diff --git a/CHANGELOG.md b/CHANGELOG.md
index e70000d8286f..8d69b328c1e4 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -89,6 +89,7 @@
 - `[jest-mock]` Handle overridden `Function.name` property ([#12674](https://github.com/facebook/jest/pull/12674))
 - `[@jest/reporters]` Notifications generated by the `--notify` flag are no longer persistent in GNOME Shell. ([#11733](https://github.com/facebook/jest/pull/11733))
 - `[@jest/reporters]` Move missing icon file which is needed for `NotifyReporter` class. ([#12593](https://github.com/facebook/jest/pull/12593))
+- `[@jest/reporters]` Update `v8-to-istanbul` ([#12697](https://github.com/facebook/jest/pull/12697))
 - `[jest-resolver]` Call custom resolver with core node.js modules ([#12654](https://github.com/facebook/jest/pull/12654))
 - `[jest-worker]` Fix `Farm` execution results memory leak ([#12497](https://github.com/facebook/jest/pull/12497))
 
diff --git a/e2e/__tests__/coverageProviderV8.test.ts b/e2e/__tests__/coverageProviderV8.test.ts
index 6071485cc61e..e0aed23d0d10 100644
--- a/e2e/__tests__/coverageProviderV8.test.ts
+++ b/e2e/__tests__/coverageProviderV8.test.ts
@@ -11,17 +11,13 @@ import runJest from '../runJest';
 
 const DIR = path.resolve(__dirname, '../coverage-provider-v8');
 
-// https://github.com/nodejs/node/issues/42638
-const nodeOptions =
-  typeof fetch === 'undefined' ? '' : '--no-experimental-fetch';
-
 test('prints coverage with missing sourcemaps', () => {
   const sourcemapDir = path.join(DIR, 'no-sourcemap');
 
   const {stdout, exitCode} = runJest(
     sourcemapDir,
     ['--coverage', '--coverage-provider', 'v8'],
-    {nodeOptions, stripAnsi: true},
+    {stripAnsi: true},
   );
 
   expect(exitCode).toBe(0);
@@ -34,7 +30,7 @@ test('prints coverage with empty sourcemaps', () => {
   const {stdout, exitCode} = runJest(
     sourcemapDir,
     ['--coverage', '--coverage-provider', 'v8'],
-    {nodeOptions, stripAnsi: true},
+    {stripAnsi: true},
   );
 
   expect(exitCode).toBe(0);
@@ -47,7 +43,7 @@ test('prints correct coverage report, if a CJS module is put under test without
   const {stdout, exitCode} = runJest(
     sourcemapDir,
     ['--coverage', '--coverage-provider', 'v8', '--no-cache'],
-    {nodeOptions, stripAnsi: true},
+    {stripAnsi: true},
   );
 
   expect(exitCode).toBe(0);
@@ -60,7 +56,7 @@ test('prints correct coverage report, if a TS module is transpiled by Babel to C
   const {stdout, exitCode} = runJest(
     sourcemapDir,
     ['--coverage', '--coverage-provider', 'v8', '--no-cache'],
-    {nodeOptions, stripAnsi: true},
+    {stripAnsi: true},
   );
 
