diff --git a/packages/grafana-data/src/index.ts b/packages/grafana-data/src/index.ts
index bf16d4e093a..005e89554da 100644
--- a/packages/grafana-data/src/index.ts
+++ b/packages/grafana-data/src/index.ts
@@ -554,6 +554,7 @@ export {
   type PluginExtensionDataSourceConfigContext,
   type PluginExtensionCommandPaletteContext,
   type PluginExtensionOpenModalOptions,
+  type PluginExposedComponentConfig,
 } from './types/pluginExtensions';
 export {
   type ScopeDashboardBindingSpec,
diff --git a/packages/grafana-data/src/types/app.ts b/packages/grafana-data/src/types/app.ts
index 5f2fbc12a68..9c16723c737 100644
--- a/packages/grafana-data/src/types/app.ts
+++ b/packages/grafana-data/src/types/app.ts
@@ -7,6 +7,7 @@ import {
   type PluginExtensionLinkConfig,
   PluginExtensionTypes,
   PluginExtensionComponentConfig,
+  PluginExposedComponentConfig,
   PluginExtensionConfig,
 } from './pluginExtensions';
 
@@ -56,6 +57,7 @@ export interface AppPluginMeta<T extends KeyValue = KeyValue> extends PluginMeta
 }
 
 export class AppPlugin<T extends KeyValue = KeyValue> extends GrafanaPlugin<AppPluginMeta<T>> {
+  private _exposedComponentConfigs: PluginExposedComponentConfig[] = [];
   private _extensionConfigs: PluginExtensionConfig[] = [];
 
   // Content under: /a/${plugin-id}/*
@@ -98,6 +100,10 @@ export class AppPlugin<T extends KeyValue = KeyValue> extends GrafanaPlugin<AppP
     }
   }
 
+  get exposedComponentConfigs() {
+    return this._exposedComponentConfigs;
+  }
+
   get extensionConfigs() {
     return this._extensionConfigs;
   }
@@ -142,16 +148,8 @@ export class AppPlugin<T extends KeyValue = KeyValue> extends GrafanaPlugin<AppP
     return this;
   }
 
-  exposeComponent<Props = {}>(
-    componentConfig: { id: string } & Omit<PluginExtensionComponentConfig<Props>, 'type' | 'extensionPointId'>
-  ) {
-    const { id, ...extension } = componentConfig;
-
-    this._extensionConfigs.push({
-      ...extension,
-      extensionPointId: `capabilities/${id}`,
-      type: PluginExtensionTypes.component,
-    } as PluginExtensionComponentConfig);
+  exposeComponent<Props = {}>(componentConfig: PluginExposedComponentConfig<Props>) {
+    this._exposedComponentConfigs.push(componentConfig as PluginExposedComponentConfig);
 
     return this;
   }
@@ -165,7 +163,6 @@ export class AppPlugin<T extends KeyValue = KeyValue> extends GrafanaPlugin<AppP
 
     return this;
   }
-
   /** @deprecated Use .addComponent() instead */
   configureExtensionComponent<Props = {}>(extension: Omit<PluginExtensionComponentConfig<Props>, 'type'>) {
     this.addComponent({
diff --git a/packages/grafana-data/src/types/pluginExtensions.ts b/packages/grafana-data/src/types/pluginExtensions.ts
index 00594fad001..0c027f3b1ed 100644
--- a/packages/grafana-data/src/types/pluginExtensions.ts
+++ b/packages/grafana-data/src/types/pluginExtensions.ts
@@ -95,6 +95,29 @@ export type PluginExtensionComponentConfig<Props = {}> = {
   extensionPointId: string;
 };
 
+export type PluginExposedComponentConfig<Props = {}> = {
+  /**
+   * The unique identifier of the component
+   * Shoud be in the format of `<pluginId>/<componentName>/<componentVersion>`. e.g. `myorg-todo-app/todo-list/v1`
+   */
+  id: string;
+
+  /**
+   * The title of the component
+   */
+  title: string;
+
+  /**
+   * A short description of the component
+   */
+  description: string;
+
+  /**
+   * The React component that will be exposed to other plugins
+   */
+  component: React.ComponentType<Props>;
+};
+
 export type PluginExtensionConfig = PluginExtensionLinkConfig | PluginExtensionComponentConfig;
 
 export type PluginExtensionOpenModalOptions = {
diff --git a/public/app/app.ts b/public/app/app.ts
index 467f8bcca92..278884385f3 100644
--- a/public/app/app.ts
+++ b/public/app/app.ts
@@ -85,6 +85,7 @@ import { DatasourceSrv } from './features/plugins/datasource_srv';
 import { getCoreExtensionConfigurations } from './features/plugins/extensions/getCoreExtensionConfigurations';
 import { createPluginExtensionsGetter } from './features/plugins/extensions/getPluginExtensions';
 import { ReactivePluginExtensionsRegistry } from './features/plugins/extensions/reactivePluginExtensionRegistry';
+import { ExposedComponentsRegistry } from './features/plugins/extensions/registry/ExposedComponentsRegistry';
 import { createUsePluginComponent } from './features/plugins/extensions/usePluginComponent';
 import { createUsePluginExtensions } from './features/plugins/extensions/usePluginExtensions';
 import { importPanelPlugin, syncGetPanelPlugin } from './features/plugins/importPanelPlugin';
@@ -213,8 +214,11 @@ export class GrafanaApp {
       extensionsRegistry.register({
         pluginId: 'grafana',
         extensionConfigs: getCoreExtensionConfigurations(),
+        exposedComponentConfigs: [],
       });
 
