diff --git a/.github/workflows/asio__build-target-test.yml b/.github/workflows/asio__build-target-test.yml
index c6bd2cda32..55c60cc503 100644
--- a/.github/workflows/asio__build-target-test.yml
+++ b/.github/workflows/asio__build-target-test.yml
@@ -13,7 +13,7 @@ jobs:
     name: Build
     strategy:
       matrix:
-        idf_ver: ["latest", "release-v5.0"]
+        idf_ver: ["latest", "release-v5.0", "release-v5.1"]
         idf_target: ["esp32", "esp32s2"]
         example: ["asio_chat", "async_request", "socks4", "ssl_client_server", "tcp_echo_server", "udp_echo_server"]
     runs-on: ubuntu-20.04
diff --git a/components/asio/CMakeLists.txt b/components/asio/CMakeLists.txt
index 3366545970..3ec69bac48 100644
--- a/components/asio/CMakeLists.txt
+++ b/components/asio/CMakeLists.txt
@@ -7,38 +7,40 @@ if(NOT CONFIG_LWIP_IPV6 AND NOT CMAKE_BUILD_EARLY_EXPANSION)
 endif()
 
 set(asio_sources "asio/asio/src/asio.cpp")
+set(asio_requires lwip)
 
 if(CONFIG_ASIO_SSL_SUPPORT)
-    if(CONFIG_ASIO_USE_ESP_OPENSSL)
-        list(APPEND asio_sources
-                "port/src/asio_ssl_impl.cpp"
-                "port/mbedtls/src/mbedtls_context.cpp"
-                "port/mbedtls/src/mbedtls_engine.cpp")
-        set(asio_priv_includes "port/mbedtls/include")
-    endif()
-
-    if(CONFIG_ASIO_USE_ESP_WOLFSSL)
-        list(APPEND asio_sources
-                "asio/asio/src/asio_ssl.cpp")
-    endif()
+    list(APPEND asio_sources
+            "port/src/asio_ssl_impl.cpp"
+            "port/mbedtls/src/mbedtls_context.cpp"
+            "port/mbedtls/src/mbedtls_engine.cpp")
+    set(asio_priv_includes "port/mbedtls/include")
 endif()
 
 idf_component_register(SRCS ${asio_sources}
                     INCLUDE_DIRS "asio/asio/include" "port/include"
                     PRIV_INCLUDE_DIRS ${asio_priv_includes}
-                    REQUIRES lwip)
+                    PRIV_REQUIRES ${asio_requires})
 
-if(CONFIG_ASIO_SSL_SUPPORT)
-    if(CONFIG_ASIO_USE_ESP_WOLFSSL)
-        idf_component_get_property(wolflib esp-wolfssl COMPONENT_LIB)
-        idf_component_get_property(wolfdir esp-wolfssl COMPONENT_DIR)
+target_compile_definitions(${COMPONENT_LIB} PUBLIC SA_RESTART=0x01
+                                                   SA_NOCLDSTOP=0x2
+                                                   SA_NOCLDWAIT=0x4
+                                                   ASIO_DISABLE_SERIAL_PORT
+                                                   ASIO_SEPARATE_COMPILATION
+                                                   ASIO_STANDALONE
+                                                   ASIO_HAS_PTHREADS
+                                                   OPENSSL_NO_ENGINE
+)
+
+if(NOT CONFIG_COMPILER_CXX_EXCEPTIONS)
+    target_compile_definitions(${COMPONENT_LIB} PUBLIC ASIO_NO_EXCEPTIONS)
+endif()
 
-        target_link_libraries(${COMPONENT_LIB} PUBLIC ${wolflib})
-        target_include_directories(${COMPONENT_LIB} PUBLIC ${wolfdir}/wolfssl/wolfssl)
-    endif()
+if(NOT CONFIG_COMPILER_RTTI)
+    target_compile_definitions(${COMPONENT_LIB} PUBLIC ASIO_NO_TYPEID)
+endif()
 
