diff --git a/drivers/debug/Kconfig.rtt b/drivers/debug/Kconfig.rtt
index 6a506d30f72..9cab870b8c0 100644
--- a/drivers/debug/Kconfig.rtt
+++ b/drivers/debug/Kconfig.rtt
@@ -16,6 +16,11 @@ config USE_SEGGER_RTT
 
 if USE_SEGGER_RTT
 
+config SEGGER_RTT_CUSTOM_LOCKING
+	bool "Enable custom locking"
+	help
+	  Enable custom locking using a mutex.
+
 config SEGGER_RTT_MAX_NUM_UP_BUFFERS
 	int "Maximum number of up-buffers"
 	default 3
diff --git a/drivers/serial/Kconfig.rtt b/drivers/serial/Kconfig.rtt
index 803f1740dcf..2438ef05e83 100644
--- a/drivers/serial/Kconfig.rtt
+++ b/drivers/serial/Kconfig.rtt
@@ -6,6 +6,7 @@
 menuconfig UART_RTT
 	bool "Enable UART RTT driver"
 	depends on USE_SEGGER_RTT
+	select SEGGER_RTT_CUSTOM_LOCKING
 	help
 	  This option enables access RTT channel as UART device.
 
diff --git a/subsys/logging/Kconfig.backends b/subsys/logging/Kconfig.backends
index 57286f54112..1b1fcedb143 100644
--- a/subsys/logging/Kconfig.backends
+++ b/subsys/logging/Kconfig.backends
@@ -89,6 +89,7 @@ config LOG_BACKEND_RTT
 	bool "Enable Segger J-Link RTT backend"
 	depends on USE_SEGGER_RTT
 	default y if !SHELL_BACKEND_RTT
+	select SEGGER_RTT_CUSTOM_LOCKING
 	help
 	  When enabled, backend will use RTT for logging. This backend works on a per
 	  message basis. Only a whole message (terminated with a carriage return: '\r')
diff --git a/subsys/tracing/Kconfig b/subsys/tracing/Kconfig
index a057ae6e392..1a1924e5cb0 100644
--- a/subsys/tracing/Kconfig
+++ b/subsys/tracing/Kconfig
@@ -45,6 +45,7 @@ config SEGGER_SYSTEMVIEW
 	select RTT_CONSOLE
 	select USE_SEGGER_RTT
 	select THREAD_MONITOR
+	select SEGGER_RTT_CUSTOM_LOCKING
 
 config TRACING_CTF
 	bool "Tracing via Common Trace Format support"
diff --git a/west.yml b/west.yml
index 4ed16e9c6fe..1d241a8f3e5 100644
--- a/west.yml
+++ b/west.yml
@@ -112,7 +112,7 @@ manifest:
       revision: 385e19da1ae15f27872c2543b97276a42f102ead
       path: modules/lib/openthread
     - name: segger
-      revision: 2aa031c081426dcd0626185af45c40bd05811b68
+      revision: 7d78f7121dc4c59396c12e60e34f3617bac5efcb
       path: modules/debug/segger
     - name: sof
       revision: 779f28ed465c03899c8a7d4aaf399856f4e51158
@@ -134,7 +134,7 @@ manifest:
       revision: a47e326ca772ddd14cc3b9d4ca30a9ab44ecca16
     - name: TraceRecorderSource
       path: modules/debug/TraceRecorder
-      revision: 41daf89c15ff841ed63fa882a916ec97089141ce
+      revision: d9889883abb4657d71e15ff055517a9b032f8212
     - name: hal_xtensa
       revision: 2f04b615cd5ad3a1b8abef33f9bdd10cc1990ed6
       path: modules/hal/xtensa