diff --git a/cmd/manager/main.go b/cmd/manager/main.go
index b92e71476b..7b2d0757bc 100644
--- a/cmd/manager/main.go
+++ b/cmd/manager/main.go
@@ -22,6 +22,7 @@ import (
 	"os"
 	"sigs.k8s.io/controller-runtime/pkg/webhook/admission"
 
+	"github.com/kserve/kserve/pkg/utils"
 	istio_networking "istio.io/api/networking/v1beta1"
 	istioclientv1beta1 "istio.io/client-go/pkg/apis/networking/v1beta1"
 	v1 "k8s.io/api/core/v1"
@@ -158,13 +159,26 @@ func main() {
 		setupLog.Error(err, "unable to get ingress config.")
 		os.Exit(1)
 	}
-	if deployConfig.DefaultDeploymentMode == string(constants.Serverless) {
+
+	ksvcFound, ksvcCheckErr := utils.IsCrdAvailable(cfg, knservingv1.SchemeGroupVersion.String(), constants.KnativeServiceKind)
+	if ksvcCheckErr != nil {
+		setupLog.Error(ksvcCheckErr, "error when checking if Knative Service kind is available")
+		os.Exit(1)
+	}
+	if ksvcFound {
 		setupLog.Info("Setting up Knative scheme")
 		if err := knservingv1.AddToScheme(mgr.GetScheme()); err != nil {
 			setupLog.Error(err, "unable to add Knative APIs to scheme")
 			os.Exit(1)
 		}
-		if ingressConfig.DisableIstioVirtualHost == false {
+	}
+	if !ingressConfig.DisableIstioVirtualHost {
+		vsFound, vsCheckErr := utils.IsCrdAvailable(cfg, istioclientv1beta1.SchemeGroupVersion.String(), constants.IstioVirtualServiceKind)
+		if vsCheckErr != nil {
+			setupLog.Error(vsCheckErr, "error when checking if Istio VirtualServices are available")
+			os.Exit(1)
+		}
+		if vsFound {
 			setupLog.Info("Setting up Istio schemes")
 			if err := istioclientv1beta1.AddToScheme(mgr.GetScheme()); err != nil {
 				setupLog.Error(err, "unable to add Istio v1beta1 APIs to scheme")
diff --git a/go.mod b/go.mod
index beb9624870..827e6022eb 100644
--- a/go.mod
+++ b/go.mod
@@ -8,7 +8,7 @@ require (
 	github.com/cloudevents/sdk-go/v2 v2.15.2
 	github.com/fsnotify/fsnotify v1.7.0
 	github.com/getkin/kin-openapi v0.120.0
-	github.com/go-logr/logr v1.3.0
+	github.com/go-logr/logr v1.4.1
 	github.com/gofrs/uuid/v5 v5.0.0
 	github.com/google/go-cmp v0.6.0
 	github.com/google/uuid v1.6.0
@@ -20,12 +20,12 @@ require (
 	github.com/pkg/errors v0.9.1
 	github.com/spf13/cobra v1.8.0
 	github.com/spf13/pflag v1.0.5
-	github.com/stretchr/testify v1.8.4
+	github.com/stretchr/testify v1.9.0
 	github.com/tidwall/gjson v1.17.0
 	go.uber.org/zap v1.27.0
 	gomodules.xyz/jsonpatch/v2 v2.4.0
 	google.golang.org/api v0.151.0
-	google.golang.org/protobuf v1.32.0
+	google.golang.org/protobuf v1.33.0
 	istio.io/api v1.19.4
 	istio.io/client-go v1.19.4
 	k8s.io/api v0.28.4
@@ -100,14 +100,14 @@ require (
 	go.opencensus.io v0.24.0 // indirect
 	go.uber.org/atomic v1.11.0 // indirect
 	go.uber.org/multierr v1.11.0 // indirect
-	golang.org/x/crypto v0.19.0 // indirect
+	golang.org/x/crypto v0.21.0 // indirect
 	golang.org/x/exp v0.0.0-20231110203233-9a3e6036ecaa // indirect
 	golang.org/x/mod v0.14.0 // indirect
-	golang.org/x/net v0.18.0 // indirect
+	golang.org/x/net v0.23.0 // indirect
 	golang.org/x/oauth2 v0.14.0 // indirect
 	golang.org/x/sync v0.5.0 // indirect
-	golang.org/x/sys v0.15.0 // indirect
-	golang.org/x/term v0.15.0 // indirect
+	golang.org/x/sys v0.18.0 // indirect
+	golang.org/x/term v0.18.0 // indirect
 	golang.org/x/text v0.14.0 // indirect
 	golang.org/x/time v0.4.0 // indirect
 	golang.org/x/tools v0.15.0 // indirect
@@ -129,15 +129,7 @@ require (
 	sigs.k8s.io/structured-merge-diff/v4 v4.4.1 // indirect
 )
 
-replace (
-	// Fixes CVE-2022-21698 and CVE-2023-45142
-	// this dependency comes from k8s.io/component-base@v0.28.4 and k8s.io/apiextensions-apiserver@v0.28.4
-	// before removing it make sure that the next version of the related k8s dependencies contains the fix
-	go.opentelemetry.io/contrib/instrumentation/net/http/otelhttp => go.opentelemetry.io/contrib/instrumentation/net/http/otelhttp v0.44.0
-
-	// The crypto is pulled from go/compute which is pulled by go/storage
-	// this replace can be removed when version 1.36.1 of go/storage is released.