-    if(CONFIG_ASIO_USE_ESP_OPENSSL)
+if(CONFIG_ASIO_SSL_SUPPORT)
         idf_component_get_property(mbedtls mbedtls COMPONENT_LIB)
         target_link_libraries(${COMPONENT_LIB} PUBLIC ${mbedtls})
-    endif()
 endif()
diff --git a/components/asio/Kconfig b/components/asio/Kconfig
index 6754e1aa2f..8b46ae0652 100644
--- a/components/asio/Kconfig
+++ b/components/asio/Kconfig
@@ -6,23 +6,6 @@ menu "ESP-ASIO"
         default n
         help
             Enable support for basic SSL/TLS features, available for mbedTLS/OpenSSL
-            as well as wolfSSL TLS library.
-
-    choice ASIO_SSL_LIBRARY_CHOICE
-        prompt "Choose SSL/TLS library for ESP-TLS (See help for more Info)"
-        default ASIO_USE_ESP_OPENSSL
-        depends on ASIO_SSL_SUPPORT
-        help
-            The ASIO support multiple backend TLS libraries. Currently the mbedTLS with a thin ESP-OpenSSL
-            port layer (default choice) and WolfSSL are supported.
-            Different TLS libraries may support different features and have different resource
-            usage. Consult the ESP-TLS documentation in ESP-IDF Programming guide for more details.
-        config ASIO_USE_ESP_OPENSSL
-            bool "esp-openssl"
-        config ASIO_USE_ESP_WOLFSSL
-            depends on TLS_STACK_WOLFSSL
-            bool "wolfSSL (License info in wolfSSL directory README)"
-    endchoice
 
     config ASIO_SSL_BIO_SIZE
         int "Size of BIO object"
diff --git a/components/asio/asio b/components/asio/asio
index 58384fb6af..9cf116aa63 160000
--- a/components/asio/asio
+++ b/components/asio/asio
@@ -1 +1 @@
-Subproject commit 58384fb6af92e7952b1534acb3004924f7ea0565
+Subproject commit 9cf116aa630b252fce8261143df755fe3256cbe9
diff --git a/components/asio/examples/asio_chat/main/idf_component.yml b/components/asio/examples/asio_chat/main/idf_component.yml
index 4a017ab77e..1a02b5d708 100644
--- a/components/asio/examples/asio_chat/main/idf_component.yml
+++ b/components/asio/examples/asio_chat/main/idf_component.yml
@@ -1,4 +1,6 @@
 dependencies:
   ## Required IDF version
   idf: ">=5.0"
-  espressif/asio: ">=1.0.1"
+  espressif/asio:
+    version: "^1.14.1"
+    override_path: '../../../'
diff --git a/components/asio/examples/async_request/main/idf_component.yml b/components/asio/examples/async_request/main/idf_component.yml
index 4a017ab77e..1a02b5d708 100644
--- a/components/asio/examples/async_request/main/idf_component.yml
+++ b/components/asio/examples/async_request/main/idf_component.yml
@@ -1,4 +1,6 @@
 dependencies:
   ## Required IDF version
   idf: ">=5.0"
-  espressif/asio: ">=1.0.1"
+  espressif/asio:
+    version: "^1.14.1"
+    override_path: '../../../'
diff --git a/components/asio/examples/async_request/sdkconfig.defaults b/components/asio/examples/async_request/sdkconfig.defaults
new file mode 100644
index 0000000000..94184e28c9
--- /dev/null
+++ b/components/asio/examples/async_request/sdkconfig.defaults
@@ -0,0 +1,8 @@
+CONFIG_ESP_MAIN_TASK_STACK_SIZE=8192
+CONFIG_COMPILER_CXX_EXCEPTIONS=y
+
+#
+# Partition Table
+#
+# Leave some room for larger apps without needing to reduce other features
+CONFIG_PARTITION_TABLE_SINGLE_APP_LARGE=y
diff --git a/components/asio/examples/socks4/main/idf_component.yml b/components/asio/examples/socks4/main/idf_component.yml
index 4a017ab77e..1a02b5d708 100644
--- a/components/asio/examples/socks4/main/idf_component.yml
+++ b/components/asio/examples/socks4/main/idf_component.yml
@@ -1,4 +1,6 @@
 dependencies:
   ## Required IDF version
   idf: ">=5.0"
-  espressif/asio: ">=1.0.1"
+  espressif/asio:
+    version: "^1.14.1"
+    override_path: '../../../'
diff --git a/components/asio/examples/ssl_client_server/main/idf_component.yml b/components/asio/examples/ssl_client_server/main/idf_component.yml
index 4a017ab77e..1a02b5d708 100644
--- a/components/asio/examples/ssl_client_server/main/idf_component.yml
+++ b/components/asio/examples/ssl_client_server/main/idf_component.yml
@@ -1,4 +1,6 @@
 dependencies:
   ## Required IDF version
   idf: ">=5.0"
-  espressif/asio: ">=1.0.1"
+  espressif/asio:
+    version: "^1.14.1"
+    override_path: '../../../'
diff --git a/components/asio/examples/ssl_client_server/sdkconfig.defaults b/components/asio/examples/ssl_client_server/sdkconfig.defaults
index 30bba61d40..8dffe267d0 100644
--- a/components/asio/examples/ssl_client_server/sdkconfig.defaults
+++ b/components/asio/examples/ssl_client_server/sdkconfig.defaults
@@ -2,6 +2,7 @@ CONFIG_ASIO_SSL_SUPPORT=y
 CONFIG_PARTITION_TABLE_CUSTOM=y
 CONFIG_PARTITION_TABLE_CUSTOM_FILENAME="partitions.csv"
 CONFIG_PARTITION_TABLE_FILENAME="partitions.csv"
+CONFIG_COMPILER_CXX_EXCEPTIONS=y
 
