Major() || vRuntime.Minor() != vDefault.Minor() || vRuntime.Patch() != vDefault.Patch() {
+		return fmt.Errorf("version %q must match major/minor/patch of default version %q", dynamicVersion, defaultVersion)
+	}
+	return nil
+}
diff --git a/staging/src/k8s.io/component-base/version/verflag/verflag.go b/staging/src/k8s.io/component-base/version/verflag/verflag.go
index 106e3450ff0..46edab46f33 100644
--- a/staging/src/k8s.io/component-base/version/verflag/verflag.go
+++ b/staging/src/k8s.io/component-base/version/verflag/verflag.go
@@ -20,20 +20,22 @@ package verflag
 
 import (
 	"fmt"
+	"io"
 	"os"
 	"strconv"
+	"strings"
 
 	flag "github.com/spf13/pflag"
 
 	"k8s.io/component-base/version"
 )
 
-type versionValue int
+type versionValue string
 
 const (
-	VersionFalse versionValue = 0
-	VersionTrue  versionValue = 1
-	VersionRaw   versionValue = 2
+	VersionFalse versionValue = "false"
+	VersionTrue  versionValue = "true"
+	VersionRaw   versionValue = "raw"
 )
 
 const strRawVersion string = "raw"
@@ -51,20 +53,28 @@ func (v *versionValue) Set(s string) error {
 		*v = VersionRaw
 		return nil
 	}
+
+	if strings.HasPrefix(s, "v") {
+		err := version.SetDynamicVersion(s)
+		if err == nil {
+			*v = versionValue(s)
+		}
+		return err
+	}
+
 	boolVal, err := strconv.ParseBool(s)
-	if boolVal {
-		*v = VersionTrue
-	} else {
-		*v = VersionFalse
+	if err == nil {
+		if boolVal {
+			*v = VersionTrue
+		} else {
+			*v = VersionFalse
+		}
 	}
 	return err
 }
 
 func (v *versionValue) String() string {
-	if *v == VersionRaw {
-		return strRawVersion
-	}
-	return fmt.Sprintf("%v", bool(*v == VersionTrue))
+	return string(*v)
 }
 
 // The type of the flag as required by the pflag.Value interface
@@ -88,7 +98,7 @@ func Version(name string, value versionValue, usage string) *versionValue {
 const versionFlagName = "version"
 
 var (
-	versionFlag = Version(versionFlagName, VersionFalse, "Print version information and quit")
+	versionFlag = Version(versionFlagName, VersionFalse, "--version, --version=raw prints version information and quits; --version=vX.Y.Z... sets the reported version")
 	programName = "Kubernetes"
 )
 
@@ -98,14 +108,20 @@ func AddFlags(fs *flag.FlagSet) {
 	fs.AddFlag(flag.Lookup(versionFlagName))
 }
 