+      const exposedComponentsRegistry = new ExposedComponentsRegistry();
+
       if (contextSrv.user.orgRole !== '') {
         // The "cloud-home-app" is registering banners once it's loaded, and this can cause a rerender in the AppChrome if it's loaded after the Grafana app init.
         // TODO: remove the following exception once the issue mentioned above is fixed.
@@ -222,13 +226,18 @@ export class GrafanaApp {
         const awaitedAppPlugins = Object.values(config.apps).filter((app) => awaitedAppPluginIds.includes(app.id));
         const appPlugins = Object.values(config.apps).filter((app) => !awaitedAppPluginIds.includes(app.id));
 
-        preloadPlugins(appPlugins, extensionsRegistry);
-        await preloadPlugins(awaitedAppPlugins, extensionsRegistry, 'frontend_awaited_plugins_preload');
+        preloadPlugins(appPlugins, extensionsRegistry, exposedComponentsRegistry);
+        await preloadPlugins(
+          awaitedAppPlugins,
+          extensionsRegistry,
+          exposedComponentsRegistry,
+          'frontend_awaited_plugins_preload'
+        );
       }
 
       setPluginExtensionGetter(createPluginExtensionsGetter(extensionsRegistry));
       setPluginExtensionsHook(createUsePluginExtensions(extensionsRegistry));
-      setPluginComponentHook(createUsePluginComponent(extensionsRegistry));
+      setPluginComponentHook(createUsePluginComponent(exposedComponentsRegistry));
 
       // initialize chrome service
       const queryParams = locationService.getSearchObject();
diff --git a/public/app/features/plugins/extensions/getPluginExtensions.test.tsx b/public/app/features/plugins/extensions/getPluginExtensions.test.tsx
index 51d3317496b..3038c8d7544 100644
--- a/public/app/features/plugins/extensions/getPluginExtensions.test.tsx
+++ b/public/app/features/plugins/extensions/getPluginExtensions.test.tsx
@@ -22,6 +22,7 @@ function createPluginExtensionRegistry(preloadResults: Array<{ pluginId: string;
     registry.register({
       pluginId,
       extensionConfigs,
+      exposedComponentConfigs: [],
     });
   }
 
diff --git a/public/app/features/plugins/extensions/reactivePluginExtensionRegistry.test.ts b/public/app/features/plugins/extensions/reactivePluginExtensionRegistry.test.ts
index b958016764a..b4f90414e0d 100644
--- a/public/app/features/plugins/extensions/reactivePluginExtensionRegistry.test.ts
+++ b/public/app/features/plugins/extensions/reactivePluginExtensionRegistry.test.ts
@@ -39,6 +39,7 @@ describe('createPluginExtensionsRegistry', () => {
           configure: jest.fn().mockReturnValue({}),
         },
       ],
+      exposedComponentConfigs: [],
     });
 
     const registry = await reactiveRegistry.getRegistry();
@@ -64,6 +65,7 @@ describe('createPluginExtensionsRegistry', () => {
           configure: jest.fn().mockReturnValue({}),
         },
       ],
+      exposedComponentConfigs: [],
     });
 
     const registry1 = await reactiveRegistry.getRegistry();
@@ -83,6 +85,7 @@ describe('createPluginExtensionsRegistry', () => {
           configure: jest.fn().mockReturnValue({}),
         },
       ],
+      exposedComponentConfigs: [],
     });
 
     const registry2 = await reactiveRegistry.getRegistry();
@@ -116,6 +119,7 @@ describe('createPluginExtensionsRegistry', () => {
           configure: jest.fn().mockImplementation((context) => ({ title: context?.title })),
         },
       ],
+      exposedComponentConfigs: [],
     });
 
     const registry = await reactiveRegistry.getRegistry();
@@ -168,6 +172,7 @@ describe('createPluginExtensionsRegistry', () => {
           configure: jest.fn().mockReturnValue({}),
         },
       ],
+      exposedComponentConfigs: [],
     });
 
     const registry1 = await reactiveRegistry.getRegistry();
@@ -201,6 +206,7 @@ describe('createPluginExtensionsRegistry', () => {
           configure: jest.fn().mockReturnValue({}),
         },
       ],
+      exposedComponentConfigs: [],
     });
 
     const registry2 = await reactiveRegistry.getRegistry();
@@ -251,6 +257,7 @@ describe('createPluginExtensionsRegistry', () => {
           configure: jest.fn().mockReturnValue({}),
         },
       ],
+      exposedComponentConfigs: [],
     });
 
     const registry1 = await reactiveRegistry.getRegistry();
@@ -284,6 +291,7 @@ describe('createPluginExtensionsRegistry', () => {
           configure: jest.fn().mockReturnValue({}),
         },
       ],
+      exposedComponentConfigs: [],
     });
 
     const registry2 = await reactiveRegistry.getRegistry();
@@ -335,6 +343,7 @@ describe('createPluginExtensionsRegistry', () => {
           configure: jest.fn().mockReturnValue({}),
         },
       ],
+      exposedComponentConfigs: [],
     });
 
     // Register extensions to a different extension point
@@ -350,6 +359,7 @@ describe('createPluginExtensionsRegistry', () => {
           configure: jest.fn().mockReturnValue({}),
         },
       ],
+      exposedComponentConfigs: [],
     });
 
     const registry2 = await reactiveRegistry.getRegistry();
@@ -399,6 +409,7 @@ describe('createPluginExtensionsRegistry', () => {
           configure: jest.fn().mockReturnValue({}),
         },
       ],
+      exposedComponentConfigs: [],
     });
 
