diff --git a/.github/workflows/build.yml b/.github/workflows/build.yml
index 12e5426b1..b35c35047 100644
--- a/.github/workflows/build.yml
+++ b/.github/workflows/build.yml
@@ -194,7 +194,7 @@ jobs:
           python-version: '3.8'
     - name: Install Requirements
       run: |  # Custom pyinstaller built with https://github.com/yt-dlp/pyinstaller-builds
-          python -m pip install --upgrade pip setuptools wheel "py2exe<0.12"
+          python -m pip install --upgrade pip setuptools wheel py2exe
           pip install "https://yt-dlp.github.io/Pyinstaller-Builds/x86_64/pyinstaller-5.3-py3-none-any.whl" -r requirements.txt
 
     - name: Prepare
diff --git a/setup.py b/setup.py
index 3641dfae9..88716152a 100644
--- a/setup.py
+++ b/setup.py
@@ -36,36 +36,34 @@ def packages():
 
 
 def py2exe_params():
-    import py2exe  # noqa: F401
-
     warnings.warn(
         'py2exe builds do not support pycryptodomex and needs VC++14 to run. '
-        'The recommended way is to use "pyinst.py" to build using pyinstaller')
+        'It is recommended to run "pyinst.py" to build using pyinstaller instead')
 
     return {
         'console': [{
             'script': './yt_dlp/__main__.py',
             'dest_base': 'yt-dlp',
+            'icon_resources': [(1, 'devscripts/logo.ico')],
+        }],
+        'version_info': {
             'version': VERSION,
             'description': DESCRIPTION,
             'comments': LONG_DESCRIPTION.split('\n')[0],
             'product_name': 'yt-dlp',
             'product_version': VERSION,
-            'icon_resources': [(1, 'devscripts/logo.ico')],
-        }],
+        },
         'options': {
-            'py2exe': {
-                'bundle_files': 0,
-                'compressed': 1,
-                'optimize': 2,
-                'dist_dir': './dist',
-                'excludes': ['Crypto', 'Cryptodome'],  # py2exe cannot import Crypto
-                'dll_excludes': ['w9xpopen.exe', 'crypt32.dll'],
-                # Modules that are only imported dynamically must be added here
-                'includes': ['yt_dlp.compat._legacy'],
-            }
+            'bundle_files': 0,
+            'compressed': 1,
+            'optimize': 2,
+            'dist_dir': './dist',
+            'excludes': ['Crypto', 'Cryptodome'],  # py2exe cannot import Crypto
+            'dll_excludes': ['w9xpopen.exe', 'crypt32.dll'],
+            # Modules that are only imported dynamically must be added here
+            'includes': ['yt_dlp.compat._legacy'],
         },
-        'zipfile': None
+        'zipfile': None,
     }
 
 
@@ -113,41 +111,58 @@ class build_lazy_extractors(Command):
         subprocess.run([sys.executable, 'devscripts/make_lazy_extractors.py'])
 
 
-params = py2exe_params() if sys.argv[1:2] == ['py2exe'] else build_params()
-setup(
-    name='yt-dlp',
-    version=VERSION,
-    maintainer='pukkandan',
-    maintainer_email='pukkandan.ytdlp@gmail.com',
-    description=DESCRIPTION,
-    long_description=LONG_DESCRIPTION,
-    long_description_content_type='text/markdown',
-    url='https://github.com/yt-dlp/yt-dlp',
-    packages=packages(),
-    install_requires=REQUIREMENTS,
-    python_requires='>=3.7',
-    project_urls={
-        'Documentation': 'https://github.com/yt-dlp/yt-dlp#readme',
-        'Source': 'https://github.com/yt-dlp/yt-dlp',
-        'Tracker': 'https://github.com/yt-dlp/yt-dlp/issues',
-        'Funding': 'https://github.com/yt-dlp/yt-dlp/blob/master/Collaborators.md#collaborators',
-    },
-    classifiers=[
-        'Topic :: Multimedia :: Video',
-        'Development Status :: 5 - Production/Stable',
-        'Environment :: Console',
-        'Programming Language :: Python',
-        'Programming Language :: Python :: 3.7',
-        'Programming Language :: Python :: 3.8',
-        'Programming Language :: Python :: 3.9',
-        'Programming Language :: Python :: 3.10',
-        'Programming Language :: Python :: 3.11',
-        'Programming Language :: Python :: Implementation',
-        'Programming Language :: Python :: Implementation :: CPython',
-        'Programming Language :: Python :: Implementation :: PyPy',
-        'License :: Public Domain',
-        'Operating System :: OS Independent',
-    ],
-    cmdclass={'build_lazy_extractors': build_lazy_extractors},
-    **params
-)
+def main():
+    if sys.argv[1:2] == ['py2exe']:
+        params = py2exe_params()
+        try:
+            from py2exe import freeze
+        except ImportError:
+            import py2exe  # noqa: F401
+            warnings.warn('You are using an outdated version of py2exe. Support for this version will be removed in the future')
+            params['console'][0].update(params.pop('version_info'))
+            params['options'] = {'py2exe': params.pop('options')}
+        else:
+            return freeze(**params)
+    else:
+        params = build_params()
+
+    setup(
+        name='yt-dlp',
+        version=VERSION,
+        maintainer='pukkandan',
+        maintainer_email='pukkandan.ytdlp@gmail.com',
+        description=DESCRIPTION,
+        long_description=LONG_DESCRIPTION,
+        long_description_content_type='text/markdown',
+        url='https://github.com/yt-dlp/yt-dlp',
+        packages=packages(),
+        install_requires=REQUIREMENTS,
+        python_requires='>=3.7',
+        project_urls={
+            'Documentation': 'https://github.com/yt-dlp/yt-dlp#readme',
+            'Source': 'https://github.com/yt-dlp/yt-dlp',
+            'Tracker': 'https://github.com/yt-dlp/yt-dlp/issues',
+            'Funding': 'https://github.com/yt-dlp/yt-dlp/blob/master/Collaborators.md#collaborators',
+        },
+        classifiers=[
+            'Topic :: Multimedia :: Video',
+            'Development Status :: 5 - Production/Stable',
+            'Environment :: Console',
+            'Programming Language :: Python',
+            'Programming Language :: Python :: 3.7',
+            'Programming Language :: Python :: 3.8',
+            'Programming Language :: Python :: 3.9',
+            'Programming Language :: Python :: 3.10',
+            'Programming Language :: Python :: 3.11',
+            'Programming Language :: Python :: Implementation',
+            'Programming Language :: Python :: Implementation :: CPython',
+            'Programming Language :: Python :: Implementation :: PyPy',
+            'License :: Public Domain',
+            'Operating System :: OS Independent',
+        ],
+        cmdclass={'build_lazy_extractors': build_lazy_extractors},
+        **params
+    )
+
+
+main()