diff --git a/bazel/external/wee8.genrule_cmd b/bazel/external/wee8.genrule_cmd
index 8a97bd82d1207..43f09120b777d 100644
--- a/bazel/external/wee8.genrule_cmd
+++ b/bazel/external/wee8.genrule_cmd
@@ -49,6 +49,7 @@ if [[ $${ENVOY_MSAN-} == "1" ]]; then
 fi
 if [[ $${ENVOY_TSAN-} == "1" ]]; then
   WEE8_BUILD_ARGS+=" is_tsan=true"
+  export LDFLAGS="$${LDFLAGS} -L/opt/libcxx_tsan/lib -Wl,-rpath,/opt/libcxx_tsan/lib"
 fi
 
 # Debug/release build.
diff --git a/bazel/external/wee8.patch b/bazel/external/wee8.patch
index 50255793070ea..85c962463075c 100644
--- a/bazel/external/wee8.patch
+++ b/bazel/external/wee8.patch
@@ -1,7 +1,6 @@
 # 1. Fix linking with unbundled toolchain on macOS.
 # 2. Increase VSZ limit to 4TiB (allows us to start up to 409 VMs).
 # 3. Fix MSAN linking.
-# 4. Fix Wasm module deserialization (http://crbug.com/v8/11024).
 --- wee8/build/toolchain/gcc_toolchain.gni
 +++ wee8/build/toolchain/gcc_toolchain.gni
 @@ -348,6 +348,8 @@ template("gcc_toolchain") {
@@ -54,15 +53,3 @@
 
  if (use_libfuzzer && (is_linux || is_chromeos)) {
    if (is_asan) {
---- wee8/src/wasm/module-compiler.cc
-+++ wee8/src/wasm/module-compiler.cc
-@@ -2901,6 +2901,9 @@ void CompilationStateImpl::InitializeCompilationProgressAfterDeserialization() {
-       RequiredBaselineTierField::encode(ExecutionTier::kTurbofan) |
-       RequiredTopTierField::encode(ExecutionTier::kTurbofan) |
-       ReachedTierField::encode(ExecutionTier::kTurbofan);
-+  finished_events_.Add(CompilationEvent::kFinishedExportWrappers);
-+  finished_events_.Add(CompilationEvent::kFinishedBaselineCompilation);
-+  finished_events_.Add(CompilationEvent::kFinishedTopTierCompilation);
-   compilation_progress_.assign(module->num_declared_functions,
-                                kProgressAfterDeserialization);
- }
diff --git a/bazel/repository_locations.bzl b/bazel/repository_locations.bzl
index 9755cace04a14..b49e2651244f6 100644
--- a/bazel/repository_locations.bzl
+++ b/bazel/repository_locations.bzl
@@ -667,14 +667,14 @@ REPOSITORY_LOCATIONS_SPEC = dict(
         project_name = "V8",
         project_desc = "Google’s open source high-performance JavaScript and WebAssembly engine, written in C++",
         project_url = "https://v8.dev",
-        version = "8.7.220.10",
+        version = "8.8.278.8",
         # This archive was created using https://storage.googleapis.com/envoyproxy-wee8/wee8-archive.sh
         # and contains complete checkout of V8 with all dependencies necessary to build wee8.
-        sha256 = "f22734640e0515bc34d1ca3772513aef24374fafa44d0489d3a9a57cadec69fb",
+        sha256 = "0c5c7b534a619d3f6077dd3583b7976a2cfe7f8ea71ca1e2d81a9de1d40131f9",
         urls = ["https://storage.googleapis.com/envoyproxy-wee8/wee8-{version}.tar.gz"],
         use_category = ["dataplane_ext"],
         extensions = ["envoy.wasm.runtime.v8"],
-        release_date = "2020-10-27",
+        release_date = "2020-12-04",
         cpe = "cpe:2.3:a:google:v8:*",
     ),
     com_googlesource_quiche = dict(