     // Register extensions to a different extension point
@@ -414,6 +425,7 @@ describe('createPluginExtensionsRegistry', () => {
           configure: jest.fn().mockReturnValue({}),
         },
       ],
+      exposedComponentConfigs: [],
     });
 
     const registry2 = await reactiveRegistry.getRegistry();
@@ -469,6 +481,7 @@ describe('createPluginExtensionsRegistry', () => {
           configure: jest.fn().mockReturnValue({}),
         },
       ],
+      exposedComponentConfigs: [],
     });
 
     expect(subscribeCallback).toHaveBeenCalledTimes(2);
@@ -486,6 +499,7 @@ describe('createPluginExtensionsRegistry', () => {
           configure: jest.fn().mockReturnValue({}),
         },
       ],
+      exposedComponentConfigs: [],
     });
 
     expect(subscribeCallback).toHaveBeenCalledTimes(3);
@@ -538,6 +552,7 @@ describe('createPluginExtensionsRegistry', () => {
           configure: jest.fn().mockReturnValue({}),
         },
       ],
+      exposedComponentConfigs: [],
     });
 
     observable.subscribe(subscribeCallback);
@@ -581,6 +596,7 @@ describe('createPluginExtensionsRegistry', () => {
           configure: jest.fn().mockReturnValue({}),
         },
       ],
+      exposedComponentConfigs: [],
     });
 
     expect(consoleWarn).toHaveBeenCalled();
@@ -640,6 +656,7 @@ describe('createPluginExtensionsRegistry', () => {
           configure: jest.fn().mockReturnValue({}),
         },
       ],
+      exposedComponentConfigs: [],
     });
 
     expect(consoleWarn).toHaveBeenCalled();
@@ -669,6 +686,7 @@ describe('createPluginExtensionsRegistry', () => {
           configure: jest.fn().mockReturnValue({}),
         },
       ],
+      exposedComponentConfigs: [],
     });
 
     expect(consoleWarn).toHaveBeenCalled();
diff --git a/public/app/features/plugins/extensions/reactivePluginExtensionRegistry.ts b/public/app/features/plugins/extensions/reactivePluginExtensionRegistry.ts
index 2ef23fe4b2e..d5d29cb22e1 100644
--- a/public/app/features/plugins/extensions/reactivePluginExtensionRegistry.ts
+++ b/public/app/features/plugins/extensions/reactivePluginExtensionRegistry.ts
@@ -4,7 +4,7 @@ import { v4 as uuidv4 } from 'uuid';
 import { PluginPreloadResult } from '../pluginPreloader';
 
 import { PluginExtensionRegistry, PluginExtensionRegistryItem } from './types';
-import { deepFreeze, isPluginCapability, logWarning } from './utils';
+import { deepFreeze, logWarning } from './utils';
 import { isPluginExtensionConfigValid } from './validators';
 
 export class ReactivePluginExtensionsRegistry {
@@ -54,21 +54,6 @@ function resultsToRegistry(registry: PluginExtensionRegistry, result: PluginPrel
   for (const extensionConfig of extensionConfigs) {
     const { extensionPointId } = extensionConfig;
 
-    // Change the extension point id for capabilities
-    if (isPluginCapability(extensionConfig)) {
-      const regex = /capabilities\/([a-zA-Z0-9_.\-\/]+)$/;
-      const match = regex.exec(extensionPointId);
-
-      if (!match) {
-        logWarning(
-          `"${pluginId}" plugin has an invalid capability ID: ${extensionPointId.replace('capabilities/', '')} (It must be a string)`
-        );
-        continue;
-      }
-
-      extensionConfig.extensionPointId = `capabilities/${match[1]}`;
-    }
-
     // Check if the config is valid
     if (!extensionConfig || !isPluginExtensionConfigValid(pluginId, extensionConfig)) {
       return registry;
@@ -81,12 +66,7 @@ function resultsToRegistry(registry: PluginExtensionRegistry, result: PluginPrel
       pluginId,
     };
 
