diff --git a/.github/workflows/run_tests.yml b/.github/workflows/run_tests.yml
index 04937744c..18d601e45 100644
--- a/.github/workflows/run_tests.yml
+++ b/.github/workflows/run_tests.yml
@@ -108,6 +108,25 @@ jobs:
           echo "CXX=icpx" >> $GITHUB_ENV &&
           echo "FC=ifort" >> $GITHUB_ENV
 
+      # Set up perl environment for LCOV
+      - uses: actions/checkout@v3
+      - name: Setup perl
+        uses: shogo82148/actions-setup-perl@v1
+        with:
+          perl-version: '5.30'
+          install-modules: Memory::Process
+
+      # Install additional perl Modules
+      - name: Add perl modules
+        run: |
+          sudo apt install libcapture-tiny-perl && \
+          sudo apt install libdatetime-perl && \
+          sudo apt install libdevel-cover-perl && \
+          sudo apt install libdigest-md5-perl && \
+          sudo apt install libfile-spec-perl && \
+          sudo apt install libjson-xs-perl && \
+          sudo apt install libtime-hires-perl
+
       # Install additional dependencies
       - name: Install Cmake Linux
         if: contains(matrix.os, 'ubuntu')
@@ -167,7 +186,7 @@ jobs:
 
       # Process and upload code coverage (Python was collected during pytest)
       - name: Collect coverage from C/C++/Fortran testers
-        run: third-party/lcov/install/usr/local/bin/lcov -c -d build/Coverage/CMakeFiles -o coverage.info
+        run: third-party/lcov/install/bin/lcov --ignore-errors gcov,mismatch --keep-going -c -d build/Coverage/CMakeFiles -o coverage.info
 
       - name: Upload coverage to Codecov
         uses: codecov/codecov-action@v3
diff --git a/Makefile b/Makefile
index a92489e2f..3c709379b 100644
--- a/Makefile
+++ b/Makefile
@@ -27,6 +27,7 @@
 # General settings
 MAKEFLAGS += --no-print-directory
 SHELL:=/bin/bash
+CWD := $(shell pwd)
 
 # Params for third-party software
 HIREDIS_URL := https://github.com/redis/hiredis.git
@@ -42,7 +43,7 @@ REDISAI_URL := https://github.com/RedisAI/RedisAI.git
 CATCH2_URL := https://github.com/catchorg/Catch2.git
 CATCH2_VER := v2.13.6
 LCOV_URL := https://github.com/linux-test-project/lcov.git
-LCOV_VER := v1.15
+LCOV_VER := v2.0
 
 # Build variables
 NPROC := $(shell nproc 2>/dev/null || python -c "import multiprocessing as mp; print (mp.cpu_count())" 2>/dev/null || echo 4)
@@ -596,12 +597,13 @@ third-party/catch/single_include/catch2/catch.hpp:
 
 # LCOV (hidden test target)
 .PHONY: lcov
-lcov: third-party/lcov/install/usr/local/bin/lcov
-third-party/lcov/install/usr/local/bin/lcov:
+lcov: third-party/lcov/install/bin/lcov
+third-party/lcov/install/bin/lcov:
+	@echo Installing LCOV
 	@mkdir -p third-party
 	@cd third-party && \
 	git clone $(LCOV_URL) lcov --branch $(LCOV_VER) --depth=1
 	@cd third-party/lcov && \
 	mkdir -p install && \
-	CC=gcc CXX=g++ DESTDIR="install/" make install && \
+	CC=gcc CXX=g++ make PREFIX=$(CWD)/third-party/lcov/install/ install && \
 	echo "Finished installing LCOV"
diff --git a/doc/changelog.rst b/doc/changelog.rst
index c9663f40e..edbcae888 100644
--- a/doc/changelog.rst
+++ b/doc/changelog.rst
@@ -1,6 +1,21 @@
 Changelog
 =========
 
+Development branch
+------------------
+
+To be released at some future point in time
+
+Description
+
+- Updated the third-party lcov component
+
+Detailed Notes
+
+- Updated lcov from version 1.15 to 2.0 (PR395_)
+
+.. _PR395: https://github.com/CrayLabs/SmartRedis/pull/395
+
 0.4.2
 -----