-	// https://github.com/googleapis/google-cloud-go/tree/main/storage
-	// Fixes CVE-2023-48795 - golang.org/x/crypto Authentication Bypass by Capture-replay
-	golang.org/x/crypto => golang.org/x/crypto v0.17.0
-)
+// Fixes CVE-2022-21698 and CVE-2023-45142
+// this dependency comes from k8s.io/component-base@v0.28.4 and k8s.io/apiextensions-apiserver@v0.28.4
+// before removing it make sure that the next version of the related k8s dependencies contains the fix
+replace go.opentelemetry.io/contrib/instrumentation/net/http/otelhttp => go.opentelemetry.io/contrib/instrumentation/net/http/otelhttp v0.44.0
diff --git a/go.sum b/go.sum
index 45cf9d3c61..0392018415 100644
--- a/go.sum
+++ b/go.sum
@@ -74,8 +74,6 @@ github.com/chzyer/logex v1.1.10/go.mod h1:+Ywpsq7O8HXn0nuIou7OrIPyXbp3wmkHB+jjWR
 github.com/chzyer/readline v0.0.0-20180603132655-2972be24d48e/go.mod h1:nSuG5e5PlCu98SY8svDHJxuZscDgtXS6KTTbou5AhLI=
 github.com/chzyer/test v0.0.0-20180213035817-a1ea475d72b1/go.mod h1:Q3SI9o4m/ZMnBNeIyt5eFwwo7qiLfzFZmjNmxjkiQlU=
 github.com/client9/misspell v0.3.4/go.mod h1:qj6jICC3Q7zFZvVWo7KLAzC3yx5G7kyvSDkc90ppPyw=
-github.com/cloudevents/sdk-go/v2 v2.14.0 h1:Nrob4FwVgi5L4tV9lhjzZcjYqFVyJzsA56CwPaPfv6s=
-github.com/cloudevents/sdk-go/v2 v2.14.0/go.mod h1:xDmKfzNjM8gBvjaF8ijFjM1VYOVUEeUfapHMUX1T5To=
 github.com/cloudevents/sdk-go/v2 v2.15.2 h1:54+I5xQEnI73RBhWHxbI1XJcqOFOVJN85vb41+8mHUc=
 github.com/cloudevents/sdk-go/v2 v2.15.2/go.mod h1:lL7kSWAE/V8VI4Wh0jbL2v/jvqsm6tjmaQBSvxcv4uE=
 github.com/cncf/udpa/go v0.0.0-20191209042840-269d4d468f6f/go.mod h1:M8M6+tZqaGXZJjfX53e64911xZQV5JYwmTeXPW+k8Sc=
@@ -116,8 +114,9 @@ github.com/go-logfmt/logfmt v0.6.0 h1:wGYYu3uicYdqXVgoYbvnkrPVXkuLM1p1ifugDMEdRi
 github.com/go-logfmt/logfmt v0.6.0/go.mod h1:WYhtIu8zTZfxdn5+rREduYbwxfcBr/Vr6KEVveWlfTs=
 github.com/go-logr/logr v0.1.0/go.mod h1:ixOQHD9gLJUVQQ2ZOR7zLEifBX6tGkNJF4QyIY7sIas=
 github.com/go-logr/logr v0.2.0/go.mod h1:z6/tIYblkpsD+a4lm/fGIIU9mZ+XfAiaFtq7xTgseGU=
-github.com/go-logr/logr v1.3.0 h1:2y3SDp0ZXuc6/cjLSZ+Q3ir+QB9T/iG5yYRXqsagWSY=
 github.com/go-logr/logr v1.3.0/go.mod h1:9T104GzyrTigFIr8wt5mBrctHMim0Nb2HLGrmQ40KvY=
+github.com/go-logr/logr v1.4.1 h1:pKouT5E8xu9zeFC39JXRDukb6JFQPXM5p5I91188VAQ=
+github.com/go-logr/logr v1.4.1/go.mod h1:9T104GzyrTigFIr8wt5mBrctHMim0Nb2HLGrmQ40KvY=
 github.com/go-logr/zapr v1.3.0 h1:XGdV8XW8zdwFiwOA2Dryh1gj2KRQyOOoNmBy4EplIcQ=
 github.com/go-logr/zapr v1.3.0/go.mod h1:YKepepNBd1u/oyhd/yQmtjVXmm9uML4IXUgMOwR8/Gg=
 github.com/go-openapi/jsonpointer v0.19.6/go.mod h1:osyAmYz/mB/C3I+WsTTSgw1ONzaLJoLCyoi6/zppojs=
