diff --git a/samples/drivers/ipm/ipm_esp32/CMakeLists.txt b/samples/drivers/ipm/ipm_esp32/CMakeLists.txt
index eb8a0dc3ee6..458f0c9f256 100644
--- a/samples/drivers/ipm/ipm_esp32/CMakeLists.txt
+++ b/samples/drivers/ipm/ipm_esp32/CMakeLists.txt
@@ -2,7 +2,23 @@
 
 cmake_minimum_required(VERSION 3.20.0)
 
+set(REMOTE_ZEPHYR_DIR ${CMAKE_CURRENT_BINARY_DIR}/ipm_esp32_net-prefix/src/ipm_esp32_net-build/zephyr)
+
 find_package(Zephyr REQUIRED HINTS $ENV{ZEPHYR_BASE})
 project(ipm_esp32)
 
-target_sources(app PRIVATE src/main.c src/esp32_net_firmware.c)
+set_source_files_properties(${REMOTE_ZEPHYR_DIR}/esp32_net_firmware.c PROPERTIES GENERATED TRUE)
+target_sources(app PRIVATE src/main.c ${REMOTE_ZEPHYR_DIR}/esp32_net_firmware.c)
+
+include(ExternalProject)
+
+ExternalProject_Add(
+	ipm_esp32_net
+	SOURCE_DIR ${APPLICATION_SOURCE_DIR}/ipm_esp32_net
+	INSTALL_COMMAND ""
+	CMAKE_CACHE_ARGS -DBOARD:STRING=esp32_net
+	BUILD_BYPRODUCTS "${REMOTE_ZEPHYR_DIR}/${KERNEL_BIN_NAME}"
+	BUILD_ALWAYS True
+)
+
+add_dependencies(app ipm_esp32_net)
diff --git a/samples/drivers/ipm/ipm_esp32/README.rst b/samples/drivers/ipm/ipm_esp32/README.rst
index 3ffa77820a4..6c1e793baf6 100644
--- a/samples/drivers/ipm/ipm_esp32/README.rst
+++ b/samples/drivers/ipm/ipm_esp32/README.rst
@@ -21,21 +21,23 @@ messages in chunks of 64bytes.
 Building and Running the Zephyr Code
 ************************************
 
-The sample requires two build commands to run, first of all
-you need to build the esp32_net firmware as follows:
+Build the ESP32 IPM sample code as follows:
 
 .. zephyr-app-commands::
-   :zephyr-app: samples/drivers/ipm/ipm_esp32/ipm_esp32_net
-   :board: esp32_net
+   :zephyr-app: samples/drivers/ipm/ipm_esp32
+   :board: esp32
    :goals: build
    :compact:
 
-Copy output file build/zephyr/esp32_net_firmware.c to samples/drivers/ipm/ipm_esp32/src,
-then build the main project and flash as stated earlier, and you would see the following output:
+Sample Output
+*************
+
+To check the output of this sample, run ``west espressif monitor`` or any other serial
+console program (e.g., minicom, putty, screen, etc).
 
 .. code-block:: console
 
-   *** Booting Zephyr OS build zephyr-v3.0.0-1911-g610f489c861e  ***
+   *** Booting Zephyr OS build v3.3.0-rc3-38-gc9225e4365b9  ***
    PRO_CPU is sending a fake request, waiting remote response...
    PRO_CPU received a message from APP_CPU : APP_CPU: This is a response
    PRO_CPU is sending a fake request, waiting remote response...