-// PrintAndExitIfRequested will check if the -version flag was passed
+// variables for unit testing PrintAndExitIfRequested
+var (
+	output = io.Writer(os.Stdout)
+	exit   = os.Exit
+)
+
+// PrintAndExitIfRequested will check if --version or --version=raw was passed
 // and, if so, print the version and exit.
 func PrintAndExitIfRequested() {
 	if *versionFlag == VersionRaw {
-		fmt.Printf("%#v\n", version.Get())
-		os.Exit(0)
+		fmt.Fprintf(output, "%#v\n", version.Get())
+		exit(0)
 	} else if *versionFlag == VersionTrue {
-		fmt.Printf("%s %s\n", programName, version.Get())
-		os.Exit(0)
+		fmt.Fprintf(output, "%s %s\n", programName, version.Get())
+		exit(0)
 	}
 }
diff --git a/staging/src/k8s.io/component-base/version/verflag/verflag_test.go b/staging/src/k8s.io/component-base/version/verflag/verflag_test.go
new file mode 100644
index 00000000000..8f2e59a29cd
--- /dev/null
+++ b/staging/src/k8s.io/component-base/version/verflag/verflag_test.go
@@ -0,0 +1,166 @@
+/*
+Copyright 2023 The Kubernetes Authors.
+
+Licensed under the Apache License, Version 2.0 (the "License");
+you may not use this file except in compliance with the License.
+You may obtain a copy of the License at
+
+    http://www.apache.org/licenses/LICENSE-2.0
+
+Unless required by applicable law or agreed to in writing, software
+distributed under the License is distributed on an "AS IS" BASIS,
+WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+See the License for the specific language governing permissions and
+limitations under the License.
+*/
+
+package verflag
+
+import (
+	"bytes"
+	"fmt"
+	"strings"
+	"testing"
+
+	"github.com/spf13/pflag"
+
+	"k8s.io/component-base/version"
+)
+
+func TestVersionFlag(t *testing.T) {
+	initialFlagValue := string(*versionFlag)
+	initialVersion := version.Get()
+
+	testcases := []struct {
+		name               string
+		flags              []string
+		expectError        string
+		expectExit         bool
+		expectPrintVersion string
+		expectGitVersion   string
+	}{
+		{
+			name:             "no flag",
+			flags:            []string{},
+			expectGitVersion: initialVersion.GitVersion,
+		},
+		{
+			name:             "false",
+			flags:            []string{"--version=false"},
+			expectGitVersion: initialVersion.GitVersion,
+		},
+
+		{
+			name:               "valueless",
+			flags:              []string{"--version"},
+			expectGitVersion:   initialVersion.GitVersion,
+			expectExit:         true,
+			expectPrintVersion: "Kubernetes " + initialVersion.GitVersion,
+		},
+		{
+			name:               "true",
+			flags:              []string{"--version=true"},
+			expectGitVersion:   initialVersion.GitVersion,
+			expectExit:         true,
+			expectPrintVersion: "Kubernetes " + initialVersion.GitVersion,
+		},
+		{
+			name:               "raw",
+			flags:              []string{"--version=raw"},
+			expectGitVersion:   initialVersion.GitVersion,
+			expectExit:         true,
+			expectPrintVersion: fmt.Sprintf("%#v", initialVersion),
+		},
+		{
+			name:               "truthy",
+			flags:              []string{"--version=T"},
+			expectGitVersion:   initialVersion.GitVersion,
+			expectExit:         true,
+			expectPrintVersion: "Kubernetes " + initialVersion.GitVersion,
+		},
+
+		{
+			name:             "override",
+			flags:            []string{"--version=v0.0.0-custom"},
+			expectGitVersion: "v0.0.0-custom",
+		},
+		{
+			name:        "invalid override semver",
+			flags:       []string{"--version=vX"},
+			expectError: `could not parse "vX"`,
+		},
+		{
+			name:        "invalid override major",
+			flags:       []string{"--version=v1.0.0"},
+			expectError: `must match major/minor/patch`,
+		},
+		{
+			name:        "invalid override minor",
+			flags:       []string{"--version=v0.1.0"},
+			expectError: `must match major/minor/patch`,
+		},
+		{
