diff --git a/CHANGELOG.md b/CHANGELOG.md
index 48a14027f8b..7ab30194274 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -43,6 +43,8 @@ Main (unreleased)
 
 - Fix `prometheus.exporter.cloudwatch` to not always emit debug logs but respect debug property. (@kalleep)
 
+- Fix potential deadlock in `loki.source.journal` when stopping or reloading the component. (@thampiotr)
+
 v1.11.0
 -----------------
 
diff --git a/internal/component/loki/source/journal/journal.go b/internal/component/loki/source/journal/journal.go
index f46e4e73795..0826412b5f2 100644
--- a/internal/component/loki/source/journal/journal.go
+++ b/internal/component/loki/source/journal/journal.go
@@ -38,16 +38,15 @@ var _ component.Component = (*Component)(nil)
 
 // Component represents reading from a journal
 type Component struct {
-	mut           sync.RWMutex
-	t             *target.JournalTarget
-	metrics       *target.Metrics
-	o             component.Options
-	handler       chan loki.Entry
-	positions     positions.Positions
-	receivers     []loki.LogsReceiver
-	argsUpdated   chan struct{}
-	args          Arguments
-	healthErr     error
+	mut            sync.RWMutex
+	t              *target.JournalTarget
+	metrics        *target.Metrics
+	o              component.Options
+	handler        chan loki.Entry
+	positions      positions.Positions
+	targetsUpdated chan struct{}
+	args           Arguments
+	healthErr      error
 }
 
 // New creates a new  component.
@@ -73,13 +72,12 @@ func New(o component.Options, args Arguments) (*Component, error) {
 	}
 
 	c := &Component{
-		metrics:       target.NewMetrics(o.Registerer),
-		o:             o,
-		handler:       make(chan loki.Entry),
-		positions:     positionsFile,
-		receivers:     args.Receivers,
-		argsUpdated:   make(chan struct{}, 1),
-		args:          args,
+		metrics:        target.NewMetrics(o.Registerer),
+		o:              o,
+		handler:        make(chan loki.Entry),
+		positions:      positionsFile,
+		targetsUpdated: make(chan struct{}, 1),
+		args:           args,
 	}
 	err = c.Update(args)
 	return c, err
@@ -88,18 +86,25 @@ func New(o component.Options, args Arguments) (*Component, error) {
 // Run starts the component.
 func (c *Component) Run(ctx context.Context) error {
 	defer func() {
+		// Start draining routine to prevent potential deadlock if target attempts to send during Stop().
+		cancel := c.startDrainingRoutine()
+		defer cancel()
+
+		// Stop existing target
 		c.mut.RLock()
+		defer c.mut.RUnlock()
 		if c.t != nil {
+			level.Info(c.o.Logger).Log("msg", "loki.source.journal component shutting down, stopping journal target")
 			err := c.t.Stop()
 			if err != nil {
 				level.Warn(c.o.Logger).Log("msg", "error stopping journal target", "err", err)
 			}
 		}
-		c.mut.RUnlock()
-
 	}()
 	for {
 		select {
+		case <-c.targetsUpdated:
+			c.reloadTargets()
 		case <-ctx.Done():
 			return nil
 		case entry := <-c.handler:
@@ -108,31 +113,10 @@ func (c *Component) Run(ctx context.Context) error {
 				Labels: entry.Labels,
 				Entry:  entry.Entry,
 			}
-			for _, r := range c.receivers {
+			for _, r := range c.args.Receivers {
 				r.Chan() <- lokiEntry
 			}
 			c.mut.RUnlock()
-		case <-c.argsUpdated:
-			c.mut.Lock()
-			if c.t != nil {
-				err := c.t.Stop()
-				if err != nil {
-					level.Error(c.o.Logger).Log("msg", "error stopping journal target", "err", err)
-				}
-				c.t = nil
-			}
-			rcs := alloy_relabel.ComponentToPromRelabelConfigs(c.args.RelabelRules)
-			entryHandler := loki.NewEntryHandler(c.handler, func() {})
-
-			newTarget, err := target.NewJournalTarget(c.metrics, c.o.Logger, entryHandler, c.positions, c.o.ID, rcs, convertArgs(c.o.ID, c.args))
-			if err != nil {
-				level.Error(c.o.Logger).Log("msg", "error creating journal target", "err", err, "path", c.args.Path)
-				c.healthErr = fmt.Errorf("error creating journal target: %w", err)
-			} else {
-				c.t = newTarget
-				c.healthErr = nil
-			}
-			c.mut.Unlock()
 		}
 	}
 }
@@ -144,7 +128,7 @@ func (c *Component) Update(args component.Arguments) error {
 	defer c.mut.Unlock()
 	c.args = newArgs
 	select {
-	case c.argsUpdated <- struct{}{}:
+	case c.targetsUpdated <- struct{}{}:
 	default: // Update notification already sent
 	}
 	return nil
@@ -169,6 +153,71 @@ func (c *Component) CurrentHealth() component.Health {
 	}
 }
 