@@ -211,8 +210,6 @@ github.com/google/renameio v0.1.0/go.mod h1:KWCgfxg9yswjAJkECMjeO8J8rahYeXnNhOm4
 github.com/google/s2a-go v0.1.7 h1:60BLSyTrOV4/haCDW4zb1guZItoSq8foHCXrAnjBo/o=
 github.com/google/s2a-go v0.1.7/go.mod h1:50CgR4k1jNlWBu4UfS4AcfhVe1r6pdZPygJ3R8F0Qdw=
 github.com/google/uuid v1.1.2/go.mod h1:TIyPZe4MgqvfeYDBFedMoGGpEw/LqOeaOT+nhxU+yHo=
-github.com/google/uuid v1.4.0 h1:MtMxsa51/r9yyhkyLsVeVt0B+BGQZzpQiTQ4eHZ8bc4=
-github.com/google/uuid v1.4.0/go.mod h1:TIyPZe4MgqvfeYDBFedMoGGpEw/LqOeaOT+nhxU+yHo=
 github.com/google/uuid v1.6.0 h1:NIvaJDMOsjHA8n1jAhLSgzrAzy1Hgr+hNrb57e+94F0=
 github.com/google/uuid v1.6.0/go.mod h1:TIyPZe4MgqvfeYDBFedMoGGpEw/LqOeaOT+nhxU+yHo=
 github.com/googleapis/enterprise-certificate-proxy v0.3.2 h1:Vie5ybvEvT75RniqhfFxPRy3Bf7vr3h0cechB90XaQs=
@@ -363,8 +360,8 @@ github.com/stretchr/testify v1.6.1/go.mod h1:6Fq8oRcR53rry900zMqJjRRixrwX3KX962/
 github.com/stretchr/testify v1.7.1/go.mod h1:6Fq8oRcR53rry900zMqJjRRixrwX3KX962/h/Wwjteg=
 github.com/stretchr/testify v1.8.0/go.mod h1:yNjHg4UonilssWZ8iaSj1OCr/vHnekPRkoO+kdMU+MU=
 github.com/stretchr/testify v1.8.1/go.mod h1:w2LPCIKwWwSfY2zedu0+kehJoqGctiVI29o6fzry7u4=
-github.com/stretchr/testify v1.8.4 h1:CcVxjf3Q8PM0mHUKJCdn+eZZtm5yQwehR5yeSVQQcUk=
-github.com/stretchr/testify v1.8.4/go.mod h1:sz/lmYIOXD/1dqDmKjjqLyZ2RngseejIcXlSw2iwfAo=
+github.com/stretchr/testify v1.9.0 h1:HtqpIVDClZ4nwg75+f6Lvsy/wHu+3BoSGCbBAcpTsTg=
+github.com/stretchr/testify v1.9.0/go.mod h1:r2ic/lqez/lEtzL7wO/rwa5dbSLXVDPFyf8C91i36aY=
 github.com/stvp/go-udp-testing v0.0.0-20201019212854-469649b16807/go.mod h1:7jxmlfBCDBXRzr0eAQJ48XC1hBu1np4CS5+cHEYfwpc=
 github.com/tidwall/gjson v1.17.0 h1:/Jocvlh98kcTfpN2+JzGQWQcqrPQwDrVEMApx/M5ZwM=
 github.com/tidwall/gjson v1.17.0/go.mod h1:/wbyibRr2FHMks5tjHJ5F8dMZh3AcwJEMf5vlfC0lxk=
@@ -393,18 +390,23 @@ go.opencensus.io v0.24.0/go.mod h1:vNK8G9p7aAivkbmorf4v+7Hgx+Zs0yY+0fOtgBfjQKo=
 go.uber.org/atomic v1.4.0/go.mod h1:gD2HeocX3+yG+ygLZcrzQJaqmWj9AIm7n08wl/qW/PE=
 go.uber.org/atomic v1.11.0 h1:ZvwS0R+56ePWxUNi+Atn9dWONBPp/AUETXlHW0DxSjE=
 go.uber.org/atomic v1.11.0/go.mod h1:LUxbIzbOniOlMKjJjyPfpl4v+PKK2cNJn91OQbhoJI0=
-go.uber.org/goleak v1.2.1 h1:NBol2c7O1ZokfZ0LEU9K6Whx/KnwvepVetCUhtKja4A=
-go.uber.org/goleak v1.2.1/go.mod h1:qlT2yGI9QafXHhZZLxlSuNsMw3FFLxBr+tBRlmO1xH4=
+go.uber.org/goleak v1.3.0 h1:2K3zAYmnTNqV73imy9J1T3WC+gmCePx2hEGkimedGto=
+go.uber.org/goleak v1.3.0/go.mod h1:CoHD4mav9JJNrW/WLlf7HGZPjdw8EucARQHekz1X6bE=
