diff --git a/Makefile b/Makefile
index c33d8533c46d35..112853388fdda6 100644
--- a/Makefile
+++ b/Makefile
@@ -1857,11 +1857,6 @@ rustfmt:
 rustfmtcheck: rustfmt_flags = --check
 rustfmtcheck: rustfmt
 
-# IDE support targets
-PHONY += rust-analyzer
-rust-analyzer:
-	$(Q)$(MAKE) $(build)=rust $@
-
 # Misc
 # ---------------------------------------------------------------------------
 
@@ -2059,6 +2054,12 @@ quiet_cmd_tags = GEN     $@
 tags TAGS cscope gtags: FORCE
 	$(call cmd,tags)
 
+# IDE support targets
+PHONY += rust-analyzer
+rust-analyzer:
+	$(Q)$(MAKE) $(build)=rust $@
+
+
 # Script to generate missing namespace dependencies
 # ---------------------------------------------------------------------------
 
diff --git a/rust/Makefile b/rust/Makefile
index c71b89a2a60624..53007f4e730ade 100644
--- a/rust/Makefile
+++ b/rust/Makefile
@@ -392,8 +392,10 @@ quiet_cmd_rustc_library = $(if $(skip_clippy),RUSTC,$(RUSTC_OR_CLIPPY_QUIET)) L
 	$(if $(rustc_objcopy),;$(OBJCOPY) $(rustc_objcopy) $@)
 
 rust-analyzer:
-	$(Q)$(srctree)/scripts/generate_rust_analyzer.py $(srctree) $(objtree) \
-		$(RUST_LIB_SRC) > $(objtree)/rust-project.json
+	$(Q)$(srctree)/scripts/generate_rust_analyzer.py \
+		$(abs_srctree) $(abs_objtree) \
+		$(RUST_LIB_SRC) $(KBUILD_EXTMOD) > \
+		$(if $(KBUILD_EXTMOD),$(extmod_prefix),$(objtree))/rust-project.json
 
 redirect-intrinsics = \
 	__addsf3 __eqsf2 __gesf2 __lesf2 __ltsf2 __mulsf3 __nesf2 __subsf3 __unordsf2 \
diff --git a/scripts/generate_rust_analyzer.py b/scripts/generate_rust_analyzer.py
index 946e250c1b2a6f..1792f379ee4e06 100755
--- a/scripts/generate_rust_analyzer.py
+++ b/scripts/generate_rust_analyzer.py
@@ -6,10 +6,11 @@
 import argparse
 import json
 import logging
+import os
 import pathlib
 import sys
 
-def generate_crates(srctree, objtree, sysroot_src):
+def generate_crates(srctree, objtree, sysroot_src, external_src):
     # Generate the configuration list.
     cfg = []
     with open(objtree / "include" / "generated" / "rustc_cfg") as fd:
@@ -65,7 +66,7 @@ def append_crate(display_name, root_module, deps, cfg=[], is_workspace_member=Tr
         [],
         is_proc_macro=True,
     )
-    crates[-1]["proc_macro_dylib_path"] = "rust/libmacros.so"
+    crates[-1]["proc_macro_dylib_path"] = f"{objtree}/rust/libmacros.so"
 
     append_crate(
         "build_error",
@@ -95,28 +96,28 @@ def append_crate(display_name, root_module, deps, cfg=[], is_workspace_member=Tr
         "exclude_dirs": [],
     }
 
+    def is_root_crate(build_file, target):
+        return os.path.exists(build_file) and target in open(build_file).read()
+
     # Then, the rest outside of `rust/`.
     #
     # We explicitly mention the top-level folders we want to cover.
-    for folder in ("samples", "drivers"):
+    for folder in ("samples", "drivers") if external_src is None else [external_src]:
         for path in (srctree / folder).rglob("*.rs"):
             logging.info("Checking %s", path)
             name = path.name.replace(".rs", "")
 
             # Skip those that are not crate roots.
-            try:
-                if f"{name}.o" not in open(path.parent / "Makefile").read():
-                    continue
-            except FileNotFoundError:
-                continue
-
-            logging.info("Adding %s", name)
-            append_crate(
-                name,
-                path,
-                ["core", "alloc", "kernel"],
-                cfg=cfg,
-            )
+            if is_root_crate(path.parent / "Makefile", f"{name}.o") or \
+               is_root_crate(path.parent / "Kbuild", f"{name}.o"):
+
+                logging.info("Adding %s", name)
+                append_crate(
+                    name,
+                    path,
+                    ["core", "alloc", "kernel"],
+                    cfg=cfg,
+                )
 
     return crates
 
@@ -126,6 +127,7 @@ def main():
     parser.add_argument("srctree", type=pathlib.Path)
     parser.add_argument("objtree", type=pathlib.Path)
     parser.add_argument("sysroot_src", type=pathlib.Path)
+    parser.add_argument("exttree", type=pathlib.Path, nargs='?')
     args = parser.parse_args()
 
     logging.basicConfig(
@@ -134,7 +136,7 @@ def main():
     )
 
     rust_project = {
-        "crates": generate_crates(args.srctree, args.objtree, args.sysroot_src),
+        "crates": generate_crates(args.srctree, args.objtree, args.sysroot_src, args.exttree),
         "sysroot_src": str(args.sysroot_src),
     }