diff --git a/charts/kube-prometheus-stack/Chart.yaml b/charts/kube-prometheus-stack/Chart.yaml
index 5eeb99648aef..546ebb1240b0 100644
--- a/charts/kube-prometheus-stack/Chart.yaml
+++ b/charts/kube-prometheus-stack/Chart.yaml
@@ -21,7 +21,7 @@ name: kube-prometheus-stack
 sources:
   - https://github.com/prometheus-community/helm-charts
   - https://github.com/prometheus-operator/kube-prometheus
-version: 55.5.1
+version: 55.5.2
 appVersion: v0.70.0
 kubeVersion: ">=1.19.0-0"
 home: https://github.com/prometheus-operator/kube-prometheus
diff --git a/charts/kube-prometheus-stack/templates/exporters/core-dns/servicemonitor.yaml b/charts/kube-prometheus-stack/templates/exporters/core-dns/servicemonitor.yaml
index 53d16a5da753..2bc54df5fc69 100644
--- a/charts/kube-prometheus-stack/templates/exporters/core-dns/servicemonitor.yaml
+++ b/charts/kube-prometheus-stack/templates/exporters/core-dns/servicemonitor.yaml
@@ -3,7 +3,11 @@ apiVersion: monitoring.coreos.com/v1
 kind: ServiceMonitor
 metadata:
   name: {{ template "kube-prometheus-stack.fullname" . }}-coredns
+  {{- if .Values.prometheus.prometheusSpec.ignoreNamespaceSelectors }}
+  namespace: kube-system
+  {{- else }}
   namespace: {{ template "kube-prometheus-stack.namespace" . }}
+  {{- end }}
   labels:
     app: {{ template "kube-prometheus-stack.name" . }}-coredns
   {{- with .Values.coreDns.serviceMonitor.additionalLabels }}
diff --git a/charts/kube-prometheus-stack/templates/exporters/kube-api-server/servicemonitor.yaml b/charts/kube-prometheus-stack/templates/exporters/kube-api-server/servicemonitor.yaml
index 9ae03e5b0f40..a140d4554a7f 100644
--- a/charts/kube-prometheus-stack/templates/exporters/kube-api-server/servicemonitor.yaml
+++ b/charts/kube-prometheus-stack/templates/exporters/kube-api-server/servicemonitor.yaml
@@ -3,7 +3,11 @@ apiVersion: monitoring.coreos.com/v1
 kind: ServiceMonitor
 metadata:
   name: {{ template "kube-prometheus-stack.fullname" . }}-apiserver
+  {{- if .Values.prometheus.prometheusSpec.ignoreNamespaceSelectors }}
+  namespace: default
+  {{- else }}
   namespace: {{ template "kube-prometheus-stack.namespace" . }}
+  {{- end }}
   labels:
     app: {{ template "kube-prometheus-stack.name" . }}-apiserver
   {{- with .Values.kubeApiServer.serviceMonitor.additionalLabels }}
diff --git a/charts/kube-prometheus-stack/templates/exporters/kube-controller-manager/servicemonitor.yaml b/charts/kube-prometheus-stack/templates/exporters/kube-controller-manager/servicemonitor.yaml
index 4c30636a6575..0f64844cbaf9 100644
--- a/charts/kube-prometheus-stack/templates/exporters/kube-controller-manager/servicemonitor.yaml
+++ b/charts/kube-prometheus-stack/templates/exporters/kube-controller-manager/servicemonitor.yaml
@@ -3,7 +3,11 @@ apiVersion: monitoring.coreos.com/v1
 kind: ServiceMonitor
 metadata:
   name: {{ template "kube-prometheus-stack.fullname" . }}-kube-controller-manager
+  {{- if .Values.prometheus.prometheusSpec.ignoreNamespaceSelectors }}
+  namespace: kube-system
+  {{- else }}
   namespace: {{ template "kube-prometheus-stack.namespace" . }}
+  {{- end }}
   labels:
     app: {{ template "kube-prometheus-stack.name" . }}-kube-controller-manager
   {{- with .Values.kubeControllerManager.serviceMonitor.additionalLabels }}
diff --git a/charts/kube-prometheus-stack/templates/exporters/kube-dns/servicemonitor.yaml b/charts/kube-prometheus-stack/templates/exporters/kube-dns/servicemonitor.yaml
index ffb5d04c3190..260ad1ed3840 100644
--- a/charts/kube-prometheus-stack/templates/exporters/kube-dns/servicemonitor.yaml
+++ b/charts/kube-prometheus-stack/templates/exporters/kube-dns/servicemonitor.yaml
@@ -3,7 +3,11 @@ apiVersion: monitoring.coreos.com/v1
 kind: ServiceMonitor
 metadata:
   name: {{ template "kube-prometheus-stack.fullname" . }}-kube-dns
+  {{- if .Values.prometheus.prometheusSpec.ignoreNamespaceSelectors }}
+  namespace: kube-system
+  {{- else }}
   namespace: {{ template "kube-prometheus-stack.namespace" . }}
+  {{- end }}
   labels:
     app: {{ template "kube-prometheus-stack.name" . }}-kube-dns
   {{- with .Values.kubeDns.serviceMonitor.additionalLabels }}
diff --git a/charts/kube-prometheus-stack/templates/exporters/kube-etcd/servicemonitor.yaml b/charts/kube-prometheus-stack/templates/exporters/kube-etcd/servicemonitor.yaml
index 2336753ea08c..f5048531aca9 100644
--- a/charts/kube-prometheus-stack/templates/exporters/kube-etcd/servicemonitor.yaml
