diff --git a/CHANGELOG.md b/CHANGELOG.md
index e349c4a0b..8a04c80a0 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -35,6 +35,7 @@ This change log adheres to standards from [Keep a CHANGELOG](https://keepachange
 - [Performance] `ExportMap`: add caching after parsing for an ambiguous module ([#2531], thanks [@stenin-nikita])
 - [Docs] [`no-useless-path-segments`]: fix paths ([#2424], thanks [@s-h-a-d-o-w])
 - [Tests] [`no-cycle`]: add passing test cases ([#2438], thanks [@georeith])
+- [Refactor] [`no-extraneous-dependencies`] improve performance using cache ([#2374], thanks [@meowtec])
 
 ## [2.26.0] - 2022-04-05
 
@@ -1029,6 +1030,7 @@ for info on changes for earlier releases.
 [#2387]: https://github.com/import-js/eslint-plugin-import/pull/2387
 [#2381]: https://github.com/import-js/eslint-plugin-import/pull/2381
 [#2378]: https://github.com/import-js/eslint-plugin-import/pull/2378
+[#2374]: https://github.com/import-js/eslint-plugin-import/pull/2374
 [#2371]: https://github.com/import-js/eslint-plugin-import/pull/2371
 [#2367]: https://github.com/import-js/eslint-plugin-import/pull/2367
 [#2332]: https://github.com/import-js/eslint-plugin-import/pull/2332
@@ -1663,6 +1665,7 @@ for info on changes for earlier releases.
 [@Maxim-Mazurok]: https://github.com/Maxim-Mazurok
 [@maxkomarychev]: https://github.com/maxkomarychev
 [@maxmalov]: https://github.com/maxmalov
+[@meowtec]: https://github.com/meowtec
 [@mgwalker]: https://github.com/mgwalker
 [@mhmadhamster]: https://github.com/MhMadHamster
 [@MikeyBeLike]: https://github.com/MikeyBeLike
diff --git a/src/rules/no-extraneous-dependencies.js b/src/rules/no-extraneous-dependencies.js
index b54ee28bb..4fc1a01d4 100644
--- a/src/rules/no-extraneous-dependencies.js
+++ b/src/rules/no-extraneous-dependencies.js
@@ -1,6 +1,6 @@
 import path from 'path';
 import fs from 'fs';
-import readPkgUp from 'eslint-module-utils/readPkgUp';
+import pkgUp from 'eslint-module-utils/pkgUp';
 import minimatch from 'minimatch';
 import resolve from 'eslint-module-utils/resolve';
 import moduleVisitor from 'eslint-module-utils/moduleVisitor';
@@ -18,6 +18,16 @@ function arrayOrKeys(arrayOrObject) {
   return Array.isArray(arrayOrObject) ? arrayOrObject : Object.keys(arrayOrObject);
 }
 
+function readJSON(jsonPath, throwException) {
+  try {
+    return JSON.parse(fs.readFileSync(jsonPath, 'utf8'));
+  } catch (err) {
+    if (throwException) {
+      throw err;
+    }
+  }
+}
+
 function extractDepFields(pkg) {
   return {
     dependencies: pkg.dependencies || {},
@@ -30,6 +40,15 @@ function extractDepFields(pkg) {
   };
 }
 
+function getPackageDepFields(packageJsonPath, throwAtRead) {
+  if (!depFieldCache.has(packageJsonPath)) {
+    const depFields = extractDepFields(readJSON(packageJsonPath, throwAtRead));
+    depFieldCache.set(packageJsonPath, depFields);
+  }
+
+  return depFieldCache.get(packageJsonPath);
+}
+
 function getDependencies(context, packageDir) {
   let paths = [];
   try {
@@ -53,24 +72,21 @@ function getDependencies(context, packageDir) {
       // use rule config to find package.json
       paths.forEach(dir => {
         const packageJsonPath = path.join(dir, 'package.json');
-        if (!depFieldCache.has(packageJsonPath)) {
-          const depFields = extractDepFields(
-            JSON.parse(fs.readFileSync(packageJsonPath, 'utf8')),
-          );
-          depFieldCache.set(packageJsonPath, depFields);
-        }
-        const _packageContent = depFieldCache.get(packageJsonPath);
+        const _packageContent = getPackageDepFields(packageJsonPath, true);
         Object.keys(packageContent).forEach(depsKey =>
           Object.assign(packageContent[depsKey], _packageContent[depsKey]),
         );
       });
     } else {
+      const packageJsonPath = pkgUp({
+        cwd: context.getPhysicalFilename ? context.getPhysicalFilename() : context.getFilename(),
+        normalize: false,
+      });
+
       // use closest package.json
       Object.assign(
         packageContent,
-        extractDepFields(
-          readPkgUp({ cwd: context.getPhysicalFilename ? context.getPhysicalFilename() : context.getFilename(), normalize: false }).pkg,
-        ),
+        getPackageDepFields(packageJsonPath, false),
       );
     }
 
@@ -267,4 +283,8 @@ module.exports = {
       reportIfMissing(context, deps, depsOptions, node, source.value);
     }, { commonjs: true });
   },
+
+  'Program:exit': () => {
+    depFieldCache.clear();
+  },
 };