-    // Capability (only a single value per identifier, can be overriden)
-    if (isPluginCapability(extensionConfig)) {
-      registry.extensions[extensionPointId] = [registryItem];
-    }
-    // Extension (multiple extensions per extension point identifier)
-    else if (!Array.isArray(registry.extensions[extensionPointId])) {
+    if (!Array.isArray(registry.extensions[extensionPointId])) {
       registry.extensions[extensionPointId] = [registryItem];
     } else {
       registry.extensions[extensionPointId].push(registryItem);
diff --git a/public/app/features/plugins/extensions/registry/ExportedComponentsRegistry.test.ts b/public/app/features/plugins/extensions/registry/ExportedComponentsRegistry.test.ts
new file mode 100644
index 00000000000..64e18fe74ab
--- /dev/null
+++ b/public/app/features/plugins/extensions/registry/ExportedComponentsRegistry.test.ts
@@ -0,0 +1,348 @@
+import React from 'react';
+import { firstValueFrom } from 'rxjs';
+
+import { ExposedComponentsRegistry } from './ExposedComponentsRegistry';
+
+describe('ExposedComponentsRegistry', () => {
+  const consoleWarn = jest.fn();
+
+  beforeEach(() => {
+    global.console.warn = consoleWarn;
+    consoleWarn.mockReset();
+  });
+
+  it('should return empty registry when no exposed components have been registered', async () => {
+    const reactiveRegistry = new ExposedComponentsRegistry();
+    const observable = reactiveRegistry.asObservable();
+    const registry = await firstValueFrom(observable);
+    expect(registry).toEqual({});
+  });
+
+  it('should be possible to register exposed components in the registry', async () => {
+    const pluginId = 'grafana-basic-app';
+    const id = `${pluginId}/hello-world/v1`;
+    const reactiveRegistry = new ExposedComponentsRegistry();
+
+    reactiveRegistry.register({
+      pluginId,
+      configs: [
+        {
+          id,
+          title: 'not important',
+          description: 'not important',
+          component: () => React.createElement('div', null, 'Hello World'),
+        },
+      ],
+    });
+
+    const registry = await reactiveRegistry.getState();
+
+    expect(Object.keys(registry)).toHaveLength(1);
+    expect(registry[id]).toMatchObject({
+      pluginId,
+      config: {
+        id,
+        title: 'not important',
+        description: 'not important',
+      },
+    });
+  });
+
+  it('should be possible to register multiple exposed components at one time', async () => {
+    const pluginId = 'grafana-basic-app';
+    const id1 = `${pluginId}/hello-world1/v1`;
+    const id2 = `${pluginId}/hello-world2/v1`;
+    const id3 = `${pluginId}/hello-world3/v1`;
+    const reactiveRegistry = new ExposedComponentsRegistry();
+
+    reactiveRegistry.register({
+      pluginId,
+      configs: [
+        {
+          id: id1,
+          title: 'not important',
+          description: 'not important',
+          component: () => React.createElement('div', null, 'Hello World1'),
+        },
+        {
+          id: id2,
+          title: 'not important',
+          description: 'not important',
+          component: () => React.createElement('div', null, 'Hello World2'),
+        },
+        {
+          id: id3,
+          title: 'not important',
+          description: 'not important',
+          component: () => React.createElement('div', null, 'Hello World3'),
+        },
+      ],
+    });
+
+    const registry = await reactiveRegistry.getState();
+
+    expect(Object.keys(registry)).toHaveLength(3);
+    expect(registry[id1]).toMatchObject({ config: { id: id1 }, pluginId });
+    expect(registry[id2]).toMatchObject({ config: { id: id2 }, pluginId });
+    expect(registry[id3]).toMatchObject({ config: { id: id3 }, pluginId });
+  });
+
+  it('should be possible to register multiple exposed components from multiple plugins', async () => {
+    const pluginId1 = 'grafana-basic-app1';
+    const pluginId2 = 'grafana-basic-app2';
+    const id1 = `${pluginId1}/hello-world1/v1`;
+    const id2 = `${pluginId1}/hello-world2/v1`;
+    const id3 = `${pluginId2}/hello-world1/v1`;
+    const id4 = `${pluginId2}/hello-world2/v1`;
+    const reactiveRegistry = new ExposedComponentsRegistry();
+
+    reactiveRegistry.register({
+      pluginId: pluginId1,
+      configs: [
+        {
+          id: id1,
+          title: 'not important',
+          description: 'not important',
+          component: () => React.createElement('div', null, 'Hello World1'),
+        },
+        {
+          id: id2,
+          title: 'not important',
+          description: 'not important',
+          component: () => React.createElement('div', null, 'Hello World2'),
+        },
+      ],
+    });
+
+    reactiveRegistry.register({
+      pluginId: pluginId2,
+      configs: [
+        {
+          id: id3,
+          title: 'not important',
+          description: 'not important',
+          component: () => React.createElement('div', null, 'Hello World3'),
+        },
+        {
+          id: id4,
+          title: 'not important',
+          description: 'not important',
+          component: () => React.createElement('div', null, 'Hello World4'),
+        },
+      ],
+    });
+
+    const registry = await reactiveRegistry.getState();
+
+    expect(Object.keys(registry)).toHaveLength(4);
+    expect(registry[id1]).toMatchObject({ config: { id: id1 }, pluginId: pluginId1 });
+    expect(registry[id2]).toMatchObject({ config: { id: id2 }, pluginId: pluginId1 });
+    expect(registry[id3]).toMatchObject({ config: { id: id3 }, pluginId: pluginId2 });
+    expect(registry[id4]).toMatchObject({ config: { id: id4 }, pluginId: pluginId2 });
+  });
+
+  it('should notify subscribers when the registry changes', async () => {
+    const registry = new ExposedComponentsRegistry();
+    const observable = registry.asObservable();
+    const subscribeCallback = jest.fn();
+
+    observable.subscribe(subscribeCallback);
+
+    // Register extensions for the first plugin
+    registry.register({
+      pluginId: 'grafana-basic-app1',
+      configs: [
+        {
+          id: 'grafana-basic-app1/hello-world/v1',
+          title: 'not important',
+          description: 'not important',
+          component: () => React.createElement('div', null, 'Hello World1'),
+        },
+      ],
+    });
+
+    expect(subscribeCallback).toHaveBeenCalledTimes(2);
+
+    // Register exposed components for the second plugin
+    registry.register({
+      pluginId: 'grafana-basic-app2',
+      configs: [
+        {
+          id: 'grafana-basic-app2/hello-world/v1',
+          title: 'not important',
+          description: 'not important',
+          component: () => React.createElement('div', null, 'Hello World1'),
+        },
+      ],
+    });
+
+    expect(subscribeCallback).toHaveBeenCalledTimes(3);
+
+    const mock = subscribeCallback.mock.calls[2][0];
+    expect(mock).toHaveProperty('grafana-basic-app1/hello-world/v1');
+    expect(mock).toHaveProperty('grafana-basic-app2/hello-world/v1');
+  });
+
+  it('should give the last version of the registry for new subscribers', async () => {
+    const registry = new ExposedComponentsRegistry();
+    const observable = registry.asObservable();
+    const subscribeCallback = jest.fn();
+
+    // Register extensions for the first plugin
+    registry.register({
+      pluginId: 'grafana-basic-app',
+      configs: [
+        {
+          id: 'grafana-basic-app/hello-world/v1',
+          title: 'not important',
+          description: 'not important',
+          component: () => React.createElement('div', null, 'Hello World1'),
+        },
+      ],
+    });
+
+    observable.subscribe(subscribeCallback);
+    expect(subscribeCallback).toHaveBeenCalledTimes(1);
+
+    const mock = subscribeCallback.mock.calls[0][0];
+
+    expect(mock['grafana-basic-app/hello-world/v1']).toMatchObject({
+      pluginId: 'grafana-basic-app',
+      config: {
+        id: 'grafana-basic-app/hello-world/v1',
+        title: 'not important',
+        description: 'not important',
+      },
+    });
+  });
+
+  it('should log a warning if another component with the same id already exists in the registry', async () => {
+    const registry = new ExposedComponentsRegistry();
+    registry.register({
+      pluginId: 'grafana-basic-app1',
+      configs: [
+        {
+          id: 'grafana-basic-app1/hello-world/v1',
+          title: 'not important',
+          description: 'not important',
+          component: () => React.createElement('div', null, 'Hello World1'),
+        },
+      ],
+    });
+
+    const currentState1 = await registry.getState();
+    expect(Object.keys(currentState1)).toHaveLength(1);
+    expect(currentState1['grafana-basic-app1/hello-world/v1']).toMatchObject({
+      pluginId: 'grafana-basic-app1',
+      config: {
+        id: 'grafana-basic-app1/hello-world/v1',
+      },
+    });
+
+    registry.register({
+      pluginId: 'grafana-basic-app2',
+      configs: [
+        {
+          id: 'grafana-basic-app1/hello-world/v1', // incorrectly scoped
+          title: 'not important',
+          description: 'not important',
+          component: () => React.createElement('div', null, 'Hello World1'),
+        },
+      ],
+    });
+
+    expect(consoleWarn).toHaveBeenCalledWith(
+      "[Plugin Extensions] Could not register exposed component with id 'grafana-basic-app1/hello-world/v1'. Reason: The component id does not match the id naming convention. Id should be prefixed with plugin id. e.g 'myorg-basic-app/my-component-id/v1'."
+    );
+    const currentState2 = await registry.getState();
+    expect(Object.keys(currentState2)).toHaveLength(1);
+  });
+
+  it('should skip registering component and log a warning when id is not prefixed with plugin id', async () => {
+    const registry = new ExposedComponentsRegistry();
+    registry.register({
+      pluginId: 'grafana-basic-app1',
+      configs: [
+        {
+          id: 'hello-world/v1',
+          title: 'not important',
+          description: 'not important',
+          component: () => React.createElement('div', null, 'Hello World1'),
+        },
+      ],
+    });
+
+    expect(consoleWarn).toHaveBeenCalledWith(
+      "[Plugin Extensions] Could not register exposed component with id 'hello-world/v1'. Reason: The component id does not match the id naming convention. Id should be prefixed with plugin id. e.g 'myorg-basic-app/my-component-id/v1'."
+    );
+    const currentState = await registry.getState();
+    expect(Object.keys(currentState)).toHaveLength(0);
+  });
+
+  it('should log a warning when exposed component id is not suffixed with component version', async () => {
+    const registry = new ExposedComponentsRegistry();
+    registry.register({
+      pluginId: 'grafana-basic-app1',
+      configs: [
+        {
+          id: 'grafana-basic-app1/hello-world',
+          title: 'not important',
+          description: 'not important',
+          component: () => React.createElement('div', null, 'Hello World1'),
+        },
+      ],
+    });
+
+    expect(consoleWarn).toHaveBeenCalledWith(
+      "[Plugin Extensions] Exposed component with id 'grafana-basic-app1/hello-world' does not match the convention. It's recommended to suffix the id with the component version. e.g 'myorg-basic-app/my-component-id/v1'."
+    );
+    const currentState = await registry.getState();
+    expect(Object.keys(currentState)).toHaveLength(1);
+  });
+
+  it('should not register component when description is missing', async () => {
+    const registry = new ExposedComponentsRegistry();
+
+    registry.register({
+      pluginId: 'grafana-basic-app',
+      configs: [
+        {
+          id: 'grafana-basic-app/hello-world/v1',
+          title: 'not important',
+          description: '',
+          component: () => React.createElement('div', null, 'Hello World1'),
+        },
+      ],
+    });
+
+    expect(consoleWarn).toHaveBeenCalledWith(