 go.uber.org/multierr v1.1.0/go.mod h1:wR5kodmAFQ0UK8QlbwjlSNy0Z68gJhDJUG5sjR94q/0=
 go.uber.org/multierr v1.11.0 h1:blXXJkSxSSfBVBlC76pxqeO+LN3aDfLQo+309xJstO0=
 go.uber.org/multierr v1.11.0/go.mod h1:20+QtiLqy0Nd6FdQB9TLXag12DsQkrbs3htMFfDN80Y=
 go.uber.org/zap v1.10.0/go.mod h1:vwi/ZaCAaUcBkycHslxD9B2zi4UTXhF60s6SWpuDF0Q=
-go.uber.org/zap v1.26.0 h1:sI7k6L95XOKS281NhVKOFCUNIvv9e0w4BF8N3u+tCRo=
-go.uber.org/zap v1.26.0/go.mod h1:dtElttAiwGvoJ/vj4IwHBS/gXsEu/pZ50mUIRWuG0so=
 go.uber.org/zap v1.27.0 h1:aJMhYGrd5QSmlpLMr2MftRKl7t8J8PTZPA732ud/XR8=
 go.uber.org/zap v1.27.0/go.mod h1:GB2qFLM7cTU87MWRP2mPIjqfIDnGu+VIO4V/SdhGo2E=
-golang.org/x/crypto v0.17.0 h1:r8bRNjWL3GshPW3gkd+RpvzWrZAwPS49OmTGZ/uhM4k=
-golang.org/x/crypto v0.17.0/go.mod h1:gCAAfMLgwOJRpTjQ2zCCt2OcSfYMTeZVSRtQlPC7Nq4=
+golang.org/x/crypto v0.0.0-20180904163835-0709b304e793/go.mod h1:6SG95UA2DQfeDnfUPMdvaQW0Q7yPrPDi9nlGo2tz2b4=
+golang.org/x/crypto v0.0.0-20190308221718-c2843e01d9a2/go.mod h1:djNgcEr1/C05ACkg1iLfiJU5Ep61QUkGW8qpdssI0+w=
+golang.org/x/crypto v0.0.0-20190510104115-cbcb75029529/go.mod h1:yigFU9vqHzYiE8UmvKecakEJjdnWj3jj499lnFckfCI=
+golang.org/x/crypto v0.0.0-20190605123033-f99c8df09eb5/go.mod h1:yigFU9vqHzYiE8UmvKecakEJjdnWj3jj499lnFckfCI=
+golang.org/x/crypto v0.0.0-20191011191535-87dc89f01550/go.mod h1:yigFU9vqHzYiE8UmvKecakEJjdnWj3jj499lnFckfCI=
+golang.org/x/crypto v0.0.0-20200622213623-75b288015ac9/go.mod h1:LzIPMQfyMNhhGPhUkYOs5KpL4U8rLKemX1yGLhDgUto=
+golang.org/x/crypto v0.0.0-20210921155107-089bfa567519/go.mod h1:GvvjBRRGRdwPK5ydBHafDWAxML/pGHZbMvKqRZ5+Abc=
+golang.org/x/crypto v0.21.0 h1:X31++rzVUdKhX5sWmSOFZxx8UW/ldWx55cbf08iNAMA=
+golang.org/x/crypto v0.21.0/go.mod h1:0BP7YvVV9gBbVKyeTG0Gyn+gZm94bibOW5BjDEYAOMs=
 golang.org/x/exp v0.0.0-20190121172915-509febef88a4/go.mod h1:CJ0aWSM057203Lf6IL+f9T1iT9GByDxfZKAQTCR3kQA=
 golang.org/x/exp v0.0.0-20190306152737-a1d7652674e8/go.mod h1:CJ0aWSM057203Lf6IL+f9T1iT9GByDxfZKAQTCR3kQA=
 golang.org/x/exp v0.0.0-20190510132918-efd6b22b2522/go.mod h1:ZjyILWgesfNpC6sMxTJOJm9Kp84zZh5NQWvqDGG3Qr8=
@@ -438,7 +440,6 @@ golang.org/x/mod v0.1.1-0.20191107180719-034126e5016b/go.mod h1:QqPTAvyqsEbceGzB
 golang.org/x/mod v0.2.0/go.mod h1:s0Qsj1ACt9ePp/hMypM3fl4fZqREWJwdYDEqhRiZZUA=
 golang.org/x/mod v0.3.0/go.mod h1:s0Qsj1ACt9ePp/hMypM3fl4fZqREWJwdYDEqhRiZZUA=
 golang.org/x/mod v0.6.0-dev.0.20220419223038-86c51ed26bb4/go.mod h1:jJ57K6gSWd91VN4djpZkiMVwK6gcyfeH4XE8wZrZaV4=
-golang.org/x/mod v0.8.0/go.mod h1:iBbtSCu2XBx23ZKBPSOrRkjjQPZFPuis4dIYUhu/chs=
