diff --git a/packages/nx/src/utils/package-manager.spec.ts b/packages/nx/src/utils/package-manager.spec.ts
index 7a98017186..b7d19a3c02 100644
--- a/packages/nx/src/utils/package-manager.spec.ts
+++ b/packages/nx/src/utils/package-manager.spec.ts
@@ -15,6 +15,7 @@ import {
   isWorkspacesEnabled,
   modifyYarnRcToFitNewDirectory,
   modifyYarnRcYmlToFitNewDirectory,
+  parseVersionFromPackageManagerField,
   PackageManager,
 } from './package-manager';
 
@@ -521,4 +522,29 @@ describe('package-manager', () => {
       });
     });
   });
+
+  describe('parseVersionFromPackageManagerField', () => {
+    it('should return null for invalid semver', () => {
+      expect(parseVersionFromPackageManagerField('yarn', 'bad')).toEqual(null);
+      expect(parseVersionFromPackageManagerField('yarn', '2.1')).toEqual(null);
+      expect(
+        parseVersionFromPackageManagerField(
+          'yarn',
+          'https://registry.npmjs.org/@yarnpkg/cli-dist/-/cli-dist-3.2.3.tgz#sha224.16a0797d1710d1fb7ec40ab5c3801b68370a612a9b66ba117ad9924b'
+        )
+      ).toEqual(null);
+    });
+
+    it('should <major>.<minor>.<patch> version', () => {
+      expect(parseVersionFromPackageManagerField('yarn', 'yarn@3.2.3')).toEqual(
+        '3.2.3'
+      );
+      expect(
+        parseVersionFromPackageManagerField(
+          'yarn',
+          'yarn@3.2.3+sha224.953c8233f7a92884eee2de69a1b92d1f2ec1655e66d08071ba9a02fa'
+        )
+      ).toEqual('3.2.3');
+    });
+  });
 });
diff --git a/packages/nx/src/utils/package-manager.ts b/packages/nx/src/utils/package-manager.ts
index 4b251a834a..3ed9f5f676 100644
--- a/packages/nx/src/utils/package-manager.ts
+++ b/packages/nx/src/utils/package-manager.ts
@@ -11,7 +11,7 @@ import {
 } from 'yaml';
 import { rm } from 'node:fs/promises';
 import { dirname, join, relative } from 'path';
-import { gte, lt } from 'semver';
+import { gte, lt, parse } from 'semver';
 import { dirSync } from 'tmp';
 import { promisify } from 'util';
 
@@ -213,29 +213,24 @@ export function getPackageManagerVersion(
   packageManager: PackageManager = detectPackageManager(),
   cwd = process.cwd()
 ): string {
-  let version;
-  try {
-    version = execSync(`${packageManager} --version`, {
-      cwd,
-      encoding: 'utf-8',
-      windowsHide: true,
-    }).trim();
-  } catch {
-    if (existsSync(join(cwd, 'package.json'))) {
-      const packageVersion = readJsonFile<PackageJson>(
-        join(cwd, 'package.json')
-      )?.packageManager;
-      if (packageVersion) {
-        const [packageManagerFromPackageJson, versionFromPackageJson] =
-          packageVersion.split('@');
-        if (
-          packageManagerFromPackageJson === packageManager &&
-          versionFromPackageJson
-        ) {
-          version = versionFromPackageJson;
-        }
-      }
-    }
+  let version: string;
+  if (existsSync(join(cwd, 'package.json'))) {
+    const packageManagerEntry = readJsonFile<PackageJson>(
+      join(cwd, 'package.json')
+    )?.packageManager;
+    version = parseVersionFromPackageManagerField(
+      packageManager,
+      packageManagerEntry
+    );
+  }
+  if (!version) {
+    try {
+      version = execSync(`${packageManager} --version`, {
+        cwd,
+        encoding: 'utf-8',
+        windowsHide: true,
+      }).trim();
+    } catch {}
   }
   if (!version) {
     throw new Error(`Cannot determine the version of ${packageManager}.`);
@@ -243,6 +238,29 @@ export function getPackageManagerVersion(
   return version;
 }
 
+export function parseVersionFromPackageManagerField(
+  requestedPackageManager: string,
+  packageManagerFieldValue: string | undefined
+): null | string {
+  if (!packageManagerFieldValue) return null;
+  const [packageManagerFromPackageJson, versionFromPackageJson] =
+    packageManagerFieldValue.split('@');
+  if (
+    versionFromPackageJson &&
+    // If it's a URL, it's not a valid range by default, unless users set `COREPACK_ENABLE_UNSAFE_CUSTOM_URLS=1`.
+    // In the unsafe case, there's no way to reliably pare out the version since it could be anything, e.g. http://mydomain.com/bin/yarn.js.
+    // See: https://github.com/nodejs/corepack/blob/2b43f26/sources/corepackUtils.ts#L110-L112
+    !URL.canParse(versionFromPackageJson) &&
+    packageManagerFromPackageJson === requestedPackageManager &&
+    versionFromPackageJson
+  ) {
+    // The range could have a validation hash attached, like "3.2.3+sha224.953c8233f7a92884eee2de69a1b92d1f2ec1655e66d08071ba9a02fa".
+    // We just want to parse out the "<major>.<minor>.<patch>". Semver treats "+" as a build, which is not included in the resulting version.
+    return parse(versionFromPackageJson)?.version ?? null;
+  }
+  return null;
+}
+
 /**
  * Checks for a project level npmrc file by crawling up the file tree until
  * hitting a package.json file, as this is how npm finds them as well.