diff --git a/frame/contracts/src/migration.rs b/frame/contracts/src/migration.rs
index cd8f1dd1c9cd4..9aee4725a4ba1 100644
--- a/frame/contracts/src/migration.rs
+++ b/frame/contracts/src/migration.rs
@@ -15,18 +15,22 @@
 // See the License for the specific language governing permissions and
 // limitations under the License.
 
-use crate::{BalanceOf, CodeHash, Config, Pallet, TrieId, Weight};
 use codec::{Decode, Encode};
-use frame_support::{
-	codec,
-	pallet_prelude::*,
-	storage::migration,
-	storage_alias,
-	traits::{Get, OnRuntimeUpgrade},
-	Identity, Twox64Concat,
-};
-use sp_runtime::traits::Saturating;
-use sp_std::{marker::PhantomData, prelude::*};
+use core::cmp::{max, min};
+use frame_support::{codec, Identity, Twox64Concat, storage_alias, LOG_TARGET};
+use frame_support::pallet_prelude::*;
+use frame_support::storage::migration;
+use frame_support::traits::fungible::Inspect;
+use frame_support::traits::{Get, OnRuntimeUpgrade, ReservableCurrency, Currency, ExistenceRequirement};
+use sp_core::hexdisplay::HexDisplay;
+use sp_runtime::traits::{Saturating, Zero};
+use sp_runtime::Perbill;
+use sp_std::marker::PhantomData; 
+use sp_std::prelude::*;
+use sp_std::ops::Deref;
+
+use crate::{AccountIdOf, BalanceOf, CodeHash, Config, Pallet, TrieId, Weight};
+use crate::address::AddressGenerator;
 
 /// Performs all necessary migrations based on `StorageVersion`.
 pub struct Migration<T: Config>(PhantomData<T>);
@@ -59,7 +63,11 @@ impl<T: Config> OnRuntimeUpgrade for Migration<T> {
 			v9::migrate::<T>(&mut weight);
 		}
 
-		StorageVersion::new(9).put::<Pallet<T>>();
+		if version < 10 {
+			v10::migrate::<T>(&mut weight);
+		}
+
+		StorageVersion::new(10).put::<Pallet<T>>();
 		weight.saturating_accrue(T::DbWeight::get().writes(1));
 