+			name:        "invalid override patch",
+			flags:       []string{"--version=v0.0.1"},
+			expectError: `must match major/minor/patch`,
+		},
+
+		{
+			name:               "override and exit",
+			flags:              []string{"--version=v0.0.0-custom", "--version"},
+			expectGitVersion:   "v0.0.0-custom",
+			expectExit:         true,
+			expectPrintVersion: "Kubernetes v0.0.0-custom",
+		},
+	}
+
+	for _, tc := range testcases {
+		t.Run(tc.name, func(t *testing.T) {
+
+			originalOutput := output
+			originalExit := exit
+
+			outputBuffer := &bytes.Buffer{}
+			output = outputBuffer
+			exitCalled := false
+			exit = func(code int) { exitCalled = true }
+
+			t.Cleanup(func() {
+				output = originalOutput
+				exit = originalExit
+				*versionFlag = versionValue(initialFlagValue)
+				err := version.SetDynamicVersion(initialVersion.GitVersion)
+				if err != nil {
+					t.Fatal(err)
+				}
+			})
+
+			fs := pflag.NewFlagSet("test", pflag.ContinueOnError)
+			AddFlags(fs)
+			err := fs.Parse(tc.flags)
+			if tc.expectError != "" {
+				if err == nil {
+					t.Fatal("expected error, got none")
+				}
+				if !strings.Contains(err.Error(), tc.expectError) {
+					t.Fatalf("expected error containing %q, got %q", tc.expectError, err.Error())
+				}
+				return
+			} else if err != nil {
+				t.Fatalf("unexpected parse error: %v", err)
+			}
+
+			if e, a := tc.expectGitVersion, version.Get().GitVersion; e != a {
+				t.Fatalf("gitversion: expected %v, got %v", e, a)
+			}
+
+			PrintAndExitIfRequested()
+			if e, a := tc.expectExit, exitCalled; e != a {
+				t.Fatalf("exit(): expected %v, got %v", e, a)
+			}
+			if e, a := tc.expectPrintVersion, strings.TrimSpace(outputBuffer.String()); e != a {
+				t.Fatalf("print version: expected %v, got %v", e, a)
+			}
+		})
+	}
+}
diff --git a/staging/src/k8s.io/component-base/version/version.go b/staging/src/k8s.io/component-base/version/version.go
index d1e76dc00e0..1d268d4c680 100644
--- a/staging/src/k8s.io/component-base/version/version.go
+++ b/staging/src/k8s.io/component-base/version/version.go
@@ -31,7 +31,7 @@ func Get() apimachineryversion.Info {
 	return apimachineryversion.Info{
 		Major:        gitMajor,
 		Minor:        gitMinor,
-		GitVersion:   gitVersion,
+		GitVersion:   dynamicGitVersion.Load().(string),
 		GitCommit:    gitCommit,
 		GitTreeState: gitTreeState,
 		BuildDate:    buildDate,
diff --git a/staging/src/k8s.io/kube-aggregator/pkg/apiserver/apiserver.go b/staging/src/k8s.io/kube-aggregator/pkg/apiserver/apiserver.go
index 3864f094d64..cf83c3a6fe5 100644
--- a/staging/src/k8s.io/kube-aggregator/pkg/apiserver/apiserver.go
+++ b/staging/src/k8s.io/kube-aggregator/pkg/apiserver/apiserver.go
@@ -30,15 +30,13 @@ import (
 	"k8s.io/apiserver/pkg/endpoints/discovery/aggregated"
 	genericfeatures "k8s.io/apiserver/pkg/features"
 	genericapiserver "k8s.io/apiserver/pkg/server"
+	"k8s.io/apiserver/pkg/server/dynamiccertificates"
 	"k8s.io/apiserver/pkg/server/egressselector"
 	serverstorage "k8s.io/apiserver/pkg/server/storage"
 	utilfeature "k8s.io/apiserver/pkg/util/feature"
 	"k8s.io/client-go/kubernetes"
-	"k8s.io/client-go/pkg/version"
 	"k8s.io/client-go/transport"
-	openapicommon "k8s.io/kube-openapi/pkg/common"
-
-	"k8s.io/apiserver/pkg/server/dynamiccertificates"
+	"k8s.io/component-base/version"
 	v1 "k8s.io/kube-aggregator/pkg/apis/apiregistration/v1"
 	v1helper "k8s.io/kube-aggregator/pkg/apis/apiregistration/v1/helper"
 	"k8s.io/kube-aggregator/pkg/apis/apiregistration/v1beta1"
@@ -52,6 +50,7 @@ import (
 	openapiv3aggregator "k8s.io/kube-aggregator/pkg/controllers/openapiv3/aggregator"
 	statuscontrollers "k8s.io/kube-aggregator/pkg/controllers/status"
 	apiservicerest "k8s.io/kube-aggregator/pkg/registry/apiservice/rest"
+	openapicommon "k8s.io/kube-openapi/pkg/common"
 )
 
 func init() {