diff --git a/CHANGELOG.md b/CHANGELOG.md
index 9a4825f014ba..ffebace935a1 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -40,6 +40,8 @@ Main (unreleased)
 
 - The `loki.write` WAL now has snappy compression enabled by default. (@thepalbi)
 
+- Update Prometheus dependency to v2.47.2. (@tpaschalis)
+
 v0.37.1 (2023-10-10)
 -----------------
 
diff --git a/go.mod b/go.mod
index 48f0c11ada53..1c562e2ad647 100644
--- a/go.mod
+++ b/go.mod
@@ -675,8 +675,8 @@ replace (
 // * There is a release of Prometheus which contains
 // prometheus/prometheus#12677 and prometheus/prometheus#12729.
 // We use the last v1-related tag as the replace statement does not work for v2
-// tags without the v2 suffix to the module root
-replace github.com/prometheus/prometheus => github.com/grafana/prometheus v1.8.2-0.20231003113207-17e15326a784 // grafana:prometheus:v0.46.0-retry-improvements
+// tags without the v2 suffix to the module root.
+replace github.com/prometheus/prometheus => github.com/grafana/prometheus v1.8.2-0.20231016083943-46550094220d // grafana:prometheus:v0.47.2-retry-improvements
 
 replace gopkg.in/yaml.v2 => github.com/rfratto/go-yaml v0.0.0-20211119180816-77389c3526dc
 
diff --git a/go.sum b/go.sum
index 359aea725075..be5bfee9f0aa 100644
--- a/go.sum
+++ b/go.sum
@@ -1071,8 +1071,8 @@ github.com/grafana/perflib_exporter v0.1.1-0.20230511173423-6166026bd090 h1:Ko80
 github.com/grafana/perflib_exporter v0.1.1-0.20230511173423-6166026bd090/go.mod h1:MinSWm88jguXFFrGsP56PtleUb4Qtm4tNRH/wXNXRTI=
 github.com/grafana/postgres_exporter v0.8.1-0.20210722175051-db35d7c2f520 h1:HnFWqxhoSF3WC7sKAdMZ+SRXvHLVZlZ3sbQjuUlTqkw=
 github.com/grafana/postgres_exporter v0.8.1-0.20210722175051-db35d7c2f520/go.mod h1:+HPXgiOV0InDHcZ2jNijL1SOKvo0eEPege5fQA0+ICI=
-github.com/grafana/prometheus v1.8.2-0.20231003113207-17e15326a784 h1:B8AAFKq7WQPUYdoGwWjgxFARn5XodYlKJNHCYUopah8=
-github.com/grafana/prometheus v1.8.2-0.20231003113207-17e15326a784/go.mod h1:10L5IJE5CEsjee1FnOcVswYXlPIscDWWt3IJ2UDYrz4=
+github.com/grafana/prometheus v1.8.2-0.20231016083943-46550094220d h1:hr0QEXSfpdakWdHw2sZeT/5GnGwIkHnNO0YBkfRj5zk=
+github.com/grafana/prometheus v1.8.2-0.20231016083943-46550094220d/go.mod h1:J/bmOSjgH7lFxz2gZhrWEZs2i64vMS+HIuZfmYNhJ/M=
 github.com/grafana/pyroscope-go/godeltaprof v0.1.3 h1:eunWpv1B3Z7ZK9o4499EmQGlY+CsDmSZ4FbxjRx37uk=
 github.com/grafana/pyroscope-go/godeltaprof v0.1.3/go.mod h1:1HSPtjU8vLG0jE9JrTdzjgFqdJ/VgN7fvxBNq3luJko=
 github.com/grafana/pyroscope/api v0.2.0 h1:TzOxL0s6SiaLEy944ZAKgHcx/JDRJXu4O8ObwkqR6p4=