diff --git a/components/esptool_py/project_include.cmake b/components/esptool_py/project_include.cmake
index e2f4abe1ea..d3ed6ca85f 100644
--- a/components/esptool_py/project_include.cmake
+++ b/components/esptool_py/project_include.cmake
@@ -49,6 +49,7 @@ idf_build_get_property(build_dir BUILD_DIR)
 
 idf_build_get_property(elf_name EXECUTABLE_NAME GENERATOR_EXPRESSION)
 idf_build_get_property(elf EXECUTABLE GENERATOR_EXPRESSION)
+idf_build_get_property(elf_dir EXECUTABLE_DIR GENERATOR_EXPRESSION)
 
 if(CONFIG_SECURE_BOOT_BUILD_SIGNED_BINARIES AND NOT BOOTLOADER_BUILD)
     set(unsigned_project_binary "${elf_name}-unsigned.bin")
@@ -64,7 +65,7 @@ set(PROJECT_BIN "${elf_name}.bin")
 if(CONFIG_APP_BUILD_GENERATE_BINARIES)
     add_custom_command(OUTPUT "${build_dir}/.bin_timestamp"
         COMMAND ${ESPTOOLPY} elf2image ${ESPTOOLPY_FLASH_OPTIONS} ${esptool_elf2image_args}
-            -o "${build_dir}/${unsigned_project_binary}" "${elf}"
+            -o "${build_dir}/${unsigned_project_binary}" "${elf_dir}/${elf}"
         COMMAND ${CMAKE_COMMAND} -E echo "Generated ${build_dir}/${unsigned_project_binary}"
         COMMAND ${CMAKE_COMMAND} -E md5sum "${build_dir}/${unsigned_project_binary}" > "${build_dir}/.bin_timestamp"
         DEPENDS ${elf}
@@ -136,7 +137,7 @@ add_custom_target(monitor
     COMMAND ${CMAKE_COMMAND}
     -D IDF_PATH="${idf_path}"
     -D IDF_MONITOR="${idf_path}/tools/idf_monitor.py"
-    -D ELF_FILE="${elf}"
+    -D ELF_FILE="${elf_dir}/${elf}"
     -D WORKING_DIRECTORY="${build_dir}"
     -P run_idf_monitor.cmake
     WORKING_DIRECTORY ${CMAKE_CURRENT_LIST_DIR}
diff --git a/docs/en/api-guides/build-system.rst b/docs/en/api-guides/build-system.rst
index 0a949aae64..f5d7a6f8b5 100644
--- a/docs/en/api-guides/build-system.rst
+++ b/docs/en/api-guides/build-system.rst
@@ -1217,6 +1217,7 @@ For example, to get the Python interpreter used for the build:
   - CXX_COMPILE_OPTIONS - compile options applied to all components' C++ source files
   - EXECUTABLE - project executable; set by call to ``idf_build_executable``
   - EXECUTABLE_NAME - name of project executable without extension; set by call to ``idf_build_executable``
+  - EXECUTABLE_DIR - path containing the output executable
   - IDF_PATH - ESP-IDF path; set from IDF_PATH environment variable, if not, inferred from the location of ``idf.cmake``
   - IDF_TARGET - target chip for the build; set from the required target argument for ``idf_build_process``
   - IDF_VER - ESP-IDF version; set from either a version file or the Git revision of the IDF_PATH repository
diff --git a/tools/cmake/build.cmake b/tools/cmake/build.cmake
index e6984b76e0..d7b91e34fb 100644
--- a/tools/cmake/build.cmake
+++ b/tools/cmake/build.cmake
@@ -474,8 +474,11 @@ function(idf_build_executable elf)
     # Set the EXECUTABLE_NAME and EXECUTABLE properties since there are generator expression
     # from components that depend on it
     get_filename_component(elf_name ${elf} NAME_WE)
+    get_target_property(elf_dir ${elf} BINARY_DIR)
+
     idf_build_set_property(EXECUTABLE_NAME ${elf_name})
     idf_build_set_property(EXECUTABLE ${elf})
+    idf_build_set_property(EXECUTABLE_DIR "${elf_dir}")
 
     # Add dependency of the build target to the executable
     add_dependencies(${elf} __idf_build_target)