 #
 # Partition Table
diff --git a/components/asio/examples/tcp_echo_server/main/idf_component.yml b/components/asio/examples/tcp_echo_server/main/idf_component.yml
index 4a017ab77e..1a02b5d708 100644
--- a/components/asio/examples/tcp_echo_server/main/idf_component.yml
+++ b/components/asio/examples/tcp_echo_server/main/idf_component.yml
@@ -1,4 +1,6 @@
 dependencies:
   ## Required IDF version
   idf: ">=5.0"
-  espressif/asio: ">=1.0.1"
+  espressif/asio:
+    version: "^1.14.1"
+    override_path: '../../../'
diff --git a/components/asio/examples/tcp_echo_server/sdkconfig.defaults b/components/asio/examples/tcp_echo_server/sdkconfig.defaults
index b02a3a3ef6..94184e28c9 100644
--- a/components/asio/examples/tcp_echo_server/sdkconfig.defaults
+++ b/components/asio/examples/tcp_echo_server/sdkconfig.defaults
@@ -1,4 +1,5 @@
 CONFIG_ESP_MAIN_TASK_STACK_SIZE=8192
+CONFIG_COMPILER_CXX_EXCEPTIONS=y
 
 #
 # Partition Table
diff --git a/components/asio/examples/udp_echo_server/main/idf_component.yml b/components/asio/examples/udp_echo_server/main/idf_component.yml
index 4a017ab77e..1a02b5d708 100644
--- a/components/asio/examples/udp_echo_server/main/idf_component.yml
+++ b/components/asio/examples/udp_echo_server/main/idf_component.yml
@@ -1,4 +1,6 @@
 dependencies:
   ## Required IDF version
   idf: ">=5.0"
-  espressif/asio: ">=1.0.1"
+  espressif/asio:
+    version: "^1.14.1"
+    override_path: '../../../'
diff --git a/components/asio/examples/udp_echo_server/sdkconfig.defaults b/components/asio/examples/udp_echo_server/sdkconfig.defaults
index b02a3a3ef6..94184e28c9 100644
--- a/components/asio/examples/udp_echo_server/sdkconfig.defaults
+++ b/components/asio/examples/udp_echo_server/sdkconfig.defaults
@@ -1,4 +1,5 @@
 CONFIG_ESP_MAIN_TASK_STACK_SIZE=8192
+CONFIG_COMPILER_CXX_EXCEPTIONS=y
 
