diff --git a/frontend/get-active-plugins.js b/frontend/get-active-plugins.js
new file mode 100644
index 000000000000..2d96a305bb8a
--- /dev/null
+++ b/frontend/get-active-plugins.js
@@ -0,0 +1,36 @@
+/**
+ * Get the current Console active plugins virtual module information.
+ *
+ * This module is executed by webpack `val-loader` which uses the resulting `code` as actual module source.
+ *
+ *
+ * @param {object} options
+ * @param {GetModuleData} options.getModuleData
+ * @param {import('webpack').LoaderContext<any>} loaderContext
+ */
+
+module.exports = ({ getModuleData }, loaderContext) => {
+  const {
+    code,
+    diagnostics: { errors, warnings },
+    fileDependencies,
+  } = getModuleData();
+  // eslint-disable-next-line no-console
+  console.log(
+    `Console active plugins virtual module code generated with ${errors.length} errors and ${warnings.length} warnings`,
+  );
+
+  errors.forEach((msg) => {
+    loaderContext.emitError(new Error(msg));
+  });
+
+  warnings.forEach((msg) => {
+    loaderContext.emitWarning(new Error(msg));
+  });
+
+  fileDependencies.forEach((file) => {
+    loaderContext.addDependency(file);
+  });
+
+  return { code };
+};
diff --git a/frontend/package.json b/frontend/package.json
index 682a12ec8d17..d216fa28a67a 100644
--- a/frontend/package.json
+++ b/frontend/package.json
@@ -337,7 +337,7 @@
     "typescript": "4.5.5",
     "umd-compat-loader": "^2.1.2",
     "val-loader": "^6.0.0",
-    "webpack": "^5.75.0",
+    "webpack": "^5.95.0",
     "webpack-bundle-analyzer": "4.10.2",
     "webpack-cli": "^5.1.4",
     "webpack-dev-server": "^5.1.0"
diff --git a/frontend/packages/console-plugin-sdk/src/codegen/active-plugins.ts b/frontend/packages/console-plugin-sdk/src/codegen/active-plugins.ts
index b3ba601d5580..b5bad5311025 100644
--- a/frontend/packages/console-plugin-sdk/src/codegen/active-plugins.ts
+++ b/frontend/packages/console-plugin-sdk/src/codegen/active-plugins.ts
@@ -1,9 +1,11 @@
 import * as fs from 'fs';
+import * as path from 'path';
 import * as _ from 'lodash';
 import {
   isEncodedCodeRef,
   parseEncodedCodeRefValue,
 } from '@console/dynamic-plugin-sdk/src/coderefs/coderef-resolver';
+import { extensionsFile } from '@console/dynamic-plugin-sdk/src/constants';
 import { ConsoleExtensionsJSON } from '@console/dynamic-plugin-sdk/src/schema/console-extensions';
 import { EncodedCodeRef } from '@console/dynamic-plugin-sdk/src/types';
 import { parseJSONC } from '@console/dynamic-plugin-sdk/src/utils/jsonc';
@@ -13,8 +15,44 @@ import { Extension, ActivePlugin } from '../typings';
 import { trimStartMultiLine } from '../utils/string';
 import { consolePkgScope, PluginPackage } from './plugin-resolver';
 
+const getExtensionsFilePath = (pkg: PluginPackage) => path.resolve(pkg._path, extensionsFile);
+
+const guessFileExtension = (basePath: string) => {
+  const extensions = ['.tsx', '.ts', '.js', '.jsx'];
+
+  if (fs.existsSync(basePath)) {
+    return basePath;
+  }
+
+  for (const ext of extensions) {
+    if (fs.existsSync(`${basePath}${ext}`)) {
+      return `${basePath}${ext}`;
+    }
+  }
+
+  return basePath;
+};
+
+const getExposedModuleFilePath = (pkg: PluginPackage, moduleName: string) => {
+  const modulePath = path.resolve(pkg._path, pkg.consolePlugin.exposedModules[moduleName]);
+
+  // Sometimes the module is an index.ts file, but the import path only
+  // specifies the directory. Thus we need an explicit check for the index file.
+  const indexPath = path.resolve(modulePath, 'index.ts');
+  return fs.existsSync(indexPath) ? indexPath : guessFileExtension(modulePath);
+};
+
+export type ActivePluginsModuleData = {
+  /** Generated module source code. */
+  code: string;
+  /** Diagnostics collected while generating module source code. */
+  diagnostics: { errors: string[]; warnings: string[] };
+  /** Absolute file paths representing webpack file dependencies of the generated module. */
+  fileDependencies: string[];
+};
+
 /**
- * Generate the `@console/active-plugins` virtual module source.
+ * Generate the Console active plugins virtual module source.
  */
 export const getActivePluginsModule = (
   pluginPackages: PluginPackage[],
@@ -149,3 +187,45 @@ export const getDynamicExtensions = (
 