+++ b/charts/kube-prometheus-stack/templates/exporters/kube-etcd/servicemonitor.yaml
@@ -3,7 +3,11 @@ apiVersion: monitoring.coreos.com/v1
 kind: ServiceMonitor
 metadata:
   name: {{ template "kube-prometheus-stack.fullname" . }}-kube-etcd
+  {{- if .Values.prometheus.prometheusSpec.ignoreNamespaceSelectors }}
+  namespace: kube-system
+  {{- else }}
   namespace: {{ template "kube-prometheus-stack.namespace" . }}
+  {{- end }}
   labels:
     app: {{ template "kube-prometheus-stack.name" . }}-kube-etcd
   {{- with .Values.kubeEtcd.serviceMonitor.additionalLabels }}
diff --git a/charts/kube-prometheus-stack/templates/exporters/kube-proxy/servicemonitor.yaml b/charts/kube-prometheus-stack/templates/exporters/kube-proxy/servicemonitor.yaml
index 33a30ee71bee..0a01a7f8b903 100644
--- a/charts/kube-prometheus-stack/templates/exporters/kube-proxy/servicemonitor.yaml
+++ b/charts/kube-prometheus-stack/templates/exporters/kube-proxy/servicemonitor.yaml
@@ -3,7 +3,11 @@ apiVersion: monitoring.coreos.com/v1
 kind: ServiceMonitor
 metadata:
   name: {{ template "kube-prometheus-stack.fullname" . }}-kube-proxy
+  {{- if .Values.prometheus.prometheusSpec.ignoreNamespaceSelectors }}
+  namespace: kube-system
+  {{- else }}
   namespace: {{ template "kube-prometheus-stack.namespace" . }}
+  {{- end }}
   labels:
     app: {{ template "kube-prometheus-stack.name" . }}-kube-proxy
   {{- with .Values.kubeProxy.serviceMonitor.additionalLabels }}
diff --git a/charts/kube-prometheus-stack/templates/exporters/kube-scheduler/servicemonitor.yaml b/charts/kube-prometheus-stack/templates/exporters/kube-scheduler/servicemonitor.yaml
index a8a8d0bc004f..6849340c494a 100644
--- a/charts/kube-prometheus-stack/templates/exporters/kube-scheduler/servicemonitor.yaml
+++ b/charts/kube-prometheus-stack/templates/exporters/kube-scheduler/servicemonitor.yaml
@@ -3,7 +3,11 @@ apiVersion: monitoring.coreos.com/v1
 kind: ServiceMonitor
 metadata:
   name: {{ template "kube-prometheus-stack.fullname" . }}-kube-scheduler
+  {{- if .Values.prometheus.prometheusSpec.ignoreNamespaceSelectors }}
+  namespace: kube-system
+  {{- else }}
   namespace: {{ template "kube-prometheus-stack.namespace" . }}
+  {{- end }}
   labels:
     app: {{ template "kube-prometheus-stack.name" . }}-kube-scheduler
   {{- with .Values.kubeScheduler.serviceMonitor.additionalLabels }}
diff --git a/charts/kube-prometheus-stack/templates/exporters/kubelet/servicemonitor.yaml b/charts/kube-prometheus-stack/templates/exporters/kubelet/servicemonitor.yaml
index 001e8fb1f518..f27f232abf94 100644
--- a/charts/kube-prometheus-stack/templates/exporters/kubelet/servicemonitor.yaml
+++ b/charts/kube-prometheus-stack/templates/exporters/kubelet/servicemonitor.yaml
@@ -3,7 +3,11 @@ apiVersion: monitoring.coreos.com/v1
 kind: ServiceMonitor
 metadata:
   name: {{ template "kube-prometheus-stack.fullname" . }}-kubelet
+  {{- if .Values.prometheus.prometheusSpec.ignoreNamespaceSelectors }}
+  namespace: {{ .Values.kubelet.namespace }}
+  {{- else }}
   namespace: {{ template "kube-prometheus-stack.namespace" . }}
+  {{- end }}
   labels:
     app: {{ template "kube-prometheus-stack.name" . }}-kubelet
   {{- with .Values.kubelet.serviceMonitor.additionalLabels }}
diff --git a/charts/kube-prometheus-stack/values.yaml b/charts/kube-prometheus-stack/values.yaml
index 0c146f99116e..0fd229e4d1e5 100644
--- a/charts/kube-prometheus-stack/values.yaml
+++ b/charts/kube-prometheus-stack/values.yaml
@@ -3759,8 +3759,10 @@ prometheus:
     ## OverrideHonorTimestamps allows to globally enforce honoring timestamps in all scrape configs.
     overrideHonorTimestamps: false
 
-    ## IgnoreNamespaceSelectors if set to true will ignore NamespaceSelector settings from the podmonitor and servicemonitor
-    ## configs, and they will only discover endpoints within their current namespace. Defaults to false.
+    ## When ignoreNamespaceSelectors is set to true, namespaceSelector from all PodMonitor, ServiceMonitor and Probe objects will be ignored,
+    ## they will only discover targets within the namespace of the PodMonitor, ServiceMonitor and Probe object,
+    ## and servicemonitors will be installed in the default service namespace.
+    ## Defaults to false.
     ignoreNamespaceSelectors: false
 
     ## EnforcedNamespaceLabel enforces adding a namespace label of origin for each alert and metric that is user created.