 golang.org/x/mod v0.14.0 h1:dGoOF9QVLYng8IHTm7BAyWqCqSheQ5pYWGhzW00YJr0=
 golang.org/x/mod v0.14.0/go.mod h1:hTbmBsO62+eylJbnUtE2MGJUyE7QWk4xUqPFrRgJ+7c=
 golang.org/x/net v0.0.0-20180724234803-3673e40ba225/go.mod h1:mL1N/T3taQHkDXs73rZJwtUhF3w3ftmwwsq0BUmARs4=
@@ -447,6 +448,7 @@ golang.org/x/net v0.0.0-20181114220301-adae6a3d119a/go.mod h1:mL1N/T3taQHkDXs73r
 golang.org/x/net v0.0.0-20190108225652-1e06a53dbb7e/go.mod h1:mL1N/T3taQHkDXs73rZJwtUhF3w3ftmwwsq0BUmARs4=
 golang.org/x/net v0.0.0-20190213061140-3a22650c66bd/go.mod h1:mL1N/T3taQHkDXs73rZJwtUhF3w3ftmwwsq0BUmARs4=
 golang.org/x/net v0.0.0-20190311183353-d8887717615a/go.mod h1:t9HGtf8HONx5eT2rtn7q6eTqICYqUVnKs3thJo3Qplg=
+golang.org/x/net v0.0.0-20190404232315-eb5bcb51f2a3/go.mod h1:t9HGtf8HONx5eT2rtn7q6eTqICYqUVnKs3thJo3Qplg=
 golang.org/x/net v0.0.0-20190501004415-9ce7a6920f09/go.mod h1:t9HGtf8HONx5eT2rtn7q6eTqICYqUVnKs3thJo3Qplg=
 golang.org/x/net v0.0.0-20190503192946-f4e77d36d62c/go.mod h1:t9HGtf8HONx5eT2rtn7q6eTqICYqUVnKs3thJo3Qplg=
 golang.org/x/net v0.0.0-20190603091049-60506f45cf65/go.mod h1:HSz+uSET+XFnRR8LxR5pz3Of3rY3CfYBVs4xY44aLks=
@@ -471,14 +473,13 @@ golang.org/x/net v0.0.0-20200707034311-ab3426394381/go.mod h1:/O7V0waA8r7cgGh81R
 golang.org/x/net v0.0.0-20200822124328-c89045814202/go.mod h1:/O7V0waA8r7cgGh81Ro3o1hOxt32SMVPicZroKQ2sZA=
 golang.org/x/net v0.0.0-20201021035429-f5854403a974/go.mod h1:sp8m0HH+o8qH0wwXwYZr8TS3Oi6o0r6Gce1SSxlDquU=
 golang.org/x/net v0.0.0-20201110031124-69a78807bb2b/go.mod h1:sp8m0HH+o8qH0wwXwYZr8TS3Oi6o0r6Gce1SSxlDquU=
+golang.org/x/net v0.0.0-20210226172049-e18ecbb05110/go.mod h1:m0MpNAwzfU5UDzcl9v0D8zg8gWTRqZa9RBIspLL5mdg=
 golang.org/x/net v0.0.0-20210525063256-abc453219eb5/go.mod h1:9nx3DQGgdP8bBQD5qxJ1jj9UTztislL4KSBs9R2vV5Y=
 golang.org/x/net v0.0.0-20220127200216-cd36cc0744dd/go.mod h1:CfG3xpIq0wQ8r1q4Su4UZFWDARRcnwPjda9FqA0JpMk=
 golang.org/x/net v0.0.0-20220225172249-27dd8689420f/go.mod h1:CfG3xpIq0wQ8r1q4Su4UZFWDARRcnwPjda9FqA0JpMk=
 golang.org/x/net v0.0.0-20220722155237-a158d28d115b/go.mod h1:XRhObCWvk6IyKnWLug+ECip1KBveYUHfp+8e9klMJ9c=
-golang.org/x/net v0.6.0/go.mod h1:2Tu9+aMcznHK/AK1HMvgo6xiTLG5rD5rZLDS+rp2Bjs=
-golang.org/x/net v0.10.0/go.mod h1:0qNGK6F8kojg2nk9dLZ2mShWaEBan6FAoqfSigmmuDg=
-golang.org/x/net v0.18.0 h1:mIYleuAkSbHh0tCv7RvjL3F6ZVbLjq4+R7zbOn3Kokg=
-golang.org/x/net v0.18.0/go.mod h1:/czyP5RqHAH4odGYxBJ1qz0+CE5WZ+2j1YgoEo8F2jQ=
+golang.org/x/net v0.23.0 h1:7EYJ93RZ9vYSZAIb2x3lnuvqO5zneoD6IvWjuhfxjTs=
+golang.org/x/net v0.23.0/go.mod h1:JKghWKKOSdJwpW2GEx0Ja7fmaKnMsbu+MWVZTokSYmg=