   expect(exitCode).toBe(0);
@@ -76,7 +72,7 @@ onNodeVersions('>=12.16.0', () => {
       sourcemapDir,
       ['--coverage', '--coverage-provider', 'v8', '--no-cache'],
       {
-        nodeOptions: `${nodeOptions} --experimental-vm-modules --no-warnings`,
+        nodeOptions: '--experimental-vm-modules --no-warnings',
         stripAnsi: true,
       },
     );
@@ -92,7 +88,7 @@ onNodeVersions('>=12.16.0', () => {
       sourcemapDir,
       ['--coverage', '--coverage-provider', 'v8', '--no-cache'],
       {
-        nodeOptions: `${nodeOptions} --experimental-vm-modules --no-warnings`,
+        nodeOptions: '--experimental-vm-modules --no-warnings',
         stripAnsi: true,
       },
     );
diff --git a/packages/jest-reporters/package.json b/packages/jest-reporters/package.json
index ed1d2c6b38db..0af4551a1216 100644
--- a/packages/jest-reporters/package.json
+++ b/packages/jest-reporters/package.json
@@ -17,7 +17,7 @@
     "@jest/test-result": "^28.0.0-alpha.9",
     "@jest/transform": "^28.0.0-alpha.10",
     "@jest/types": "^28.0.0-alpha.9",
-    "@jridgewell/trace-mapping": "^0.3.4",
+    "@jridgewell/trace-mapping": "^0.3.7",
     "@types/node": "*",
     "chalk": "^4.0.0",
     "collect-v8-coverage": "^1.0.0",
@@ -34,7 +34,7 @@
     "slash": "^3.0.0",
     "string-length": "^4.0.1",
     "terminal-link": "^2.0.0",
-    "v8-to-istanbul": "^8.1.0"
+    "v8-to-istanbul": "^9.0.0"
   },
   "devDependencies": {
     "@jest/test-utils": "^28.0.0-alpha.9",
diff --git a/packages/jest-reporters/src/CoverageReporter.ts b/packages/jest-reporters/src/CoverageReporter.ts
index dd1a52b99e98..203435f08f23 100644
--- a/packages/jest-reporters/src/CoverageReporter.ts
+++ b/packages/jest-reporters/src/CoverageReporter.ts
@@ -452,8 +452,7 @@ export default class CoverageReporter extends BaseReporter {
                   originalSource: fileTransform.originalCode,
                   source: fileTransform.code,
                   sourceMap: {
-                    // remove `as any` after https://github.com/istanbuljs/v8-to-istanbul/pull/186 is released
-                    sourcemap: {file: res.url, ...sourcemapContent} as any,
+                    sourcemap: {file: res.url, ...sourcemapContent},
                   },
                 }
               : {source: fs.readFileSync(res.url, 'utf8')},
@@ -465,8 +464,6 @@ export default class CoverageReporter extends BaseReporter {
 
           const istanbulData = converter.toIstanbul();
 
