diff --git a/package/elf2flt/elf2flt.mk b/package/elf2flt/elf2flt.mk
index 6cd0786c3d..b970de48f2 100644
--- a/package/elf2flt/elf2flt.mk
+++ b/package/elf2flt/elf2flt.mk
@@ -14,12 +14,27 @@ HOST_ELF2FLT_DEPENDENCIES = host-binutils host-zlib
 # 0001-elf2flt-handle-binutils-2.34.patch
 HOST_ELF2FLT_AUTORECONF = YES
 
+# elf2flt needs to link against libbfd.a and libiberty.a which are
+# provided by host-binutils, but not installed, so we poke directly
+# into the host-binutils build directory. Turns out that the location
+# of libbfd.a has changed in binutils >= 2.41, so we special case
+# binutils 2.39 and 2.40, which are the two remaining versions still
+# using the "old" path". Note: the ARC-special binutils version is not
+# considered because Buildroot only supports ARC CPUs with a MMU and
+# therefore host-elf2flt is never used on ARC. libiberty.a has
+# remained at the same location.
+ifeq ($(BR2_BINUTILS_VERSION_2_39_X)$(BR2_BINUTILS_VERSION_2_40_X),y)
+HOST_ELF2FLT_LIBBFD_PATH = $(HOST_BINUTILS_DIR)/bfd/libbfd.a
+else
+HOST_ELF2FLT_LIBBFD_PATH = $(HOST_BINUTILS_DIR)/bfd/.libs/libbfd.a
+endif
+
 # It is not exactly a host variant, but more a cross variant, which is
 # why we pass a special --target option.
 HOST_ELF2FLT_CONF_OPTS = \
 	--with-bfd-include-dir=$(HOST_BINUTILS_DIR)/bfd/ \
 	--with-binutils-include-dir=$(HOST_BINUTILS_DIR)/include/ \
-	--with-libbfd=$(HOST_BINUTILS_DIR)/bfd/libbfd.a \
+	--with-libbfd=$(HOST_ELF2FLT_LIBBFD_PATH) \
 	--with-libiberty=$(HOST_BINUTILS_DIR)/libiberty/libiberty.a \
 	--target=$(GNU_TARGET_NAME) \
 	--disable-werror