+func (c *Component) startDrainingRoutine() func() {
+	readCtx, cancel := context.WithCancel(context.Background())
+	c.mut.RLock()
+	defer c.mut.RUnlock()
+	receiversCopy := make([]loki.LogsReceiver, len(c.args.Receivers))
+	copy(receiversCopy, c.args.Receivers)
+	go func() {
+		for {
+			select {
+			case <-readCtx.Done():
+				return
+			case entry := <-c.handler:
+				lokiEntry := loki.Entry{
+					Labels: entry.Labels,
+					Entry:  entry.Entry,
+				}
+				for _, r := range receiversCopy {
+					r.Chan() <- lokiEntry
+				}
+			}
+		}
+	}()
+	return cancel
+}
+
+func (c *Component) reloadTargets() {
+	// Start draining routine to prevent potential deadlock if target attempts to send during Stop().
+	cancel := c.startDrainingRoutine()
+
+	// Grab current state
+	c.mut.RLock()
+	var targetToStop *target.JournalTarget
+	if c.t != nil {
+		targetToStop = c.t
+	}
+	rcs := alloy_relabel.ComponentToPromRelabelConfigs(c.args.RelabelRules)
+	c.mut.RUnlock()
+
+	// Stop existing target
+	if targetToStop != nil {
+		err := targetToStop.Stop()
+		if err != nil {
+			level.Error(c.o.Logger).Log("msg", "error stopping journal target", "err", err)
+		}
+	}
+
+	// Stop draining routine
+	cancel()
+
+	// Create new target
+	c.mut.Lock()
+	defer c.mut.Unlock()
+	c.t = nil
+	entryHandler := loki.NewEntryHandler(c.handler, func() {})
+
+	newTarget, err := target.NewJournalTarget(c.metrics, c.o.Logger, entryHandler, c.positions, c.o.ID, rcs, convertArgs(c.o.ID, c.args))
+	if err != nil {
+		level.Error(c.o.Logger).Log("msg", "error creating journal target", "err", err, "path", c.args.Path)
+		c.healthErr = fmt.Errorf("error creating journal target: %w", err)
+	} else {
+		c.t = newTarget
+		c.healthErr = nil
+	}
+}
+
 func convertArgs(job string, a Arguments) *scrapeconfig.JournalTargetConfig {
 	labels := model.LabelSet{
 		model.LabelName("job"): model.LabelValue(job),
diff --git a/internal/component/loki/source/syslog/syslog.go b/internal/component/loki/source/syslog/syslog.go
index b18ccec03e8..915a0be9202 100644
--- a/internal/component/loki/source/syslog/syslog.go
+++ b/internal/component/loki/source/syslog/syslog.go
@@ -137,11 +137,9 @@ func (c *Component) startDrainingRoutine() func() {
 			case <-readCtx.Done():
 				return
 			case entry := <-c.handler.Chan():
-				c.mut.RLock()
 				for _, receiver := range fanoutCopy {
 					receiver.Chan() <- entry
 				}
-				c.mut.RUnlock()
 			}
 		}
 	}()
@@ -152,20 +150,23 @@ func (c *Component) reloadTargets() {
 	// Start draining routine to prevent potential deadlock if targets attempt to send during Stop().
 	cancel := c.startDrainingRoutine()
 
-	// Stop all targets
+	// Grab current state
 	c.mut.RLock()
 	var rcs []*relabel.Config
 	if len(c.args.RelabelRules) > 0 {
 		rcs = alloy_relabel.ComponentToPromRelabelConfigs(c.args.RelabelRules)
 	}
+	targetsToStop := make([]*st.SyslogTarget, len(c.targets))
+	copy(targetsToStop, c.targets)
+	c.mut.RUnlock()
 
-	for _, l := range c.targets {
+	// Stop existing targets
+	for _, l := range targetsToStop {
 		err := l.Stop()
 		if err != nil {
 			level.Error(c.opts.Logger).Log("msg", "error while stopping syslog listener", "err", err)
 		}
 	}
-	c.mut.RUnlock()
 
 	// Stop draining routine
 	cancel()