 		weight
@@ -400,6 +408,142 @@ mod v9 {
 	}
 }
 
+mod v10 {
+	use super::*;
+	use v8::ContractInfo as OldContractInfo;
+
+	#[derive(Encode, Decode, Clone, PartialEq, Eq, RuntimeDebug, TypeInfo, MaxEncodedLen)]
+	#[scale_info(skip_type_params(T))]
+	pub struct ContractInfo<T: Config> {
+		pub trie_id: TrieId,
+		deposit_account: DepositAccount<T>,
+		pub code_hash: CodeHash<T>,
+		storage_bytes: u32,
+		storage_items: u32,
+		pub storage_byte_deposit: BalanceOf<T>,
+		storage_item_deposit: BalanceOf<T>,
+		storage_base_deposit: BalanceOf<T>,
+	}
+
+	#[storage_alias]
+	pub type ContractInfoOf<T: Config, V> =
+		StorageMap<Pallet<T>, Twox64Concat, <T as frame_system::Config>::AccountId, V>;
+
+	#[derive(Encode, Decode, Clone, PartialEq, Eq, RuntimeDebugNoBound, TypeInfo, MaxEncodedLen)]
+	#[scale_info(skip_type_params(T))]
+	pub struct DepositAccount<T: Config>(AccountIdOf<T>);
+
+	impl<T: Config> Deref for DepositAccount<T> {
+		type Target = AccountIdOf<T>;
+
+		fn deref(&self) -> &Self::Target {
+			&self.0
+		}
+	}
+
+	pub fn migrate<T: Config>(weight: &mut Weight) {
+		<ContractInfoOf<T, ContractInfo<T>>>::translate(|account, contract: OldContractInfo<T>| {
+			log::debug!(target: LOG_TARGET, "Account: 0x{} ", HexDisplay::from(&account.encode()));
+			// Get the new deposit account address
+			let deposit_account: DepositAccount<T> =
+				DepositAccount(T::AddressGenerator::deposit_address(&account));
+
+			let min_balance = Pallet::<T>::min_balance();
+			// Calculate the existing deposit, that should be reserved on the contract account
+			let old_deposit = contract
+				.storage_base_deposit
+				.saturating_add(contract.storage_item_deposit)
+				.saturating_add(contract.storage_byte_deposit);
+
+			// Unreserve the existing deposit
+			// Note we can't use repatriate_reserve, because it only works with existing accounts
+			let remaining = T::Currency::unreserve(&account, old_deposit);
+			if !remaining.is_zero() {
+				log::warn!(
+					target: LOG_TARGET,
+					"Partially unreserved. Remaining {:?} out of {:?} asked",
+					remaining,
+					old_deposit
+				);
+			}
+
+			// Attempt to transfer the old deposit to the deposit account.
+			let amount = old_deposit
+				.saturating_sub(min_balance)
+				.min(T::Currency::reducible_balance(&account, true));
+
+			let new_deposit = T::Currency::transfer_no_cdd(
+				&account,
+				&deposit_account,
+				amount,
+				ExistenceRequirement::KeepAlive,
+			)
+			.map(|_| {
+				log::debug!(
+					target: LOG_TARGET,
+					"Transferred deposit ({:?}) to deposit account",
+					amount
+				);
+				amount
+			})
+			// If it fails we fallback to minting the ED.
+			.unwrap_or_else(|err| {
+				log::error!(target: LOG_TARGET, "Failed to transfer the base deposit, reason: {:?}", err);
+				T::Currency::deposit_creating(&deposit_account, min_balance);
+				min_balance
+			});
+
+			// Calculate the new base_deposit to store in the contract:
+			// Ideally, it should be the same as the old one
+			// Ideally, it should be at least 2xED (for the contract and deposit accounts).
+			// It can't be more than the `new_deposit`.
+			let new_base_deposit = min(
+				max(contract.storage_base_deposit, min_balance.saturating_add(min_balance)),
+				new_deposit,
+			);
+
+			// Calculate the ratio to adjust storage_byte and storage_item deposits.
+			let new_deposit_without_base = new_deposit.saturating_sub(new_base_deposit);
+			let old_deposit_without_base =
+				old_deposit.saturating_sub(contract.storage_base_deposit);
+			let ratio = Perbill::from_rational(new_deposit_without_base, old_deposit_without_base);
+
+			// Calculate the new storage deposits based on the ratio
+			let storage_byte_deposit = ratio.mul_ceil(contract.storage_byte_deposit);
+			let storage_item_deposit = ratio.mul_ceil(contract.storage_item_deposit);
+
+			// Recalculate the new base deposit, instead of using new_base_deposit to avoid rounding
+			// errors
+			let storage_base_deposit = new_deposit
+				.saturating_sub(storage_byte_deposit)
+				.saturating_sub(storage_item_deposit);
+
+			// Reads: One read for each storage item plus the contract info itself.
+			// Writes: Only the new contract info.
+			weight.saturating_accrue(T::DbWeight::get().reads_writes(1, 1));
+
+			Some(ContractInfo {
+				trie_id: contract.trie_id,
+				deposit_account,
+				code_hash: contract.code_hash,
+				storage_bytes: contract.storage_bytes,
+				storage_items: contract.storage_items,
+				storage_byte_deposit,
+				storage_item_deposit,
+				storage_base_deposit,
+			})
+		});
+	}
+
+	#[cfg(feature = "try-runtime")]
+	fn pre_upgrade_step() -> Result<Vec<u8>, TryRuntimeError> {
+		let sample: Vec<_> = ContractInfoOf::<T>::iter().take(10).collect();
+
+		log::debug!(target: LOG_TARGET, "Taking sample of {} contracts", sample.len());
+		Ok(sample.encode())
+	}
+}
+
 // Post checks always need to be run against the latest storage version. This is why we
 // do not scope them in the per version modules. They always need to be ported to the latest
 // version.
@@ -431,6 +575,10 @@ mod post_checks {
 			v9::<T>()?;
 		}
 
+		if old_version < 10 {
+			v10::<T>()?;
+		}
+
 		Ok(())
 	}
 
@@ -470,4 +618,35 @@ mod post_checks {
 		}
 		Ok(())
 	}
+
+	fn v10<T: Config>() -> Result<(), &'static str> {
+		let sample = <Vec<(T::AccountId, old::ContractInfo<T>)> as Decode>::decode(&mut &state[..])
+			.expect("pre_upgrade_step provides a valid state; qed");
+
+		log::debug!(target: LOG_TARGET, "Validating sample of {} contracts", sample.len());
+		for (account, old_contract) in sample {
+			log::debug!(target: LOG_TARGET, "===");
+			log::debug!(target: LOG_TARGET, "Account: 0x{} ", HexDisplay::from(&account.encode()));
+			let contract = ContractInfoOf::<T>::get(&account).unwrap();
+			ensure!(old_contract.trie_id == contract.trie_id, "invalid trie_id");
+			ensure!(old_contract.code_hash == contract.code_hash, "invalid code_hash");
+			ensure!(old_contract.storage_bytes == contract.storage_bytes, "invalid storage_bytes");
+			ensure!(old_contract.storage_items == contract.storage_items, "invalid storage_items");
+
+			let deposit =
+				<<T as Config>::Currency as frame_support::traits::Currency<_>>::total_balance(
+					&contract.deposit_account,
+				);
+			ensure!(
+				deposit ==
+					contract
+						.storage_base_deposit
+						.saturating_add(contract.storage_item_deposit)
+						.saturating_add(contract.storage_byte_deposit),
+				"deposit mismatch"
+			);
+		}
+
+		Ok(())
+	}
 }