diff --git a/optimum/onnxruntime/utils.py b/optimum/onnxruntime/utils.py
index 67bde37a33..1a1f84c884 100644
--- a/optimum/onnxruntime/utils.py
+++ b/optimum/onnxruntime/utils.py
@@ -13,6 +13,7 @@
 #  limitations under the License.
 """Utility functions, classes and constants for ONNX Runtime."""
 
+import importlib
 import os
 import re
 from enum import Enum
@@ -31,7 +32,6 @@
 import onnxruntime as ort
 
 from ..exporters.onnx import OnnxConfig, OnnxConfigWithLoss
-from ..utils.import_utils import _is_package_available
 
 
 if TYPE_CHECKING:
@@ -91,9 +91,11 @@ def is_onnxruntime_training_available():
 
 def is_cupy_available():
     """
-    Checks if onnxruntime-training is available.
+    Checks if CuPy is available.
     """
-    return _is_package_available("cupy")
+    # Don't use _is_package_available as it doesn't work with CuPy installed
+    # with `cupy-cuda*` and `cupy-rocm-*` package name (prebuilt wheels).
+    return importlib.util.find_spec("cupy") is not None
 
 
 class ORTConfigManager: