diff --git a/ngraph/frontend/onnx/frontend/src/utils/arg_min_max_factory.cpp b/ngraph/frontend/onnx/frontend/src/utils/arg_min_max_factory.cpp
index 5edcf2f4267..e32dd2bbf41 100644
--- a/ngraph/frontend/onnx/frontend/src/utils/arg_min_max_factory.cpp
+++ b/ngraph/frontend/onnx/frontend/src/utils/arg_min_max_factory.cpp
@@ -53,11 +53,17 @@ std::shared_ptr<ngraph::Node> ArgMinMaxFactory::make_topk_subgraph(default_opset
         // res_index = dims_on_axis - topk->output(1) = 6 - 3 = 3
         // result = res_index - 1 = 3 - 1 = 2
 
-        const auto axis_node = default_opset::Constant::create(ngraph::element::i64, Shape{1}, {m_axis});
+        const int64_t normalized_axis =
+            normalize_axis(m_input_node.get_node(), m_axis, m_input_node.get_partial_shape().rank());
+
+        const auto axis_node = default_opset::Constant::create(ngraph::element::i64, Shape{1}, {normalized_axis});
         const auto reverse = std::make_shared<opset1::Reverse>(m_input_node, axis_node, opset1::Reverse::Mode::INDEX);
 
-        const auto topk =
-            std::make_shared<default_opset::TopK>(reverse, k_node, m_axis, mode, default_opset::TopK::SortType::NONE);
+        const auto topk = std::make_shared<default_opset::TopK>(reverse,
+                                                                k_node,
+                                                                normalized_axis,
+                                                                mode,
+                                                                default_opset::TopK::SortType::NONE);
 
         const auto data_shape = std::make_shared<default_opset::ShapeOf>(m_input_node);
         const auto dims_on_axis = std::make_shared<default_opset::Gather>(
diff --git a/runtime/bindings/python/tests/__init__.py b/runtime/bindings/python/tests/__init__.py
index 2804ebe61d2..48c46843e7e 100644
--- a/runtime/bindings/python/tests/__init__.py
+++ b/runtime/bindings/python/tests/__init__.py
@@ -93,7 +93,6 @@ xfail_issue_44965 = xfail_test(reason="Expected: RuntimeError: value info has no
 xfail_issue_44968 = xfail_test(reason="Expected: Unsupported dynamic op: Squeeze")
 xfail_issue_47323 = xfail_test(reason="RuntimeError: The plugin does not support FP64")
 xfail_issue_47337 = xfail_test(reason="RuntimeError: Unsupported dynamic ops: v1::OneHot")
-xfail_issue_55760 = xfail_test(reason="RuntimeError: Reversed axis have axes above the source space shape")
 
 # Model MSFT issues:
 xfail_issue_37957 = xfail_test(reason="RuntimeError: nGraph does not support the following ONNX operations: "
diff --git a/runtime/bindings/python/tests/test_onnx/test_backend.py b/runtime/bindings/python/tests/test_onnx/test_backend.py
index 381c0da547b..2af5e0f9b43 100644
--- a/runtime/bindings/python/tests/test_onnx/test_backend.py
+++ b/runtime/bindings/python/tests/test_onnx/test_backend.py
@@ -40,7 +40,6 @@ from tests import (
     xfail_issue_49207,
     xfail_issue_49750,
     xfail_issue_52463,
-    xfail_issue_55760,
     xfail_issue_58033,
     xfail_issue_63033,
     xfail_issue_63036,
@@ -144,13 +143,6 @@ tests_expected_to_fail = [
         "OnnxBackendNodeModelTest.test_scatter_elements_with_negative_indices_cpu",
         "OnnxBackendNodeModelTest.test_gather_negative_indices_cpu",
     ),
-    (
-        xfail_issue_55760,
-        "OnnxBackendNodeModelTest.test_argmax_negative_axis_keepdims_example_select_last_index_cpu",
-        "OnnxBackendNodeModelTest.test_argmin_negative_axis_keepdims_example_select_last_index_cpu",
-        "OnnxBackendNodeModelTest.test_argmax_negative_axis_keepdims_random_select_last_index_cpu",
-        "OnnxBackendNodeModelTest.test_argmin_negative_axis_keepdims_random_select_last_index_cpu",
-    ),
     (
         xfail_issue_38091,
         "OnnxBackendNodeModelTest.test_gather_negative_indices_cpu",
diff --git a/runtime/bindings/python/tests_compatibility/__init__.py b/runtime/bindings/python/tests_compatibility/__init__.py
index f8d40d21e7b..714761dc1f6 100644
--- a/runtime/bindings/python/tests_compatibility/__init__.py
+++ b/runtime/bindings/python/tests_compatibility/__init__.py
@@ -98,7 +98,6 @@ xfail_issue_44965 = xfail_test(reason="Expected: RuntimeError: value info has no
 xfail_issue_44968 = xfail_test(reason="Expected: Unsupported dynamic op: Squeeze")
 xfail_issue_47323 = xfail_test(reason="RuntimeError: The plugin does not support FP64")
 xfail_issue_47337 = xfail_test(reason="RuntimeError: Unsupported dynamic ops: v1::OneHot")
-xfail_issue_55760 = xfail_test(reason="RuntimeError: Reversed axis have axes above the source space shape")
 
 # Model MSFT issues:
 xfail_issue_37957 = xfail_test(reason="RuntimeError: nGraph does not support the following ONNX operations: "
diff --git a/runtime/bindings/python/tests_compatibility/test_onnx/test_backend.py b/runtime/bindings/python/tests_compatibility/test_onnx/test_backend.py
index baafa738e26..ed3b1647e0e 100644
--- a/runtime/bindings/python/tests_compatibility/test_onnx/test_backend.py
+++ b/runtime/bindings/python/tests_compatibility/test_onnx/test_backend.py
@@ -39,7 +39,6 @@ from tests_compatibility import (
     xfail_issue_49207,
     xfail_issue_49750,
     xfail_issue_52463,
-    xfail_issue_55760,
     xfail_issue_58033,
     xfail_issue_63033,
     xfail_issue_63036,
@@ -129,13 +128,6 @@ tests_expected_to_fail = [
         "OnnxBackendNodeModelTest.test_scatter_elements_with_negative_indices_cpu",
         "OnnxBackendNodeModelTest.test_gather_negative_indices_cpu",
     ),
-    (
-        xfail_issue_55760,
-        "OnnxBackendNodeModelTest.test_argmax_negative_axis_keepdims_example_select_last_index_cpu",
-        "OnnxBackendNodeModelTest.test_argmin_negative_axis_keepdims_example_select_last_index_cpu",
-        "OnnxBackendNodeModelTest.test_argmax_negative_axis_keepdims_random_select_last_index_cpu",
-        "OnnxBackendNodeModelTest.test_argmin_negative_axis_keepdims_random_select_last_index_cpu",
-    ),
     (
         xfail_issue_38091,
         "OnnxBackendNodeModelTest.test_gather_negative_indices_cpu",