   return trimStartMultiLine(source);
 };
+
+export const getActivePluginsModuleData = (
+  pluginPackages: PluginPackage[],
+): ActivePluginsModuleData => {
+  const errors: string[] = [];
+  const warnings: string[] = [];
+  const fileDependencies: string[] = [];
+
+  const code = getActivePluginsModule(
+    pluginPackages,
+    () => `
+      import { applyCodeRefSymbol } from '@console/dynamic-plugin-sdk/src/coderefs/coderef-resolver';
+    `,
+    (pkg) =>
+      getDynamicExtensions(
+        pkg,
+        getExtensionsFilePath(pkg),
+        (errorMessage) => {
+          errors.push(errorMessage);
+        },
+        (codeRefSource) => `applyCodeRefSymbol(${codeRefSource})`,
+      ),
+  );
+
+  for (const pkg of pluginPackages) {
+    fileDependencies.push(getExtensionsFilePath(pkg));
+
+    Object.keys(pkg.consolePlugin.exposedModules || {}).forEach((moduleName) => {
+      const moduleFilePath = getExposedModuleFilePath(pkg, moduleName);
+
+      if (fs.existsSync(moduleFilePath) && fs.statSync(moduleFilePath).isFile()) {
+        fileDependencies.push(moduleFilePath);
+      } else {
+        warnings.push(
+          `Exposed module '${moduleName}' in static plugin ${pkg.name} refers to non-existent file ${moduleFilePath}`,
+        );
+      }
+    });
+  }
+
+  return { code, diagnostics: { errors, warnings }, fileDependencies };
+};
diff --git a/frontend/packages/console-plugin-sdk/src/webpack/ConsoleActivePluginsModule.ts b/frontend/packages/console-plugin-sdk/src/webpack/ConsoleActivePluginsModule.ts
deleted file mode 100644
index 0497795fb269..000000000000
--- a/frontend/packages/console-plugin-sdk/src/webpack/ConsoleActivePluginsModule.ts
+++ /dev/null
@@ -1,99 +0,0 @@
-import * as fs from 'fs';
-import * as path from 'path';
-import * as webpack from 'webpack';
-import { extensionsFile } from '@console/dynamic-plugin-sdk/src/constants';
-import { getActivePluginsModule, getDynamicExtensions } from '../codegen/active-plugins';
-import { PluginPackage } from '../codegen/plugin-resolver';
-
-type VirtualModulesPluginAPI = {
-  writeModule: (filePath: string, source: string) => void;
-};
-
-const getExtensionsFilePath = (pkg: PluginPackage) => path.resolve(pkg._path, extensionsFile);
-
-const getPluginFiles = (pkg: PluginPackage) => {
-  const files = new Set<string>();
-  files.add(getExtensionsFilePath(pkg));
-
-  Object.keys(pkg.consolePlugin.exposedModules || {}).forEach((moduleName) => {
-    files.add(path.resolve(pkg._path, pkg.consolePlugin.exposedModules[moduleName]));
-  });
-
-  return files;
-};
-
-const getFileLastModified = (f: string) => (fs.existsSync(f) ? fs.statSync(f).mtimeMs : -1);
-
-export class ConsoleActivePluginsModule {
-  constructor(
-    private readonly pluginPackages: PluginPackage[],
-    private readonly virtualModules: VirtualModulesPluginAPI,
-  ) {}
-
-  apply(compiler: webpack.Compiler) {
-    const lastModified = new Map<string, number>();
-    let errors: string[] = [];
-
-    const checkFilesModified = () => {
-      let filesModified = false;
-
-      this.pluginPackages.forEach((pkg) => {
-        getPluginFiles(pkg).forEach((f) => {
-          const mtime = getFileLastModified(f);
-          filesModified = filesModified || mtime !== lastModified.get(f);
-          lastModified.set(f, mtime);
-        });
-      });
-
-      return filesModified;
-    };
-
-    const writeModule = () => {
-      if (checkFilesModified()) {
-        errors = [];
-
-        this.virtualModules.writeModule(
-          'node_modules/@console/active-plugins.js',
-          getActivePluginsModule(
-            this.pluginPackages,
-            () => `
-              import { applyCodeRefSymbol } from '@console/dynamic-plugin-sdk/src/coderefs/coderef-resolver';
-            `,
-            (pkg) =>
-              getDynamicExtensions(
-                pkg,
-                getExtensionsFilePath(pkg),
-                (errorMessage) => {
-                  errors.push(errorMessage);
-                },
-                (codeRefSource) => `applyCodeRefSymbol(${codeRefSource})`,
-              ),
-          ),
-        );
-      }
-    };
-
-    const addFilesToCompilation = (compilation: webpack.Compilation) => {
-      this.pluginPackages.forEach((pkg) => {
-        getPluginFiles(pkg).forEach((f) => {
-          compilation.fileDependencies.add(f);
-        });
-      });
-    };
-
-    const addErrorsToCompilation = (compilation: webpack.Compilation) => {
-      errors.forEach((e) => {
-        compilation.errors.push(new webpack.WebpackError(e));
-      });
-    };
-
-    compiler.hooks.afterResolvers.tap(ConsoleActivePluginsModule.name, writeModule);
-    compiler.hooks.watchRun.tap(ConsoleActivePluginsModule.name, writeModule);
-    compiler.hooks.afterCompile.tap(ConsoleActivePluginsModule.name, addFilesToCompilation);
-
-    compiler.hooks.shouldEmit.tap(ConsoleActivePluginsModule.name, (compilation) => {
-      addErrorsToCompilation(compilation);
-      return errors.length === 0;
-    });
-  }
-}
diff --git a/frontend/public/plugins.ts b/frontend/public/plugins.ts
index 44a0946fd551..edb08caded2e 100644
--- a/frontend/public/plugins.ts
+++ b/frontend/public/plugins.ts
@@ -22,10 +22,11 @@ const getI18nNamespaces = () => {
 };
 