 golang.org/x/oauth2 v0.0.0-20180821212333-d2e6202438be/go.mod h1:N/0e6XlmueqKjAGxoOufVs8QHGRruUQn6yWY3a++T0U=
 golang.org/x/oauth2 v0.0.0-20190226205417-e64efc72b421/go.mod h1:gOpvHmFTYa4IltrdGE7lF6nIHvwfUNPOp7c8zoXwtLw=
 golang.org/x/oauth2 v0.0.0-20190604053449-0f29369cfe45/go.mod h1:gOpvHmFTYa4IltrdGE7lF6nIHvwfUNPOp7c8zoXwtLw=
@@ -500,7 +501,6 @@ golang.org/x/sync v0.0.0-20201020160332-67f06af15bc9/go.mod h1:RxMgew5VJxzue5/jJ
 golang.org/x/sync v0.0.0-20201207232520-09787c993a3a/go.mod h1:RxMgew5VJxzue5/jJTE5uejpjVlOe/izrB70Jof72aM=
 golang.org/x/sync v0.0.0-20220601150217-0de741cfad7f/go.mod h1:RxMgew5VJxzue5/jJTE5uejpjVlOe/izrB70Jof72aM=
 golang.org/x/sync v0.0.0-20220722155255-886fb9371eb4/go.mod h1:RxMgew5VJxzue5/jJTE5uejpjVlOe/izrB70Jof72aM=
-golang.org/x/sync v0.1.0/go.mod h1:RxMgew5VJxzue5/jJTE5uejpjVlOe/izrB70Jof72aM=
 golang.org/x/sync v0.5.0 h1:60k92dhOjHxJkrqnwsfl8KuaHbn/5dl0lUPUklKo3qE=
 golang.org/x/sync v0.5.0/go.mod h1:Czt+wKu1gCyEFDUtn0jG5QVvpJ6rzVqr5aXyt9drQfk=
 golang.org/x/sys v0.0.0-20180830151530-49385e6e1522/go.mod h1:STP8DvDyc/dI5b8T5hshtkjS+E42TnysNCUPdjciGhY=
@@ -545,16 +545,12 @@ golang.org/x/sys v0.0.0-20220114195835-da31bd327af9/go.mod h1:oPkhp1MJrh7nUepCBc
 golang.org/x/sys v0.0.0-20220520151302-bc2c85ada10a/go.mod h1:oPkhp1MJrh7nUepCBck5+mAzfO9JrbApNNgaTdGDITg=
 golang.org/x/sys v0.0.0-20220708085239-5a0f0661e09d/go.mod h1:oPkhp1MJrh7nUepCBck5+mAzfO9JrbApNNgaTdGDITg=
 golang.org/x/sys v0.0.0-20220722155257-8c9f86f7a55f/go.mod h1:oPkhp1MJrh7nUepCBck5+mAzfO9JrbApNNgaTdGDITg=
-golang.org/x/sys v0.5.0/go.mod h1:oPkhp1MJrh7nUepCBck5+mAzfO9JrbApNNgaTdGDITg=
-golang.org/x/sys v0.8.0/go.mod h1:oPkhp1MJrh7nUepCBck5+mAzfO9JrbApNNgaTdGDITg=
-golang.org/x/sys v0.15.0 h1:h48lPFYpsTvQJZF4EKyI4aLHaev3CxivZmv7yZig9pc=
-golang.org/x/sys v0.15.0/go.mod h1:/VUhepiaJMQUp4+oa/7Zr1D23ma6VTLIYjOOTFZPUcA=
+golang.org/x/sys v0.18.0 h1:DBdB3niSjOA/O0blCZBqDefyWNYveAYMNF1Wum0DYQ4=
+golang.org/x/sys v0.18.0/go.mod h1:/VUhepiaJMQUp4+oa/7Zr1D23ma6VTLIYjOOTFZPUcA=
 golang.org/x/term v0.0.0-20201126162022-7de9c90e9dd1/go.mod h1:bj7SfCRtBDWHUb9snDiAeCFNEtKQo2Wmx5Cou7ajbmo=
 golang.org/x/term v0.0.0-20210927222741-03fcf44c2211/go.mod h1:jbD1KX2456YbFQfuXm/mYQcufACuNUgVhRMnK/tPxf8=
-golang.org/x/term v0.5.0/go.mod h1:jMB1sMXY+tzblOD4FWmEbocvup2/aLOaQEp7JmGp78k=
-golang.org/x/term v0.8.0/go.mod h1:xPskH00ivmX89bAKVGSKKtLOWNx2+17Eiy94tnKShWo=
-golang.org/x/term v0.15.0 h1:y/Oo/a/q3IXu26lQgl04j/gjuBDOBlx7X6Om1j2CPW4=
-golang.org/x/term v0.15.0/go.mod h1:BDl952bC7+uMoWR75FIrCDx79TPU9oHkTZ9yRbYOrX0=
+golang.org/x/term v0.18.0 h1:FcHjZXDMxI8mM3nwhX9HlKop4C0YQvCVCdwYl2wOtE8=
+golang.org/x/term v0.18.0/go.mod h1:ILwASektA3OnRv7amZ1xhE/KTR+u50pbXfZ03+6Nx58=
 golang.org/x/text v0.0.0-20170915032832-14c0d48ead0c/go.mod h1:NqM8EUOU14njkJ3fqMW+pc6Ldnwhi/IjpwHt7yyuwOQ=
 golang.org/x/text v0.3.0/go.mod h1:NqM8EUOU14njkJ3fqMW+pc6Ldnwhi/IjpwHt7yyuwOQ=
 golang.org/x/text v0.3.1-0.20180807135948-17ff2d5776d2/go.mod h1:NqM8EUOU14njkJ3fqMW+pc6Ldnwhi/IjpwHt7yyuwOQ=
@@ -563,8 +559,6 @@ golang.org/x/text v0.3.3/go.mod h1:5Zoc/QRtKVWzQhOtBMvqHzDpF6irO9z98xDceosuGiQ=
 golang.org/x/text v0.3.6/go.mod h1:5Zoc/QRtKVWzQhOtBMvqHzDpF6irO9z98xDceosuGiQ=
 golang.org/x/text v0.3.7/go.mod h1:u+2+/6zg+i71rQMx5EYifcz6MCKuco9NR6JIITiCfzQ=
 golang.org/x/text v0.3.8/go.mod h1:E6s5w1FMmriuDzIBO73fBruAKo1PCIq6d2Q6DHfQ8WQ=
-golang.org/x/text v0.7.0/go.mod h1:mrYo+phRRbMaCq/xk9113O4dZlRixOauAjOtrjsXDZ8=
-golang.org/x/text v0.9.0/go.mod h1:e1OnstbJyHTd6l/uOt8jFFHp6TRDWZR/bV3emEE/zU8=
 golang.org/x/text v0.14.0 h1:ScX5w1eTa3QqT8oi6+ziP7dTV1S2+ALU0bI+0zXKWiQ=
 golang.org/x/text v0.14.0/go.mod h1:18ZOQIKpY8NJVqYksKHtTdi31H5itFRjB5/qKTNYzSU=
 golang.org/x/time v0.0.0-20181108054448-85acf8d2951c/go.mod h1:tRJNPiyCQ0inRvYxbN9jk5I+vvW/OXSQhTDSoE431IQ=
@@ -616,7 +610,6 @@ golang.org/x/tools v0.0.0-20200804011535-6c149bb5ef0d/go.mod h1:njjCfa9FT2d7l9Bc
 golang.org/x/tools v0.0.0-20200825202427-b303f430e36d/go.mod h1:njjCfa9FT2d7l9Bc6FUM5FLjQPp3cFF28FI3qnDFljA=
 golang.org/x/tools v0.0.0-20210106214847-113979e3529a/go.mod h1:emZCQorbCU4vsT4fOWvOPXz4eW1wZW4PmDk9uLelYpA=
 golang.org/x/tools v0.1.12/go.mod h1:hNGJHUnrk76NpqgfD5Aqm5Crs+Hm0VOH/i9J2+nxYbc=
-golang.org/x/tools v0.6.0/go.mod h1:Xwgl3UAJ/d3gWutnCtw505GrjyAbvKui8lOU390QaIU=
 golang.org/x/tools v0.15.0 h1:zdAyfUGbYmuVokhzVmghFl2ZJh5QhcfebBgmVPFYA+8=
 golang.org/x/tools v0.15.0/go.mod h1:hpksKq4dtpQWS1uQ61JkdqWM3LscIS6Slf+VVkm+wQk=
 golang.org/x/xerrors v0.0.0-20190717185122-a985d3407aa7/go.mod h1:I/5z698sn9Ka8TeJc9MKroUUfqBBauWjQqLJ2OPfmY0=
@@ -720,8 +713,8 @@ google.golang.org/protobuf v1.26.0-rc.1/go.mod h1:jlhhOSvTdKEhbULTjvd4ARK9grFBp0
 google.golang.org/protobuf v1.26.0/go.mod h1:9q0QmTI4eRPtz6boOQmLYwt+qCgq0jsYwAQnmE0givc=
 google.golang.org/protobuf v1.28.0/go.mod h1:HV8QOd/L58Z+nl8r43ehVNZIU/HEI6OcFqwMG9pJV4I=
 google.golang.org/protobuf v1.28.1/go.mod h1:HV8QOd/L58Z+nl8r43ehVNZIU/HEI6OcFqwMG9pJV4I=
-google.golang.org/protobuf v1.32.0 h1:pPC6BG5ex8PDFnkbrGU3EixyhKcQ2aDuBS36lqK/C7I=
-google.golang.org/protobuf v1.32.0/go.mod h1:c6P6GXX6sHbq/GpV6MGZEdwhWPcYBgnhAHhKbcUYpos=
