diff --git a/packages/grafana-data/src/panel/PanelPlugin.ts b/packages/grafana-data/src/panel/PanelPlugin.ts
index b879066b469..61985074be9 100644
--- a/packages/grafana-data/src/panel/PanelPlugin.ts
+++ b/packages/grafana-data/src/panel/PanelPlugin.ts
@@ -3,6 +3,7 @@ import { ComponentClass, ComponentType } from 'react';
 
 import { FieldConfigOptionsRegistry } from '../field/FieldConfigOptionsRegistry';
 import { StandardEditorContext } from '../field/standardFieldConfigEditorRegistry';
+import { PanelModel } from '../types/dashboard';
 import { FieldConfigProperty, FieldConfigSource } from '../types/fieldOverrides';
 import {
   PanelPluginMeta,
@@ -113,7 +114,7 @@ export class PanelPlugin<
   panel: ComponentType<PanelProps<TOptions>> | null;
   editor?: ComponentClass<PanelEditorProps<TOptions>>;
   onPanelMigration?: PanelMigrationHandler<TOptions>;
-  shouldMigrate?: (panel: ComponentType<PanelProps<TOptions>> | null) => boolean;
+  shouldMigrate?: (panel: PanelModel) => boolean;
   onPanelTypeChanged?: PanelTypeChangedHandler<TOptions>;
   noPadding?: boolean;
   dataSupport: PanelPluginDataSupport = {
@@ -208,10 +209,7 @@ export class PanelPlugin<
    *
    * This is a good place to support any changes to the options model
    */
-  setMigrationHandler(
-    handler: PanelMigrationHandler<TOptions>,
-    shouldMigrate?: (panel: ComponentType<PanelProps<TOptions>> | null) => boolean
-  ) {
+  setMigrationHandler(handler: PanelMigrationHandler<TOptions>, shouldMigrate?: (panel: PanelModel) => boolean) {
     this.onPanelMigration = handler;
     this.shouldMigrate = shouldMigrate;
     return this;
diff --git a/public/app/features/dashboard/state/PanelModel.test.ts b/public/app/features/dashboard/state/PanelModel.test.ts
index 053b8b3aaaf..b8d11c01258 100644
--- a/public/app/features/dashboard/state/PanelModel.test.ts
+++ b/public/app/features/dashboard/state/PanelModel.test.ts
@@ -146,12 +146,16 @@ describe('PanelModel', () => {
 
     describe('migrations', () => {
       let initialMigrator: PanelMigrationHandler<(typeof model)['options']> | undefined = undefined;
+      // eslint-disable-next-line @typescript-eslint/no-explicit-any
+      let initialShouldMigrate: ((panel: any) => boolean) | undefined = undefined;
 
       beforeEach(() => {
         initialMigrator = tablePlugin.onPanelMigration;
+        initialShouldMigrate = tablePlugin.shouldMigrate;
       });
       afterEach(() => {
         tablePlugin.onPanelMigration = initialMigrator;
+        tablePlugin.shouldMigrate = initialShouldMigrate;
       });
 
       it('should run sync migrations', async () => {
@@ -179,6 +183,58 @@ describe('PanelModel', () => {
         await model.pluginLoaded(tablePlugin);
         expect(model.options).toMatchObject({ valueToMigrate: 'new-version' });
       });
+
+      it('should run migration when shouldMigrate=true and same version', async () => {
+        model.options.valueToMigrate = 'old-legacy';
+        model.pluginVersion = '1.0.0';
+
+        tablePlugin.meta.info.version = '1.0.0';
+        tablePlugin.onPanelMigration = (p) => ({ ...p.options, valueToMigrate: 'migrated-by-shouldMigrate' });
+        tablePlugin.shouldMigrate = () => true;
+
+        await model.pluginLoaded(tablePlugin);
+
+        expect(model.options).toMatchObject({ valueToMigrate: 'migrated-by-shouldMigrate' });
+      });
+
+      it('should run migration when shouldMigrate=false and versions are different', async () => {
+        model.options.valueToMigrate = 'old-legacy';
+        model.pluginVersion = '1.0.0';
+
+        tablePlugin.meta.info.version = '2.0.0';
+        tablePlugin.onPanelMigration = (p) => ({ ...p.options, valueToMigrate: 'migrated-by-version' });
+        tablePlugin.shouldMigrate = () => false;
+
+        await model.pluginLoaded(tablePlugin);
+
+        expect(model.options).toMatchObject({ valueToMigrate: 'migrated-by-version' });
+      });
+
+      it('should fallback to version comparison when shouldMigrate is false', async () => {
+        model.options.valueToMigrate = 'old-legacy';
+        model.pluginVersion = '1.0.0';
+
+        tablePlugin.meta.info.version = '1.0.0';
+        tablePlugin.onPanelMigration = (p) => ({ ...p.options, valueToMigrate: 'should-not-migrate' });
+        tablePlugin.shouldMigrate = () => false;
+
+        await model.pluginLoaded(tablePlugin);
+
+        expect(model.options).toMatchObject({ valueToMigrate: 'old-legacy' });
+      });
+
+      it('should fallback to version comparison when shouldMigrate is not defined', async () => {
+        model.options.valueToMigrate = 'old-legacy';
+        model.pluginVersion = '1.0.0';
+
+        tablePlugin.meta.info.version = '2.0.0';
+        tablePlugin.onPanelMigration = (p) => ({ ...p.options, valueToMigrate: 'migrated-by-version' });
+        tablePlugin.shouldMigrate = undefined;
+
+        await model.pluginLoaded(tablePlugin);
+
+        expect(model.options).toMatchObject({ valueToMigrate: 'migrated-by-version' });
+      });
     });
 
     it('should apply defaults', () => {
diff --git a/public/app/features/dashboard/state/PanelModel.ts b/public/app/features/dashboard/state/PanelModel.ts
index 8556006879d..a13208e15e1 100644
--- a/public/app/features/dashboard/state/PanelModel.ts
+++ b/public/app/features/dashboard/state/PanelModel.ts
@@ -458,7 +458,7 @@ export class PanelModel implements DataConfigSource, IPanelModel {
     }
 
     if (plugin.onPanelMigration) {
-      if (version !== this.pluginVersion) {
+      if (version !== this.pluginVersion || plugin.shouldMigrate?.(this)) {
         const newPanelOptions = plugin.onPanelMigration(this);
         this.options = await newPanelOptions;
         this.pluginVersion = version;