 // The '@console/active-plugins' module is generated during a webpack build,
+// Console active plugins module has its source generated during webpack build,
 // so we use dynamic require() instead of the usual static import statement.
 const activePlugins =
   process.env.NODE_ENV !== 'test'
-    ? (require('@console/active-plugins').default as ActivePlugin[])
+    ? (require('../get-active-plugins').default as ActivePlugin[])
     : [];
 
 const dynamicPluginNames = getEnabledDynamicPluginNames();
diff --git a/frontend/webpack.config.ts b/frontend/webpack.config.ts
index 25de0585cfa6..e0108d16dd19 100644
--- a/frontend/webpack.config.ts
+++ b/frontend/webpack.config.ts
@@ -10,8 +10,8 @@ import * as glob from 'glob';
 import { HtmlWebpackSkipAssetsPlugin } from 'html-webpack-skip-assets-plugin';
 import { Configuration as WebpackDevServerConfiguration } from 'webpack-dev-server';
 import { sharedPluginModules } from '@console/dynamic-plugin-sdk/src/shared-modules';
+import { getActivePluginsModuleData } from '@console/plugin-sdk/src/codegen/active-plugins';
 import { resolvePluginPackages } from '@console/plugin-sdk/src/codegen/plugin-resolver';
-import { ConsoleActivePluginsModule } from '@console/plugin-sdk/src/webpack/ConsoleActivePluginsModule';
 import { CircularDependencyPreset } from './webpack.circular-deps';
 
 const ForkTsCheckerWebpackPlugin = require('fork-ts-checker-webpack-plugin');
@@ -23,7 +23,6 @@ interface Configuration extends webpack.Configuration {
 const MonacoWebpackPlugin = require('monaco-editor-webpack-plugin');
 const CopyWebpackPlugin = require('copy-webpack-plugin');
 const BundleAnalyzerPlugin = require('webpack-bundle-analyzer').BundleAnalyzerPlugin;
-const VirtualModulesPlugin = require('webpack-virtual-modules');
 
 const NODE_ENV = process.env.NODE_ENV || 'development';
 const HOT_RELOAD = process.env.HOT_RELOAD || 'true';
@@ -34,13 +33,13 @@ const OPENSHIFT_CI = process.env.OPENSHIFT_CI;
 const WDS_PORT = 8080;
 
