diff --git a/tools/cmakev2/compat.cmake b/tools/cmakev2/compat.cmake
index 62edfdfb2f8..55cd384f44c 100644
--- a/tools/cmakev2/compat.cmake
+++ b/tools/cmakev2/compat.cmake
@@ -159,6 +159,59 @@ function(idf_component_optional_requires req_type)
     endforeach()
 endfunction()
 
+#[[
+   __init_common_components()
+
+   Identify the commonly required components based on the target and
+   architecture, and store them in the __COMPONENT_REQUIRES_COMMON build
+   property. Their interfaces are stored in the __COMMON_COMPONENT_INTERFACES
+   build property. The commonly required component interfaces are automatically
+   linked to each cmakev1 component added through the idf_component_register
+   function.
+
+   This function is called from the idf_component_register function and is
+   evaluated only once per project, as ensured by the
+   __COMMON_COMPONENTS_INITIALIZED build property. The cmakev2 components are
+   expected to properly specify all their dependencies, rather than relying on
+   common components to be automatically linked to them. Therefore, the common
+   components are relevant only within the context of cmakev1 components.
+#]]
+function(__init_common_components)
+    idf_build_get_property(common_components_initialized __COMMON_COMPONENTS_INITIALIZED)
+    if(common_components_initialized)
+        return()
+    endif()
+
+    idf_build_get_property(idf_target IDF_TARGET)
+    idf_build_get_property(idf_target_arch IDF_TARGET_ARCH)
+
+    # Define common components that are included as dependencies for each
+    # component.
+    if("${idf_target}" STREQUAL "linux")
+        set(requires_common freertos esp_hw_support heap log soc hal esp_rom esp_common esp_system linux)
+    else()
+        set(requires_common cxx newlib freertos esp_hw_support heap log soc hal esp_rom esp_common
+                            esp_system ${idf_target_arch})
+    endif()
+    idf_build_set_property(__COMPONENT_REQUIRES_COMMON "${requires_common}")
+
+    # Set the common component interfaces first, before including them, so the
+    # idf_component_include function can see the complete list of common
+    # component interfaces.
+    set(common_component_interfaces "")
+    foreach(component_name IN LISTS requires_common)
+        idf_component_get_property(component_interface "${component_name}" COMPONENT_INTERFACE)
+        list(APPEND common_component_interfaces "${component_interface}")
+    endforeach()
+    idf_build_set_property(__COMMON_COMPONENT_INTERFACES "${common_component_interfaces}")
+
+    foreach(component_name IN LISTS requires_common)
+        idf_component_include("${component_name}")
+    endforeach()
+
+    idf_build_set_property(__COMMON_COMPONENTS_INITIALIZED YES)
+endfunction()
+
 #[[api
 .. cmakev2:function:: idf_component_register
 
@@ -212,6 +265,9 @@ function(idf_component_register)
                     PRIV_REQUIRES REQUIRED_IDF_TARGETS EMBED_FILES EMBED_TXTFILES)
     cmake_parse_arguments(ARG "${options}" "${one_value}" "${multi_value}" ${ARGN})
 
+    # Initialize and include commonly required components.
+    __init_common_components()
+
     if(ARG_REQUIRED_IDF_TARGETS)
         idf_build_get_property(idf_target IDF_TARGET)
         if(NOT idf_target IN_LIST ARG_REQUIRED_IDF_TARGETS)
diff --git a/tools/cmakev2/component.cmake b/tools/cmakev2/component.cmake
index a3bf07c7b16..27e9481149f 100644
--- a/tools/cmakev2/component.cmake
+++ b/tools/cmakev2/component.cmake
@@ -663,6 +663,4 @@ function(idf_component_include name)
 
     __get_compile_options(OUTPUT compile_options)
     target_compile_options("${component_real_target}" BEFORE PRIVATE "${compile_options}")
-
-    # FIXME: We likely still need to link the common component requirements here.
 endfunction()
diff --git a/tools/cmakev2/project.cmake b/tools/cmakev2/project.cmake
index fdd754d9c4c..4e0a6352310 100644
--- a/tools/cmakev2/project.cmake
+++ b/tools/cmakev2/project.cmake
@@ -505,44 +505,6 @@ function(__init_project_configuration)
     idf_build_set_property(LINKER_TYPE "${linker_type}")
 endfunction()
 
-#[[
-   __init_common_components()
-
-   Identify the commonly required components based on the target and
-   architecture, and store them in the __COMPONENT_REQUIRES_COMMON build
-   property. These components are automatically included, and their interfaces
-   are stored in the __COMMON_COMPONENT_INTERFACES build property. The commonly
-   required component interfaces are automatically linked to each component.
-#]]
-function(__init_common_components)
-    idf_build_get_property(idf_target IDF_TARGET)
-    idf_build_get_property(idf_target_arch IDF_TARGET_ARCH)
-
-    # Define common components that are included as dependencies for each
-    # component.
-    if("${idf_target}" STREQUAL "linux")
-        set(requires_common freertos esp_hw_support heap log soc hal esp_rom esp_common esp_system linux)
-    else()
-        set(requires_common cxx newlib freertos esp_hw_support heap log soc hal esp_rom esp_common
-                            esp_system ${idf_target_arch})
-    endif()
-    idf_build_set_property(__COMPONENT_REQUIRES_COMMON "${requires_common}")
-
-    # Set the common component interfaces first, before including them, so the
-    # idf_component_include function can see the complete list of common
-    # component interfaces.
-    set(common_component_interfaces "")
-    foreach(component_name IN LISTS requires_common)
-        idf_component_get_property(component_interface "${component_name}" COMPONENT_INTERFACE)
-        list(APPEND common_component_interfaces "${component_interface}")
-    endforeach()
-    idf_build_set_property(__COMMON_COMPONENT_INTERFACES "${common_component_interfaces}")
-
-    foreach(component_name IN LISTS requires_common)
-        idf_component_include("${component_name}")
-    endforeach()
-endfunction()
-
 #[[api
 .. cmakev2:macro:: idf_project_init
 
@@ -598,9 +560,6 @@ macro(idf_project_init)
             endif()
         endforeach()
 
-        # Initialize and include commonly required components.
-        __init_common_components()
-
         idf_build_set_property(__PROJECT_INITIALIZED YES)
     endif()
     unset(project_initialized)