+      "[Plugin Extensions] Could not register exposed component with id 'grafana-basic-app/hello-world/v1'. Reason: Description is missing."
+    );
+
+    const currentState = await registry.getState();
+    expect(Object.keys(currentState)).toHaveLength(0);
+  });
+
+  it('should not register component when title is missing', async () => {
+    const registry = new ExposedComponentsRegistry();
+
+    registry.register({
+      pluginId: 'grafana-basic-app',
+      configs: [
+        {
+          id: 'grafana-basic-app/hello-world/v1',
+          title: '',
+          description: 'not important',
+          component: () => React.createElement('div', null, 'Hello World1'),
+        },
+      ],
+    });
+
+    expect(consoleWarn).toHaveBeenCalledWith(
+      "[Plugin Extensions] Could not register exposed component with id 'grafana-basic-app/hello-world/v1'. Reason: Title is missing."
+    );
+
+    const currentState = await registry.getState();
+    expect(Object.keys(currentState)).toHaveLength(0);
+  });
+});
diff --git a/public/app/features/plugins/extensions/registry/ExposedComponentsRegistry.ts b/public/app/features/plugins/extensions/registry/ExposedComponentsRegistry.ts
new file mode 100644
index 00000000000..f0036742fab
--- /dev/null
+++ b/public/app/features/plugins/extensions/registry/ExposedComponentsRegistry.ts
@@ -0,0 +1,60 @@
+import { PluginExposedComponentConfig } from '@grafana/data';
+
+import { logWarning } from '../utils';
+
+import { Registry, RegistryType, PluginExtensionConfigs } from './Registry';
+
+export class ExposedComponentsRegistry extends Registry<PluginExposedComponentConfig> {
+  constructor(initialState: RegistryType<PluginExposedComponentConfig> = {}) {
+    super({
+      initialState,
+    });
+  }
+
+  mapToRegistry(
+    registry: RegistryType<PluginExposedComponentConfig>,
+    { pluginId, configs }: PluginExtensionConfigs<PluginExposedComponentConfig>
+  ): RegistryType<PluginExposedComponentConfig> {
+    if (!configs) {
+      return registry;
+    }
+
+    for (const config of configs) {
+      const { id, description, title } = config;
+
+      if (!id.startsWith(pluginId)) {
+        logWarning(
+          `Could not register exposed component with id '${id}'. Reason: The component id does not match the id naming convention. Id should be prefixed with plugin id. e.g 'myorg-basic-app/my-component-id/v1'.`
+        );
+        continue;
+      }
+
+      if (!id.match(/.*\/v\d+$/)) {
+        logWarning(
+          `Exposed component with id '${id}' does not match the convention. It's recommended to suffix the id with the component version. e.g 'myorg-basic-app/my-component-id/v1'.`
+        );
+      }
+
+      if (registry[id]) {
+        logWarning(
+          `Could not register exposed component with id '${id}'. Reason: An exposed component with the same id already exists.`
+        );
+        continue;
+      }
+
+      if (!title) {
+        logWarning(`Could not register exposed component with id '${id}'. Reason: Title is missing.`);
+        continue;
+      }
+
+      if (!description) {
+        logWarning(`Could not register exposed component with id '${id}'. Reason: Description is missing.`);
+        continue;
+      }
+
+      registry[id] = { config, pluginId };
+    }
+
+    return registry;
+  }
+}
diff --git a/public/app/features/plugins/extensions/registry/Registry.ts b/public/app/features/plugins/extensions/registry/Registry.ts
new file mode 100644
index 00000000000..fc3a8721be3
--- /dev/null
+++ b/public/app/features/plugins/extensions/registry/Registry.ts
@@ -0,0 +1,57 @@
+import { Observable, ReplaySubject, Subject, firstValueFrom, map, scan, startWith } from 'rxjs';
+
+import { deepFreeze } from '../utils';
+
+export type PluginExtensionConfigs<T> = {
+  pluginId: string;
+  configs: T[];
+};
+
+export type RegistryItem<T> = {
+  pluginId: string;
+  config: T;
+};
+
+export type RegistryType<T> = Record<string | symbol, RegistryItem<T>>;
+
+type ConstructorOptions<T> = {
+  initialState: RegistryType<T>;
+};
+
+// This is the base-class used by the separate specific registries.
+export abstract class Registry<T> {
+  private resultSubject: Subject<PluginExtensionConfigs<T>>;
+  private registrySubject: ReplaySubject<RegistryType<T>>;
+
+  constructor(options: ConstructorOptions<T>) {
+    const { initialState } = options;
+    this.resultSubject = new Subject<PluginExtensionConfigs<T>>();
+    // This is the subject that we expose.
+    // (It will buffer the last value on the stream - the registry - and emit it to new subscribers immediately.)
+    this.registrySubject = new ReplaySubject<RegistryType<T>>(1);
+
+    this.resultSubject
+      .pipe(
+        scan(this.mapToRegistry, initialState),
+        // Emit an empty registry to start the stream (it is only going to do it once during construction, and then just passes down the values)
+        startWith(initialState),
+        map((registry) => deepFreeze(registry))
+      )
+      // Emitting the new registry to `this.registrySubject`
+      .subscribe(this.registrySubject);
+  }
+
+  abstract mapToRegistry(registry: RegistryType<T>, item: PluginExtensionConfigs<T>): RegistryType<T>;
+
+  register(result: PluginExtensionConfigs<T>): void {
+    this.resultSubject.next(result);
+  }
+
+  asObservable(): Observable<RegistryType<T>> {
+    return this.registrySubject.asObservable();
+  }
+
+  getState(): Promise<RegistryType<T>> {
+    return firstValueFrom(this.asObservable());
+  }
+}
diff --git a/public/app/features/plugins/extensions/usePluginComponent.test.tsx b/public/app/features/plugins/extensions/usePluginComponent.test.tsx
index cc1772ef3c3..46b81ad3325 100644
--- a/public/app/features/plugins/extensions/usePluginComponent.test.tsx
+++ b/public/app/features/plugins/extensions/usePluginComponent.test.tsx
@@ -1,9 +1,7 @@
 import { act, render, screen } from '@testing-library/react';
 import { renderHook } from '@testing-library/react-hooks';
 
