diff --git a/binder/environment.yml b/binder/environment.yml
index 57edd75508c..14e672ead45 100644
--- a/binder/environment.yml
+++ b/binder/environment.yml
@@ -50,7 +50,7 @@ dependencies:
 - rtree >=0.9.7
 - setuptools >=49.6.0
 - sphinx >=0.6.6
-- spyder-kernels >=3.0.1,<3.1.0
+- spyder-kernels >=3.0.2,<3.1.0
 - superqt >=0.6.2,<1.0.0
 - textdistance >=4.2.0
 - three-merge >=0.1.1
diff --git a/external-deps/spyder-kernels/.gitrepo b/external-deps/spyder-kernels/.gitrepo
index e4377d80c32..431c7006632 100644
--- a/external-deps/spyder-kernels/.gitrepo
+++ b/external-deps/spyder-kernels/.gitrepo
@@ -6,7 +6,7 @@
 [subrepo]
 	remote = https://github.com/spyder-ide/spyder-kernels.git
 	branch = 3.x
-	commit = 07c44d143ce85ea19b2be6cbbe1863f117f5d90b
-	parent = fb0686376ad933806f5847c71b1529cca349bcbc
+	commit = 98fc935c69eeb3266b4cd9faebd39b29c40f2723
+	parent = 035addbf883a6cc6fb10748440dbaeb1480c2c1e
 	method = merge
-	cmdver = 0.4.9
+	cmdver = 0.4.3
diff --git a/external-deps/spyder-kernels/CHANGELOG.md b/external-deps/spyder-kernels/CHANGELOG.md
index 4d3c598e82d..19b568243ff 100644
--- a/external-deps/spyder-kernels/CHANGELOG.md
+++ b/external-deps/spyder-kernels/CHANGELOG.md
@@ -1,5 +1,16 @@
 # History of changes
 
+## Version 3.0.2 (2024-12-04)
+
+### Pull Requests Merged
+
+* [PR 524](https://github.com/spyder-ide/spyder-kernels/pull/524) - PR: Improve release instructions for the new backporting workflow, by [@ccordoba12](https://github.com/ccordoba12)
+* [PR 521](https://github.com/spyder-ide/spyder-kernels/pull/521) - PR: Add logic to handle traceback color configuration, by [@dalthviz](https://github.com/dalthviz)
+
+In this release 2 pull requests were closed.
+
+----
+
 ## Version 3.0.1 (2024-10-29)
 
 ### Pull Requests Merged
diff --git a/external-deps/spyder-kernels/RELEASE.md b/external-deps/spyder-kernels/RELEASE.md
index c2aab89faa6..b6acedaed28 100644
--- a/external-deps/spyder-kernels/RELEASE.md
+++ b/external-deps/spyder-kernels/RELEASE.md
@@ -6,10 +6,10 @@ To release a new version of spyder-kernels on PyPI:
 
 * git fetch upstream && get merge upstream/3.x
 
-* git clean -xfdi
-
 * Update CHANGELOG.md with `loghub spyder-ide/spyder-kernels -m vX.X.X`
 
+* git clean -xfdi
+
 * Update `_version.py` (set release version, remove 'dev0')
 
 * git add . && git commit -m 'Release X.X.X'
@@ -24,16 +24,10 @@ To release a new version of spyder-kernels on PyPI:
 
 * git tag -a vX.X.X -m 'Release X.X.X'
 
-* Update `_version.py` (add 'dev0' and increment minor)
+* Update `_version.py` (add 'dev0' and increment patch)
 
 * git add . && git commit -m 'Back to work'
 
-* git checkout master
-
-* git merge 3.x
-
-* git push upstream master
-
 * git push upstream 3.x
 
 * git push upstream --tags
diff --git a/external-deps/spyder-kernels/spyder_kernels/_version.py b/external-deps/spyder-kernels/spyder_kernels/_version.py
index 6b0e570b424..6490e7079ce 100644
--- a/external-deps/spyder-kernels/spyder_kernels/_version.py
+++ b/external-deps/spyder-kernels/spyder_kernels/_version.py
@@ -8,5 +8,5 @@
 
 """Version File."""
 
-VERSION_INFO = (3, 0, 2, 'dev0')
+VERSION_INFO = (3, 0, 3, 'dev0')
 __version__ = '.'.join(map(str, VERSION_INFO))
diff --git a/requirements/main.yml b/requirements/main.yml
index 799fc47c17f..7dea58aa324 100644
--- a/requirements/main.yml
+++ b/requirements/main.yml
@@ -47,7 +47,7 @@ dependencies:
   - rtree >=0.9.7
   - setuptools >=49.6.0
   - sphinx >=0.6.6
-  - spyder-kernels >=3.0.1,<3.1.0
+  - spyder-kernels >=3.0.2,<3.1.0
   - superqt >=0.6.2,<1.0.0
   - textdistance >=4.2.0
   - three-merge >=0.1.1
diff --git a/setup.py b/setup.py
index 2a3998f431d..80f7e7ec539 100644
--- a/setup.py
+++ b/setup.py
@@ -244,7 +244,7 @@ def run(self):
 
 # Qt bindings requirements
 qt_requirements = {
-    'pyqt5': ['pyqt5>=5.15,<5.16', 'pyqtwebengine>=5.15,<5.16'],
+    'pyqt5': ['pyqt5>=5.15,<5.16', 'pyqtwebengine>=5.15,<5.16', 'pyqt5-sip<12.16; python_version=="3.8"'],
     'pyqt6': ['pyqt6>=6.5,<7', 'pyqt6-webengine>=6.5,<7'],
 }
 
@@ -294,7 +294,7 @@ def run(self):
     'rtree>=0.9.7',
     'setuptools>=49.6.0',
     'sphinx>=0.6.6',
-    'spyder-kernels>=3.0.1,<3.1.0',
+    'spyder-kernels>=3.0.2,<3.1.0',
     'superqt>=0.6.2,<1.0.0',
     'textdistance>=4.2.0',
     'three-merge>=0.1.1',
diff --git a/spyder/dependencies.py b/spyder/dependencies.py
index 036b96de1e8..0ecd3325271 100644
--- a/spyder/dependencies.py
+++ b/spyder/dependencies.py
@@ -73,7 +73,7 @@
 RTREE_REQVER = '>=0.9.7'
 SETUPTOOLS_REQVER = '>=49.6.0'
 SPHINX_REQVER = '>=0.6.6'
-SPYDER_KERNELS_REQVER = '>=3.0.1,<3.1.0'
+SPYDER_KERNELS_REQVER = '>=3.0.2,<3.1.0'
 SUPERQT_REQVER = '>=0.6.2,<1.0.0'
 TEXTDISTANCE_REQVER = '>=4.2.0'
 THREE_MERGE_REQVER = '>=0.1.1'
diff --git a/spyder/tests/test_dependencies_in_sync.py b/spyder/tests/test_dependencies_in_sync.py
index dad83945806..8572ab6a5a2 100644
--- a/spyder/tests/test_dependencies_in_sync.py
+++ b/spyder/tests/test_dependencies_in_sync.py
@@ -237,6 +237,8 @@ def test_dependencies_for_spyder_setup_install_requires_in_sync():
     # We can't declare these as dependencies in setup.py
     for dep in ['python.app', 'fzf', 'fcitx-qt5']:
         full_reqs.pop(dep)
+    # Ignored `pyqt5-sip` constraint on conda
+    spyder_setup.pop('pyqt5-sip')
 
     assert spyder_setup == full_reqs