 /* Helpers */
+const staticPluginPackages = resolvePluginPackages();
 const extractCSS = new MiniCssExtractPlugin({
   filename: 'app-bundle.[name].[contenthash].css',
   // We follow BEM naming to scope CSS.
   // See https://github.com/webpack-contrib/mini-css-extract-plugin/issues/250
   ignoreOrder: true,
 });
-const virtualModules = new VirtualModulesPlugin();
 
 const getVendorModuleRegExp = (vendorModules: string[]) =>
   new RegExp(`node_modules\\/(${vendorModules.map(_.escapeRegExp).join('|')})\\/`);
@@ -135,6 +134,13 @@ const config: Configuration = {
         test: sharedPluginModulesTest,
         sideEffects: true,
       },
+      {
+        test: path.resolve(__dirname, 'get-active-plugins.js'),
+        loader: 'val-loader',
+        options: {
+          getModuleData: () => getActivePluginsModuleData(staticPluginPackages),
+        },
+      },
       { test: /\.glsl$/, use: ['raw-loader', 'glslify-loader'] },
       {
         test: /\.js$/,
@@ -363,8 +369,6 @@ const config: Configuration = {
       ],
     }),
     extractCSS,
-    virtualModules,
-    new ConsoleActivePluginsModule(resolvePluginPackages(), virtualModules),
     ...(REACT_REFRESH
       ? [
           new ReactRefreshWebpackPlugin({
diff --git a/frontend/yarn.lock b/frontend/yarn.lock
index bd30c70c0fa5..0ce5357be2a2 100644
--- a/frontend/yarn.lock
+++ b/frontend/yarn.lock
@@ -17063,6 +17063,11 @@ v8-to-istanbul@^9.0.0:
     "@types/istanbul-lib-coverage" "^2.0.1"
     convert-source-map "^1.6.0"
 
+val-loader@^6.0.0:
+  version "6.0.0"
+  resolved "https://registry.yarnpkg.com/val-loader/-/val-loader-6.0.0.tgz#88078512fdb66e04deab659fec05e281105e4d81"
+  integrity sha512-NHi81ow+/mVBRuFRNxp8tfTSnAIFsq/wzZGqxv/a82Y722GQSOQi9yP0GuenSBiuw4+zGjmW/H9sLTbP3bewrw==
+
 valid-url@1.0.9:
   version "1.0.9"
   resolved "https://registry.yarnpkg.com/valid-url/-/valid-url-1.0.9.tgz#1c14479b40f1397a75782f115e4086447433a200"
@@ -17729,11 +17734,6 @@ webpack-sources@^3.2.3:
   resolved "https://registry.yarnpkg.com/webpack-sources/-/webpack-sources-3.2.3.tgz#2d4daab8451fd4b240cc27055ff6a0c2ccea0cde"
   integrity sha512-/DyMEOrDgLKKIG0fmvtz+4dUX/3Ghozwgm6iPp8KRhvn+eQf9+Q7GWxVNMk3+uCPWfdXYC4ExGBckIXdFEfH1w==
 
-webpack-virtual-modules@^0.6.2:
-  version "0.6.2"
-  resolved "https://registry.yarnpkg.com/webpack-virtual-modules/-/webpack-virtual-modules-0.6.2.tgz#057faa9065c8acf48f24cb57ac0e77739ab9a7e8"
-  integrity sha512-66/V2i5hQanC51vBQKPH4aI8NMAcBW59FVBs+rC7eGHupMyfn34q7rZIE+ETlJ+XTevqfUhVVBgSUNSW2flEUQ==
-
 webpack@5.75.0:
   version "5.75.0"
   resolved "https://registry.yarnpkg.com/webpack/-/webpack-5.75.0.tgz#1e440468647b2505860e94c9ff3e44d5b582c152"