diff --git a/.github/dependabot.yml b/.github/dependabot.yml
index be16f05ab..fd677353e 100644
--- a/.github/dependabot.yml
+++ b/.github/dependabot.yml
@@ -69,7 +69,7 @@ updates:
       include: "scope"
 
   - package-ecosystem: "pip"
-    directory: "/components/runtimes/python39/kubeless"
+    directory: "/components/runtimes/python/python39"
     labels:
       - "area/dependency"
       - "kind/chore"
@@ -82,6 +82,20 @@ updates:
       opentelemetry:
         patterns:
           - "opentelemetry-*"
+  - package-ecosystem: "pip"
+    directory: "/components/runtimes/python/python312"
+    labels:
+      - "area/dependency"
+      - "kind/chore"
+    schedule:
+      interval: "weekly"
+    commit-message:
+      prefix: "pip-python312"
+      include: "scope"
+    groups:
+      opentelemetry:
+        patterns:
+          - "opentelemetry-*"
 
   - package-ecosystem: "npm"
     directory: "/components/runtimes/nodejs/nodejs16"
diff --git a/components/runtimes/python39/kubeless/.gitignore b/components/runtimes/python/kubeless/.gitignore
similarity index 100%
rename from components/runtimes/python39/kubeless/.gitignore
rename to components/runtimes/python/kubeless/.gitignore
diff --git a/components/runtimes/python39/kubeless/README.md b/components/runtimes/python/kubeless/README.md
similarity index 100%
rename from components/runtimes/python39/kubeless/README.md
rename to components/runtimes/python/kubeless/README.md
diff --git a/components/runtimes/python39/kubeless/ce.py b/components/runtimes/python/kubeless/ce.py
similarity index 100%
rename from components/runtimes/python39/kubeless/ce.py
rename to components/runtimes/python/kubeless/ce.py
diff --git a/components/runtimes/python39/kubeless/kubeless.py b/components/runtimes/python/kubeless/kubeless.py
similarity index 100%
rename from components/runtimes/python39/kubeless/kubeless.py
rename to components/runtimes/python/kubeless/kubeless.py
diff --git a/components/runtimes/python39/kubeless/tracing.py b/components/runtimes/python/kubeless/tracing.py
similarity index 100%
rename from components/runtimes/python39/kubeless/tracing.py
rename to components/runtimes/python/kubeless/tracing.py
diff --git a/components/runtimes/python39/.dockerignore b/components/runtimes/python/python312/.dockerignore
similarity index 100%
rename from components/runtimes/python39/.dockerignore
rename to components/runtimes/python/python312/.dockerignore
diff --git a/components/runtimes/python/python312/Dockerfile b/components/runtimes/python/python312/Dockerfile
new file mode 100644
index 000000000..6fa301db0
--- /dev/null
+++ b/components/runtimes/python/python312/Dockerfile
@@ -0,0 +1,22 @@
+FROM python:3.12.2-alpine3.19
+
+# Serverless
+LABEL source = git@github.com:kyma-project/kyma.git
+
+# build-base and linux-headers are needed to install all requirements
+RUN apk add --no-cache --virtual .build-deps build-base linux-headers
+
+COPY ./python312/requirements.txt /kubeless/requirements.txt
+
+RUN pip install --no-cache-dir -r /kubeless/requirements.txt
+
+COPY ./kubeless/ /
+
+WORKDIR /
+
+USER 1000
+# Tracing propagators are configured based on OTEL_PROPAGATORS env variable https://opentelemetry.io/docs/instrumentation/python/manual/#using-environment-variables
+ENV OTEL_PROPAGATORS=tracecontext,baggage,b3multi
+ENV OTEL_PYTHON_REQUESTS_EXCLUDED_URLS="healthz,favicon.ico,metrics"
+
+CMD ["python", "/kubeless.py"]
diff --git a/components/runtimes/python39/kubeless/requirements.txt b/components/runtimes/python/python312/requirements.txt
similarity index 100%
rename from components/runtimes/python39/kubeless/requirements.txt
rename to components/runtimes/python/python312/requirements.txt
diff --git a/components/runtimes/python/python39/.dockerignore b/components/runtimes/python/python39/.dockerignore
new file mode 100644
index 000000000..6c84f66b4
--- /dev/null
+++ b/components/runtimes/python/python39/.dockerignore
@@ -0,0 +1 @@
+kubeless/handler.py
diff --git a/components/runtimes/python39/Dockerfile b/components/runtimes/python/python39/Dockerfile
similarity index 88%
rename from components/runtimes/python39/Dockerfile
rename to components/runtimes/python/python39/Dockerfile
index ce571f851..3a2f30494 100644
--- a/components/runtimes/python39/Dockerfile
+++ b/components/runtimes/python/python39/Dockerfile
@@ -6,11 +6,11 @@ LABEL source = git@github.com:kyma-project/kyma.git
 # build-base and linux-headers are needed to install all requirements
 RUN apk add --no-cache --virtual .build-deps build-base linux-headers
 
-COPY kubeless/requirements.txt /kubeless/requirements.txt
+COPY ./python39/requirements.txt /kubeless/requirements.txt
 
 RUN pip install --no-cache-dir -r /kubeless/requirements.txt
 
-COPY kubeless/ /
+COPY ./kubeless/ /
 
 WORKDIR /
 
diff --git a/components/runtimes/python/python39/requirements.txt b/components/runtimes/python/python39/requirements.txt
new file mode 100644
index 000000000..0df1f829c
--- /dev/null
+++ b/components/runtimes/python/python39/requirements.txt
@@ -0,0 +1,12 @@
+setuptools==69.1.1
+requests>=2.31.0
+bottle==0.12.25
+cheroot==10.0.0
+wsgi-request-logger==0.4.6
+prometheus_client==0.20.0
+opentelemetry-api==1.23.0
+opentelemetry-sdk==1.23.0
+opentelemetry-exporter-otlp-proto-http==1.23.0
+opentelemetry-propagator-b3==1.23.0
+opentelemetry-instrumentation-requests==0.44b0
+cloudevents
diff --git a/sec-scanners-config.yaml b/sec-scanners-config.yaml
index 2a99a6e20..11228cac1 100644
--- a/sec-scanners-config.yaml
+++ b/sec-scanners-config.yaml
@@ -8,6 +8,7 @@ protecode:
   - europe-docker.pkg.dev/kyma-project/prod/function-runtime-nodejs16:main
   - europe-docker.pkg.dev/kyma-project/prod/function-runtime-nodejs18:main
   - europe-docker.pkg.dev/kyma-project/prod/function-runtime-python39:main
+  - europe-docker.pkg.dev/kyma-project/prod/function-runtime-python312:main
   - europe-docker.pkg.dev/kyma-project/prod/tpi/kaniko-executor:1.9.2-ea54c1c7
   - europe-docker.pkg.dev/kyma-project/prod/tpi/registry:2.8.1-1ae4c190
 whitesource: