diff --git a/packages/dependency-extraction-webpack-plugin/README.md b/packages/dependency-extraction-webpack-plugin/README.md
index 0885a38e1c8251..4c3d9f4ac7260d 100644
--- a/packages/dependency-extraction-webpack-plugin/README.md
+++ b/packages/dependency-extraction-webpack-plugin/README.md
@@ -64,10 +64,10 @@ For example:
 // Source file entrypoint.js
 import { Component } from '@wordpress/element';
 
-// Webpack will produce the output output/entrypoint.js
+// Webpack will produce the output `output/path/name.ext`
 /* bundled JavaScript output */
 
-// Webpack will also produce output/entrypoint.asset.php declaring script dependencies
+// Webpack will also produce `output/path/name.asset.php` declaring script dependencies
 <?php return array('dependencies' => array('wp-element'), 'version' => 'dd4c2dc50d046ed9d4c063a7ca95702f');
 ```
 
@@ -135,6 +135,22 @@ This option is useful only when the `combineAssets` option is enabled. It allows
 
 Pass `useDefaults: false` to disable the default request handling.
 
+##### `excludedExternals`
+
+-   Type: `array<string>`
+-   Default: `[ '@wordpress/icons', '@wordpress/interface' ]`
+
+The list of dependencies to exclude from externalizing. The packages listed here will not reach `requestToExternal` callback.
+You can provide a new or extend that list with
+```javascript
+new DependencyExtractionWebpackPlugin( {
+	excludedExternals: [
+		...DependencyExtractionWebpackPlugin.excludedExternals,
+		'@wordpress/components'
+	]
+} )
+```
+
 ##### `injectPolyfill`
 
 -   Type: boolean
diff --git a/packages/dependency-extraction-webpack-plugin/lib/index.js b/packages/dependency-extraction-webpack-plugin/lib/index.js
index 581274c3684f93..6f259373ec1246 100644
--- a/packages/dependency-extraction-webpack-plugin/lib/index.js
+++ b/packages/dependency-extraction-webpack-plugin/lib/index.js
@@ -13,6 +13,7 @@ const { createHash } = webpack.util;
  * Internal dependencies
  */
 const {
+	EXCLUDED_EXTERNALS,
 	defaultRequestToExternal,
 	defaultRequestToHandle,
 } = require( './util' );
@@ -23,6 +24,7 @@ class DependencyExtractionWebpackPlugin {
 	constructor( options ) {
 		this.options = Object.assign(
 			{
+				excludedExternals: this.constructor.excludedExternals,
 				combineAssets: false,
 				combinedOutputFile: null,
 				externalizedReport: false,
@@ -53,6 +55,9 @@ class DependencyExtractionWebpackPlugin {
 	}
 
 	externalizeWpDeps( _context, request, callback ) {
+		if ( this.options.excludedExternals.includes( request ) ) {
+			return callback();
+		}
 		let externalRequest;
 
 		// Handle via options.requestToExternal first.
@@ -277,4 +282,10 @@ class DependencyExtractionWebpackPlugin {
 	}
 }
 
+// Define a static member in the eslint's ES supported way.
+/**
+ * Set of packages to be bundled regardless of `requestToExternal` result.
+ */
+DependencyExtractionWebpackPlugin.excludedExternals = EXCLUDED_EXTERNALS;
+
 module.exports = DependencyExtractionWebpackPlugin;
diff --git a/packages/dependency-extraction-webpack-plugin/lib/util.js b/packages/dependency-extraction-webpack-plugin/lib/util.js
index a22837af6a72e9..33d7c3616f5ff0 100644
--- a/packages/dependency-extraction-webpack-plugin/lib/util.js
+++ b/packages/dependency-extraction-webpack-plugin/lib/util.js
@@ -1,5 +1,5 @@
 const WORDPRESS_NAMESPACE = '@wordpress/';
-const BUNDLED_PACKAGES = [ '@wordpress/icons', '@wordpress/interface' ];
+const EXCLUDED_EXTERNALS = [ '@wordpress/icons', '@wordpress/interface' ];
 
 /**
  * Default request to global transformation
@@ -38,10 +38,6 @@ function defaultRequestToExternal( request ) {
 		return 'ReactRefreshRuntime';
 	}
 
-	if ( BUNDLED_PACKAGES.includes( request ) ) {
-		return undefined;
-	}
-
 	if ( request.startsWith( WORDPRESS_NAMESPACE ) ) {
 		return [
 			'wp',
@@ -93,6 +89,7 @@ function camelCaseDash( string ) {
 }
 
 module.exports = {
+	EXCLUDED_EXTERNALS,
 	camelCaseDash,
 	defaultRequestToExternal,
 	defaultRequestToHandle,
diff --git a/packages/dependency-extraction-webpack-plugin/test/__snapshots__/build.js.snap b/packages/dependency-extraction-webpack-plugin/test/__snapshots__/build.js.snap
index 0e4ff9e63a10a6..52a8cbbe38e03a 100644
--- a/packages/dependency-extraction-webpack-plugin/test/__snapshots__/build.js.snap
+++ b/packages/dependency-extraction-webpack-plugin/test/__snapshots__/build.js.snap
@@ -1,5 +1,28 @@
 // Jest Snapshot v1, https://goo.gl/fbAQLP
 
+exports[`DependencyExtractionWebpackPlugin Webpack \`bundled-packages\` should produce expected output: Asset file 'index.min.asset.php' should match snapshot 1`] = `
+"<?php return array('dependencies' => array('react', 'wp-blob'), 'version' => '8df4ae5a12b83b01dbc3');
+"
+`;
+
+exports[`DependencyExtractionWebpackPlugin Webpack \`bundled-packages\` should produce expected output: External modules should match snapshot 1`] = `
+[
+  {
+    "externalType": "window",
+    "request": "React",
+    "userRequest": "react",
+  },
+  {
+    "externalType": "window",
+    "request": [
+      "wp",
+      "blob",
+    ],
+    "userRequest": "@wordpress/blob",
+  },
+]
+`;
+
 exports[`DependencyExtractionWebpackPlugin Webpack \`combine-assets\` should produce expected output: Asset file 'assets.php' should match snapshot 1`] = `
 "<?php return array('fileA.js' => array('dependencies' => array('lodash', 'wp-blob'), 'version' => 'cbe985cf6e1a25d848e5'), 'fileB.js' => array('dependencies' => array('wp-token-list'), 'version' => '7f3970305cf0aecb54ab'));
 "
diff --git a/packages/dependency-extraction-webpack-plugin/test/fixtures/bundled-packages/index.js b/packages/dependency-extraction-webpack-plugin/test/fixtures/bundled-packages/index.js
new file mode 100644
index 00000000000000..6d61f0e8bd10b4
--- /dev/null
+++ b/packages/dependency-extraction-webpack-plugin/test/fixtures/bundled-packages/index.js
@@ -0,0 +1,11 @@
+/**
+ * External dependencies
+ */
+import { ReactDOM } from 'react-dom';
+
+/**
+ * WordPress dependencies
+ */
+import { isBlobURL } from '@wordpress/blob';
+
+isBlobURL( ReactDOM.version );
diff --git a/packages/dependency-extraction-webpack-plugin/test/fixtures/bundled-packages/webpack.config.js b/packages/dependency-extraction-webpack-plugin/test/fixtures/bundled-packages/webpack.config.js
new file mode 100644
index 00000000000000..a2633dbe7b292e
--- /dev/null
+++ b/packages/dependency-extraction-webpack-plugin/test/fixtures/bundled-packages/webpack.config.js
@@ -0,0 +1,15 @@
+/**
+ * Internal dependencies
+ */
+const DependencyExtractionWebpackPlugin = require( '../../..' );
+
+module.exports = {
+	output: {
+		filename: 'index.min.js',
+	},
+	plugins: [
+		new DependencyExtractionWebpackPlugin( {
+			excludedExternals: [ 'react-dom' ],
+		} ),
+	],
+};
diff --git a/packages/dependency-extraction-webpack-plugin/test/statics.js b/packages/dependency-extraction-webpack-plugin/test/statics.js
new file mode 100644
index 00000000000000..6ed2dd376d5d6b
--- /dev/null
+++ b/packages/dependency-extraction-webpack-plugin/test/statics.js
@@ -0,0 +1,13 @@
+/**
+ * Internal dependencies
+ */
+const DependencyExtractionWebpackPlugin = require( '../lib/index' );
+
+describe( 'DependencyExtractionWebpackPlugin', () => {
+	test( 'should have .excludedExternals static property', () => {
+		expect( DependencyExtractionWebpackPlugin ).toHaveProperty(
+			'excludedExternals',
+			[ '@wordpress/icons', '@wordpress/interface' ]
+		);
+	} );
+} );