 #
 # Partition Table
diff --git a/components/asio/port/include/esp_asio_config.h b/components/asio/port/include/esp_asio_config.h
index cf42183a3e..2ad9c79c76 100644
--- a/components/asio/port/include/esp_asio_config.h
+++ b/components/asio/port/include/esp_asio_config.h
@@ -1,45 +1,12 @@
 /*
- * SPDX-FileCopyrightText: 2018-2022 Espressif Systems (Shanghai) CO LTD
+ * SPDX-FileCopyrightText: 2018-2023 Espressif Systems (Shanghai) CO LTD
  *
  * SPDX-License-Identifier: Apache-2.0
  */
 #ifndef _ESP_ASIO_CONFIG_H_
 #define _ESP_ASIO_CONFIG_H_
 
-//
-// Enabling exceptions only when they are enabled in menuconfig
-//
-# include <sdkconfig.h>
-# ifndef CONFIG_COMPILER_CXX_EXCEPTIONS
-#  define ASIO_NO_EXCEPTIONS
-# endif   // CONFIG_COMPILER_CXX_EXCEPTIONS
-
-# ifndef CONFIG_COMPILER_RTTI
-#  define ASIO_NO_TYPEID
-# endif   // CONFIG_COMPILER_RTTI
-
-//
-// Use system sockets
-//
-# include "sys/socket.h"
-
-//
-// Specific ASIO feature flags
-//
-# define ASIO_DISABLE_SERIAL_PORT
-# define ASIO_SEPARATE_COMPILATION
-# define ASIO_STANDALONE
-# define ASIO_HAS_PTHREADS
-# define ASIO_DISABLE_CONCEPTS
-
-# ifdef CONFIG_ASIO_USE_ESP_OPENSSL
-#  define ASIO_USE_ESP_OPENSSL
-#  define OPENSSL_NO_ENGINE
-#  define ASIO_SSL_DETAIL_OPENSSL_TYPES_HPP
-#  include "openssl_stub.hpp"
-
-# elif CONFIG_ASIO_USE_ESP_WOLFSSL
-#  define ASIO_USE_WOLFSSL
-# endif   // CONFIG_ASIO_USE_ESP_OPENSSL
+#define ASIO_SSL_DETAIL_OPENSSL_TYPES_HPP
+#include "openssl_stub.hpp"
 
 #endif // _ESP_ASIO_CONFIG_H_
diff --git a/components/asio/port/include/esp_exception.h b/components/asio/port/include/esp_exception.h
deleted file mode 100644
index 41cc99b139..0000000000
--- a/components/asio/port/include/esp_exception.h
+++ /dev/null
@@ -1,31 +0,0 @@
-/*
- * SPDX-FileCopyrightText: 2018-2021 Espressif Systems (Shanghai) CO LTD
- *
- * SPDX-License-Identifier: Apache-2.0
- */
-#ifndef _ESP_EXCEPTION_H_
-#define _ESP_EXCEPTION_H_
-
-//
-// This exception stub is enabled only if exceptions are disabled in menuconfig
-//
-#if !defined(CONFIG_COMPILER_CXX_EXCEPTIONS) && defined (ASIO_NO_EXCEPTIONS)
-
-#include "esp_log.h"
-
-//
-// asio exception stub
-//
-namespace asio {
-namespace detail {
-template <typename Exception>
-void throw_exception(const Exception &e)
-{
-    ESP_LOGE("esp32_asio_exception", "Caught exception: %s!", e.what());
-    abort();
-}
-}
-}
-#endif // CONFIG_COMPILER_CXX_EXCEPTIONS==1 && defined (ASIO_NO_EXCEPTIONS)
-
-#endif // _ESP_EXCEPTION_H_