diff --git a/ci/build_wheel_libcudf.sh b/ci/build_wheel_libcudf.sh
index 8975381ceba..91bc071583e 100755
--- a/ci/build_wheel_libcudf.sh
+++ b/ci/build_wheel_libcudf.sh
@@ -5,11 +5,15 @@ set -euo pipefail
 
 package_dir="python/libcudf"
 
+export SKBUILD_CMAKE_ARGS="-DUSE_NVCOMP_RUNTIME_WHEEL=ON"
 ./ci/build_wheel.sh ${package_dir}
 
 RAPIDS_PY_CUDA_SUFFIX="$(rapids-wheel-ctk-name-gen ${RAPIDS_CUDA_VERSION})"
 
 mkdir -p ${package_dir}/final_dist
-python -m auditwheel repair -w ${package_dir}/final_dist ${package_dir}/dist/*
+python -m auditwheel repair \
+    --exclude libnvcomp.so.4 \
+    -w ${package_dir}/final_dist \
+    ${package_dir}/dist/*
 
 RAPIDS_PY_WHEEL_NAME="libcudf_${RAPIDS_PY_CUDA_SUFFIX}" rapids-upload-wheels-to-s3 cpp ${package_dir}/final_dist
diff --git a/cpp/cmake/thirdparty/get_nvcomp.cmake b/cpp/cmake/thirdparty/get_nvcomp.cmake
index 41bbf44abc8..1b6a1730161 100644
--- a/cpp/cmake/thirdparty/get_nvcomp.cmake
+++ b/cpp/cmake/thirdparty/get_nvcomp.cmake
@@ -1,5 +1,5 @@
 # =============================================================================
-# Copyright (c) 2021-2022, NVIDIA CORPORATION.
+# Copyright (c) 2021-2024, NVIDIA CORPORATION.
 #
 # Licensed under the Apache License, Version 2.0 (the "License"); you may not use this file except
 # in compliance with the License. You may obtain a copy of the License at
@@ -16,11 +16,7 @@
 function(find_and_configure_nvcomp)
 
   include(${rapids-cmake-dir}/cpm/nvcomp.cmake)
-  rapids_cpm_nvcomp(
-    BUILD_EXPORT_SET cudf-exports
-    INSTALL_EXPORT_SET cudf-exports
-    USE_PROPRIETARY_BINARY ${CUDF_USE_PROPRIETARY_NVCOMP}
-  )
+  rapids_cpm_nvcomp(USE_PROPRIETARY_BINARY ${CUDF_USE_PROPRIETARY_NVCOMP})
 
   # Per-thread default stream
   if(TARGET nvcomp AND CUDF_USE_PER_THREAD_DEFAULT_STREAM)
diff --git a/dependencies.yaml b/dependencies.yaml
index ed36a23e5c3..b192158c4ea 100644
--- a/dependencies.yaml
+++ b/dependencies.yaml
@@ -15,6 +15,7 @@ files:
       - depends_on_cupy
       - depends_on_libkvikio
       - depends_on_librmm
+      - depends_on_nvcomp
       - depends_on_rmm
       - develop
       - docs
@@ -152,6 +153,13 @@ files:
       - build_cpp
       - depends_on_libkvikio
       - depends_on_librmm
+  py_run_libcudf:
+    output: pyproject
+    pyproject_dir: python/libcudf
+    extras:
+      table: project
+    includes:
+      - depends_on_nvcomp
   py_build_pylibcudf:
     output: pyproject
     pyproject_dir: python/pylibcudf
@@ -367,9 +375,27 @@ dependencies:
           - fmt>=11.0.2,<12
           - flatbuffers==24.3.25
           - librdkafka>=2.5.0,<2.6.0a0
+          - spdlog>=1.14.1,<1.15
+  depends_on_nvcomp:
+    common:
+      - output_types: conda
+        packages:
           # Align nvcomp version with rapids-cmake
           - nvcomp==4.0.1
-          - spdlog>=1.14.1,<1.15
+    specific:
+      - output_types: [requirements, pyproject]
+        matrices:
+          - matrix:
+              cuda: "12.*"
+            packages:
+              - nvidia-nvcomp-cu12==4.0.1
+          - matrix:
+              cuda: "11.*"
+            packages:
+              - nvidia-nvcomp-cu11==4.0.1
+          - matrix:
+            packages:
+              - nvidia-nvcomp==4.0.1
   rapids_build_skbuild:
     common:
       - output_types: [conda, requirements, pyproject]
diff --git a/python/libcudf/CMakeLists.txt b/python/libcudf/CMakeLists.txt
index 0a8f5c4807d..2b208e2e021 100644
--- a/python/libcudf/CMakeLists.txt
+++ b/python/libcudf/CMakeLists.txt
@@ -22,6 +22,8 @@ project(
   LANGUAGES CXX
 )
 
+option(USE_NVCOMP_RUNTIME_WHEEL "Use the nvcomp wheel at runtime instead of the system library" OFF)
+
 # Check if cudf is already available. If so, it is the user's responsibility to ensure that the
 # CMake package is also available at build time of the Python cudf package.
 find_package(cudf "${RAPIDS_VERSION}")
@@ -45,8 +47,11 @@ set(CMAKE_LIBRARY_OUTPUT_DIRECTORY ${PROJECT_BINARY_DIR}/lib)
 
 add_subdirectory(../../cpp cudf-cpp)
 
-# Ensure other libraries needed by libcudf.so get installed alongside it.
-include(cmake/Modules/WheelHelpers.cmake)
-install_aliased_imported_targets(
-  TARGETS cudf nvcomp::nvcomp DESTINATION ${CMAKE_LIBRARY_OUTPUT_DIRECTORY}
-)
+if(USE_NVCOMP_RUNTIME_WHEEL)
+  set(rpaths "$ORIGIN/../../nvidia/nvcomp")
+  set_property(
+    TARGET cudf
+    PROPERTY INSTALL_RPATH ${rpaths}
+    APPEND
+  )
+endif()
diff --git a/python/libcudf/pyproject.toml b/python/libcudf/pyproject.toml
index 5bffe9fd96c..84660cbc276 100644
--- a/python/libcudf/pyproject.toml
+++ b/python/libcudf/pyproject.toml
@@ -37,6 +37,9 @@ classifiers = [
     "Programming Language :: C++",
     "Environment :: GPU :: NVIDIA CUDA",
 ]
+dependencies = [
+    "nvidia-nvcomp==4.0.1",
+] # This list was generated by `rapids-dependency-file-generator`. To make changes, edit ../../dependencies.yaml and run `rapids-dependency-file-generator`.
 
 [project.urls]
 Homepage = "https://github.com/rapidsai/cudf"