diff --git a/scripts/update_gear_version.py b/scripts/update_gear_version.py
index 94b431fa9..19e8b0bab 100644
--- a/scripts/update_gear_version.py
+++ b/scripts/update_gear_version.py
@@ -9,23 +9,32 @@
 # ABSOLUTE PATH to cargo file
 CARGO_FILE_PATH = '../contracts/Cargo.toml'
 
-def get_latest_semver_tag(repo_url, prefix=''):
+def get_latest_gear_version(repo_url):
+    """Fetch the latest GEAR version, assuming tags are in standard semantic version format."""
     response = requests.get(repo_url)
     response.raise_for_status()
     tags = response.json()
     
-    # Filter out tags that are not valid semantic versions with the given prefix
-    pattern = r'^' + re.escape(prefix) + r'\d+\.\d+\.\d+$'
-    valid_tags = [tag['name'] for tag in tags if re.match(pattern, tag['name'])]
+    # Filter tags that match a standard semantic version
+    valid_tags = [tag['name'] for tag in tags if re.match(r'^v?\d+\.\d+\.\d+$', tag['name'])]
     
-    if not valid_tags:
-        print(f"No valid tags found in repository {repo_url}")
-        return None
-    
-    # Remove prefix and sort by version
-    valid_tags = [tag.lstrip(prefix) for tag in valid_tags]
+    # Sort the valid tags by version and return the latest
     valid_tags.sort(key=lambda s: version.parse(s.lstrip('v')), reverse=True)
+    
+    return valid_tags[0] if valid_tags else None
 
+def get_latest_sails_version(repo_url):
+    """Fetch the latest SAILS version, considering tags with the 'rs/' prefix."""
+    response = requests.get(repo_url)
+    response.raise_for_status()
+    tags = response.json()
+    
+    # Filter tags with 'rs/' prefix followed by a semantic version
+    valid_tags = [tag['name'] for tag in tags if re.match(r'^rs/\d+\.\d+\.\d+$', tag['name'])]
+    
+    # Sort the valid tags by version and return the latest
+    valid_tags.sort(key=lambda s: version.parse(s.lstrip('rs/').lstrip('v')), reverse=True)
+    
     return valid_tags[0] if valid_tags else None
 
 def update_cargo_toml(file_path, gear_version, sails_version):
@@ -59,12 +68,12 @@ def update_wf_contracts(file_path, gear_version):
         file.write(content)
 
 if __name__ == "__main__":
-    # Get the latest GEAR version (without prefix)
-    gear_version = get_latest_semver_tag(GEAR_REPO_TAGS_URL).lstrip('v')
-    
-    # Get the latest SAILS version (with 'rs/' prefix)
-    sails_version = get_latest_semver_tag(SAILS_REPO_TAGS_URL, prefix='rs/').lstrip('v')
+    # Get the latest GEAR version (from gear repo)
+    gear_version = get_latest_gear_version(GEAR_REPO_TAGS_URL).lstrip('v')
     
+    # Get the latest SAILS version (from sails repo with 'rs/' prefix)
+    sails_version = get_latest_sails_version(SAILS_REPO_TAGS_URL).lstrip('rs/')
+
     if gear_version and sails_version:
         update_cargo_toml('../contracts/Cargo.toml', gear_version, sails_version)
         update_wf_contracts('../.github/workflows/contracts-tests.yml', gear_version)