diff --git a/optimum/onnxruntime/utils.py b/optimum/onnxruntime/utils.py
index aea997eb39a..e269c8de718 100644
--- a/optimum/onnxruntime/utils.py
+++ b/optimum/onnxruntime/utils.py
@@ -13,7 +13,6 @@
 #  limitations under the License.
 """Utility functions, classes and constants for ONNX Runtime."""
 
-import importlib.util
 import os
 import re
 from enum import Enum
@@ -28,6 +27,7 @@
 import onnxruntime as ort
 
 from ..exporters.onnx import OnnxConfig, OnnxConfigWithLoss
+from ..utils.import_utils import _is_package_available
 
 
 logger = logging.get_logger(__name__)
@@ -83,7 +83,7 @@ def is_cupy_available():
     """
     Checks if onnxruntime-training is available.
     """
-    return importlib.util.find_spec("cupy") is not None
+    return _is_package_available("cupy")
 
 
 class ORTConfigManager:
diff --git a/optimum/utils/import_utils.py b/optimum/utils/import_utils.py
index 2bbfdfaf0ac..0894a3b4902 100644
--- a/optimum/utils/import_utils.py
+++ b/optimum/utils/import_utils.py
@@ -18,13 +18,29 @@
 import sys
 from collections import OrderedDict
 from contextlib import contextmanager
-from typing import Union
+from typing import Tuple, Union
 
 import numpy as np
 import packaging
 from transformers.utils import is_torch_available
 
 
+def _is_package_available(pkg_name: str, return_version: bool = False) -> Union[Tuple[bool, str], bool]:
+    # Check we're not importing a "pkg_name" directory somewhere but the actual library by trying to grab the version
+    package_exists = importlib.util.find_spec(pkg_name) is not None
+    package_version = "N/A"
+    if package_exists:
+        try:
+            package_version = importlib.metadata.version(pkg_name)
+            package_exists = True
+        except importlib.metadata.PackageNotFoundError:
+            package_exists = False
+    if return_version:
+        return package_exists, package_version
+    else:
+        return package_exists
+
+
 # The package importlib_metadata is in a different place, depending on the python version.
 if sys.version_info < (3, 8):
     import importlib_metadata
@@ -42,14 +58,14 @@
 ORT_QUANTIZE_MINIMUM_VERSION = packaging.version.parse("1.4.0")
 
 
-_onnx_available = importlib.util.find_spec("onnx") is not None
-_onnxruntime_available = importlib.util.find_spec("onnxruntime") is not None
-_pydantic_available = importlib.util.find_spec("pydantic") is not None
-_accelerate_available = importlib.util.find_spec("accelerate") is not None
-_diffusers_available = importlib.util.find_spec("diffusers") is not None
-_auto_gptq_available = importlib.util.find_spec("auto_gptq") is not None
-_timm_available = importlib.util.find_spec("timm") is not None
-_sentence_transformers_available = importlib.util.find_spec("sentence_transformers") is not None
+_onnx_available = _is_package_available("onnx")
+_onnxruntime_available = _is_package_available("onnxruntime")
+_pydantic_available = _is_package_available("pydantic")
+_accelerate_available = _is_package_available("accelerate")
+_diffusers_available = _is_package_available("diffusers")
+_auto_gptq_available = _is_package_available("auto_gptq")
+_timm_available = _is_package_available("timm")
+_sentence_transformers_available = _is_package_available("sentence_transformers")
 
 torch_version = None
 if is_torch_available():