-import { PluginExtensionTypes } from '@grafana/data';
-
-import { ReactivePluginExtensionsRegistry } from './reactivePluginExtensionRegistry';
+import { ExposedComponentsRegistry } from './registry/ExposedComponentsRegistry';
 import { createUsePluginComponent } from './usePluginComponent';
 
 jest.mock('app/features/plugins/pluginSettings', () => ({
@@ -18,14 +16,14 @@ jest.mock('app/features/plugins/pluginSettings', () => ({
 }));
 
 describe('usePluginComponent()', () => {
-  let reactiveRegistry: ReactivePluginExtensionsRegistry;
+  let registry: ExposedComponentsRegistry;
 
   beforeEach(() => {
-    reactiveRegistry = new ReactivePluginExtensionsRegistry();
+    registry = new ExposedComponentsRegistry();
   });
 
   it('should return null if there are no component exposed for the id', () => {
-    const usePluginComponent = createUsePluginComponent(reactiveRegistry);
+    const usePluginComponent = createUsePluginComponent(registry);
     const { result } = renderHook(() => usePluginComponent('foo/bar'));
 
     expect(result.current.component).toEqual(null);
@@ -33,23 +31,15 @@ describe('usePluginComponent()', () => {
   });
 
   it('should return component, that can be rendered, from the registry', async () => {
-    const id = 'my-app-plugin/foo/bar';
+    const id = 'my-app-plugin/foo/bar/v1';
     const pluginId = 'my-app-plugin';
 
-    reactiveRegistry.register({
+    registry.register({
       pluginId,
-      extensionConfigs: [
-        {
-          extensionPointId: `capabilities/${id}`,
-          type: PluginExtensionTypes.component,
-          title: 'not important',
-          description: 'not important',
-          component: () => <div>Hello World</div>,
-        },
-      ],
+      configs: [{ id, title: 'not important', description: 'not important', component: () => <div>Hello World</div> }],
     });
 
-    const usePluginComponent = createUsePluginComponent(reactiveRegistry);
+    const usePluginComponent = createUsePluginComponent(registry);
     const { result } = renderHook(() => usePluginComponent(id));
     const Component = result.current.component;
 
@@ -63,9 +53,9 @@ describe('usePluginComponent()', () => {
   });
 
   it('should dynamically update when component is registered to the registry', async () => {
-    const id = 'my-app-plugin/foo/bar';
+    const id = 'my-app-plugin/foo/bar/v1';
     const pluginId = 'my-app-plugin';
-    const usePluginComponent = createUsePluginComponent(reactiveRegistry);
+    const usePluginComponent = createUsePluginComponent(registry);
     const { result, rerender } = renderHook(() => usePluginComponent(id));
 
     // No extensions yet
@@ -74,12 +64,11 @@ describe('usePluginComponent()', () => {
 
     // Add extensions to the registry
     act(() => {
-      reactiveRegistry.register({
+      registry.register({
         pluginId,
-        extensionConfigs: [
+        configs: [
           {
-            extensionPointId: `capabilities/${id}`,
-            type: PluginExtensionTypes.component,
+            id,
             title: 'not important',
             description: 'not important',
             component: () => <div>Hello World</div>,
@@ -103,9 +92,9 @@ describe('usePluginComponent()', () => {
   });
 
   it('should only render the hook once', () => {
-    const spy = jest.spyOn(reactiveRegistry, 'asObservable');
+    const spy = jest.spyOn(registry, 'asObservable');
     const id = 'my-app-plugin/foo/bar';
-    const usePluginComponent = createUsePluginComponent(reactiveRegistry);
+    const usePluginComponent = createUsePluginComponent(registry);
 
     renderHook(() => usePluginComponent(id));
     expect(spy).toHaveBeenCalledTimes(1);
diff --git a/public/app/features/plugins/extensions/usePluginComponent.tsx b/public/app/features/plugins/extensions/usePluginComponent.tsx
index 99a63c8c921..df2689a66ce 100644
--- a/public/app/features/plugins/extensions/usePluginComponent.tsx
+++ b/public/app/features/plugins/extensions/usePluginComponent.tsx
@@ -3,39 +3,30 @@ import { useObservable } from 'react-use';
 
 import { UsePluginComponentResult } from '@grafana/runtime';
 
-import { ReactivePluginExtensionsRegistry } from './reactivePluginExtensionRegistry';
-import { isPluginExtensionComponentConfig, wrapWithPluginContext } from './utils';
+import { ExposedComponentsRegistry } from './registry/ExposedComponentsRegistry';
+import { wrapWithPluginContext } from './utils';
 
 // Returns a component exposed by a plugin.
 // (Exposed components can be defined in plugins by calling .exposeComponent() on the AppPlugin instance.)
-export function createUsePluginComponent(extensionsRegistry: ReactivePluginExtensionsRegistry) {
-  const observableRegistry = extensionsRegistry.asObservable();
+export function createUsePluginComponent(registry: ExposedComponentsRegistry) {
+  const observableRegistry = registry.asObservable();
 
   return function usePluginComponent<Props extends object = {}>(id: string): UsePluginComponentResult<Props> {
     const registry = useObservable(observableRegistry);
 
     return useMemo(() => {
-      if (!registry) {
+      if (!registry || !registry[id]) {
         return {
           isLoading: false,
           component: null,
         };
       }
 
-      const registryId = `capabilities/${id}`;
-      const registryItems = registry.extensions[registryId];
-      const registryItem = Array.isArray(registryItems) ? registryItems[0] : null;
-
-      if (registryItem && isPluginExtensionComponentConfig<Props>(registryItem.config)) {
-        return {
-          isLoading: false,
-          component: wrapWithPluginContext(registryItem.pluginId, registryItem.config.component),
-        };
-      }
+      const registryItem = registry[id];
 
       return {
         isLoading: false,
-        component: null,
+        component: wrapWithPluginContext(registryItem.pluginId, registryItem.config.component),
       };
     }, [id, registry]);
   };
diff --git a/public/app/features/plugins/extensions/usePluginExtensions.test.tsx b/public/app/features/plugins/extensions/usePluginExtensions.test.tsx
index 92c3d4c7f1c..f6259d2bfeb 100644
--- a/public/app/features/plugins/extensions/usePluginExtensions.test.tsx
+++ b/public/app/features/plugins/extensions/usePluginExtensions.test.tsx
@@ -46,6 +46,7 @@ describe('usePluginExtensions()', () => {
           path: `/a/${pluginId}/2`,
         },
       ],
+      exposedComponentConfigs: [],
     });
 
     const usePluginExtensions = createUsePluginExtensions(reactiveRegistry);
@@ -85,6 +86,7 @@ describe('usePluginExtensions()', () => {
             path: `/a/${pluginId}/2`,
           },
         ],
+        exposedComponentConfigs: [],
       });
     });
 
@@ -130,6 +132,7 @@ describe('usePluginExtensions()', () => {
             path: `/a/${pluginId}/2`,
           },
         ],
+        exposedComponentConfigs: [],
       });
     });
 
@@ -165,6 +168,7 @@ describe('usePluginExtensions()', () => {
             path: `/a/${pluginId}/2`,
           },
         ],
+        exposedComponentConfigs: [],
       });
     });
 
@@ -193,6 +197,7 @@ describe('usePluginExtensions()', () => {
             path: `/a/${pluginId}/2`,
           },
         ],
+        exposedComponentConfigs: [],
       });
     });
 
@@ -213,6 +218,7 @@ describe('usePluginExtensions()', () => {
             path: `/a/${pluginId}/2`,
           },
         ],
+        exposedComponentConfigs: [],
       });
     });
 
diff --git a/public/app/features/plugins/extensions/utils.tsx b/public/app/features/plugins/extensions/utils.tsx
index 54092186677..48d690f0a02 100644
--- a/public/app/features/plugins/extensions/utils.tsx
+++ b/public/app/features/plugins/extensions/utils.tsx
@@ -37,17 +37,6 @@ export function isPluginExtensionComponentConfig<Props extends object>(
   return typeof extension === 'object' && 'type' in extension && extension['type'] === PluginExtensionTypes.component;
 }
 
-export function isPluginCapability(
-  extension: PluginExtensionConfig | undefined
-): extension is PluginExtensionComponentConfig {
-  return (
-    typeof extension === 'object' &&
-    'type' in extension &&
-    extension['type'] === PluginExtensionTypes.component &&
-    extension.extensionPointId.startsWith('capabilities/')
-  );
-}
-
 export function handleErrorsInFn(fn: Function, errorMessagePrefix = '') {
   return (...args: unknown[]) => {
     try {
diff --git a/public/app/features/plugins/pluginPreloader.ts b/public/app/features/plugins/pluginPreloader.ts
index 1a00a69716d..2fd705bdd4e 100644
--- a/public/app/features/plugins/pluginPreloader.ts
+++ b/public/app/features/plugins/pluginPreloader.ts
@@ -1,20 +1,23 @@
-import type { PluginExtensionConfig } from '@grafana/data';
+import type { PluginExposedComponentConfig, PluginExtensionConfig } from '@grafana/data';
 import type { AppPluginConfig } from '@grafana/runtime';
 import { startMeasure, stopMeasure } from 'app/core/utils/metrics';
 import { getPluginSettings } from 'app/features/plugins/pluginSettings';
 
 import { ReactivePluginExtensionsRegistry } from './extensions/reactivePluginExtensionRegistry';
+import { ExposedComponentsRegistry } from './extensions/registry/ExposedComponentsRegistry';
 import * as pluginLoader from './plugin_loader';
 
 export type PluginPreloadResult = {
   pluginId: string;
   error?: unknown;
   extensionConfigs: PluginExtensionConfig[];
+  exposedComponentConfigs: PluginExposedComponentConfig[];
 };
 
 export async function preloadPlugins(
   apps: AppPluginConfig[] = [],
   registry: ReactivePluginExtensionsRegistry,
+  exposedComponentsRegistry: ExposedComponentsRegistry,
   eventName = 'frontend_plugins_preload'
 ) {
   startMeasure(eventName);
@@ -22,7 +25,17 @@ export async function preloadPlugins(
   const preloadedPlugins = await Promise.all(promises);
 
   for (const preloadedPlugin of preloadedPlugins) {
+    if (preloadedPlugin.error) {
+      console.error(`[Plugins] Skip loading extensions for "${preloadedPlugin.pluginId}" due to an error.`);
+      continue;
+    }
+
     registry.register(preloadedPlugin);
+
+    exposedComponentsRegistry.register({
+      pluginId: preloadedPlugin.pluginId,
+      configs: preloadedPlugin.exposedComponentConfigs,
+    });
   }
 
   stopMeasure(eventName);
@@ -38,16 +51,16 @@ async function preload(config: AppPluginConfig): Promise<PluginPreloadResult> {
       isAngular: config.angular.detected,
       pluginId,
     });
-    const { extensionConfigs = [] } = plugin;
+    const { extensionConfigs = [], exposedComponentConfigs = [] } = plugin;
 
     // Fetching meta-information for the preloaded app plugin and caching it for later.
     // (The function below returns a promise, but it's not awaited for a reason: we don't want to block the preload process, we would only like to cache the result for later.)
     getPluginSettings(pluginId);
 
-    return { pluginId, extensionConfigs };
+    return { pluginId, extensionConfigs, exposedComponentConfigs };
   } catch (error) {
     console.error(`[Plugins] Failed to preload plugin: ${path} (version: ${version})`, error);
-    return { pluginId, extensionConfigs: [], error };
+    return { pluginId, extensionConfigs: [], error, exposedComponentConfigs: [] };
   } finally {
     stopMeasure(`frontend_plugin_preload_${pluginId}`);
   }