-          converter.destroy();
-
           return istanbulData;
         }),
       );
diff --git a/packages/jest-source-map/package.json b/packages/jest-source-map/package.json
index 87d4ad08423b..e310aeaff01c 100644
--- a/packages/jest-source-map/package.json
+++ b/packages/jest-source-map/package.json
@@ -17,7 +17,7 @@
     "./package.json": "./package.json"
   },
   "dependencies": {
-    "@jridgewell/trace-mapping": "^0.3.4",
+    "@jridgewell/trace-mapping": "^0.3.7",
     "callsites": "^3.0.0",
     "graceful-fs": "^4.2.9"
   },
diff --git a/packages/jest-transform/package.json b/packages/jest-transform/package.json
index 1dcc9333a908..f7ce973efa84 100644
--- a/packages/jest-transform/package.json
+++ b/packages/jest-transform/package.json
@@ -19,7 +19,7 @@
   "dependencies": {
     "@babel/core": "^7.11.6",
     "@jest/types": "^28.0.0-alpha.9",
-    "@jridgewell/trace-mapping": "^0.3.4",
+    "@jridgewell/trace-mapping": "^0.3.7",
     "babel-plugin-istanbul": "^6.1.1",
     "chalk": "^4.0.0",
     "convert-source-map": "^1.4.0",
diff --git a/yarn.lock b/yarn.lock
index 266df664152c..ab9ccb14f3c3 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -2758,7 +2758,7 @@ __metadata:
     "@jest/test-utils": ^28.0.0-alpha.9
     "@jest/transform": ^28.0.0-alpha.10
     "@jest/types": ^28.0.0-alpha.9
-    "@jridgewell/trace-mapping": ^0.3.4
+    "@jridgewell/trace-mapping": ^0.3.7
     "@types/exit": ^0.1.30
     "@types/glob": ^7.1.1
     "@types/graceful-fs": ^4.1.3
@@ -2787,7 +2787,7 @@ __metadata:
     string-length: ^4.0.1
     strip-ansi: ^6.0.0
     terminal-link: ^2.0.0
-    v8-to-istanbul: ^8.1.0
+    v8-to-istanbul: ^9.0.0
   peerDependencies:
     node-notifier: ^8.0.1 || ^9.0.0 || ^10.0.0
   peerDependenciesMeta:
@@ -2808,7 +2808,7 @@ __metadata:
   version: 0.0.0-use.local
   resolution: "@jest/source-map@workspace:packages/jest-source-map"
   dependencies:
-    "@jridgewell/trace-mapping": ^0.3.4
+    "@jridgewell/trace-mapping": ^0.3.7
     "@types/graceful-fs": ^4.1.3
     callsites: ^3.0.0
     graceful-fs: ^4.2.9
@@ -2872,7 +2872,7 @@ __metadata:
     "@babel/core": ^7.11.6
     "@jest/test-utils": ^28.0.0-alpha.9
     "@jest/types": ^28.0.0-alpha.9
-    "@jridgewell/trace-mapping": ^0.3.4
+    "@jridgewell/trace-mapping": ^0.3.7
     "@types/babel__core": ^7.1.14
     "@types/convert-source-map": ^1.5.1
     "@types/fast-json-stable-stringify": ^2.0.0
@@ -2950,13 +2950,13 @@ __metadata:
   languageName: node
   linkType: hard
 
-"@jridgewell/trace-mapping@npm:^0.3.0, @jridgewell/trace-mapping@npm:^0.3.4":
-  version: 0.3.4
-  resolution: "@jridgewell/trace-mapping@npm:0.3.4"
+"@jridgewell/trace-mapping@npm:^0.3.0, @jridgewell/trace-mapping@npm:^0.3.7":
+  version: 0.3.7
+  resolution: "@jridgewell/trace-mapping@npm:0.3.7"
   dependencies:
     "@jridgewell/resolve-uri": ^3.0.3
     "@jridgewell/sourcemap-codec": ^1.4.10
-  checksum: ab8bce84bbbc8c34f3ba8325ed926f8f2d3098983c10442a80c55764c4eb6e47d5b92d8ff20a0dd868c3e76a3535651fd8a0138182c290dbfc8396195685c37b
+  checksum: c08f5344568e1396fc377c95054b126620380a87e8992d77526f73b9627e56930a1a76ee95d31266d388ed052f6f97c64911c2aa49283d37547f51c342dfc9b8
   languageName: node
   linkType: hard
 
@@ -22240,14 +22240,14 @@ __metadata:
   languageName: node
   linkType: hard
 
-"v8-to-istanbul@npm:^8.1.0":
-  version: 8.1.1
-  resolution: "v8-to-istanbul@npm:8.1.1"
+"v8-to-istanbul@npm:^9.0.0":
+  version: 9.0.0
+  resolution: "v8-to-istanbul@npm:9.0.0"
   dependencies:
+    "@jridgewell/trace-mapping": ^0.3.7
     "@types/istanbul-lib-coverage": ^2.0.1
     convert-source-map: ^1.6.0
-    source-map: ^0.7.3
-  checksum: 54ce92bec2727879626f623d02c8d193f0c7e919941fa373ec135189a8382265117f5316ea317a1e12a5f9c13d84d8449052a731fe3306fa4beaafbfa4cab229
+  checksum: d8ed2c39ba657dfd851a3c7b3f2b87e5b96c9face806ecfe5b627abe53b0c86f264f51425c591e451405b739e3f8a6728da59670f081790990710e813d8d3440
   languageName: node
   linkType: hard