diff --git a/cmake/modules/extensions.cmake b/cmake/modules/extensions.cmake
index de3117799e0..0ccbe42078f 100644
--- a/cmake/modules/extensions.cmake
+++ b/cmake/modules/extensions.cmake
@@ -404,6 +404,9 @@ macro(zephyr_library_get_current_dir_lib_name base lib_name)
   # Replace / with __ (driver/serial => driver__serial)
   string(REGEX REPLACE "/" "__" name ${name})
 
+  # Replace : with __ (C:/zephyrproject => C____zephyrproject)
+  string(REGEX REPLACE ":" "__" name ${name})
+
   set(${lib_name} ${name})
 endmacro()