+google.golang.org/protobuf v1.33.0 h1:uNO2rsAINq/JlFpSdYEKIZ0uKD/R9cpdv0T+yoGwGmI=
+google.golang.org/protobuf v1.33.0/go.mod h1:c6P6GXX6sHbq/GpV6MGZEdwhWPcYBgnhAHhKbcUYpos=
 gopkg.in/alecthomas/kingpin.v2 v2.2.6/go.mod h1:FMv+mEhP44yOT+4EoQTLFTRgOQ1FBLkstjWtayDeSgw=
 gopkg.in/check.v1 v0.0.0-20161208181325-20d25e280405/go.mod h1:Co6ibVJAznAaIkqp8huTwlJQCZ016jof/cbN4VW5Yz0=
 gopkg.in/check.v1 v1.0.0-20180628173108-788fd7840127/go.mod h1:Co6ibVJAznAaIkqp8huTwlJQCZ016jof/cbN4VW5Yz0=
diff --git a/pkg/constants/constants.go b/pkg/constants/constants.go
index 2930909091..98b8692979 100644
--- a/pkg/constants/constants.go
+++ b/pkg/constants/constants.go
@@ -432,6 +432,12 @@ const (
 	StateReasonCrashLoopBackOff = "CrashLoopBackOff"
 )
 
+// CRD Kinds
+const (
+	IstioVirtualServiceKind = "VirtualService"
+	KnativeServiceKind      = "Service"
+)
+
 // GetRawServiceLabel generate native service label
 func GetRawServiceLabel(service string) string {
 	return "isvc." + service
diff --git a/pkg/controller/v1alpha1/inferencegraph/controller.go b/pkg/controller/v1alpha1/inferencegraph/controller.go
index f5930fd3a5..248295656d 100644
--- a/pkg/controller/v1alpha1/inferencegraph/controller.go
+++ b/pkg/controller/v1alpha1/inferencegraph/controller.go
@@ -27,6 +27,7 @@ import (
 	"fmt"
 
 	"github.com/go-logr/logr"
+	"github.com/kserve/kserve/pkg/utils"
 	"github.com/pkg/errors"
 	appsv1 "k8s.io/api/apps/v1"
 	v1 "k8s.io/api/core/v1"
@@ -37,6 +38,7 @@ import (
 	"k8s.io/apimachinery/pkg/runtime"
 	"k8s.io/apimachinery/pkg/types"
 	"k8s.io/client-go/kubernetes"
+	"k8s.io/client-go/rest"
 	"k8s.io/client-go/tools/record"
 	"knative.dev/pkg/apis"
 	knservingv1 "knative.dev/serving/pkg/apis/serving/v1"
@@ -55,10 +57,11 @@ import (
 // InferenceGraphReconciler reconciles a InferenceGraph object
 type InferenceGraphReconciler struct {
 	client.Client
-	Clientset kubernetes.Interface
-	Log       logr.Logger
-	Scheme    *runtime.Scheme
-	Recorder  record.EventRecorder
+	ClientConfig *rest.Config
+	Clientset    kubernetes.Interface
+	Log          logr.Logger
+	Scheme       *runtime.Scheme
+	Recorder     record.EventRecorder
 }
 
 // InferenceGraphState describes the Readiness of the InferenceGraph
@@ -195,6 +198,18 @@ func (r *InferenceGraphReconciler) Reconcile(ctx context.Context, req ctrl.Reque
 		logger.Info("Inference graph raw before propagate status")
 		PropagateRawStatus(&graph.Status, deployment, url)
 	} else {
+		// Abort if Knative Services are not available
+		ksvcAvailable, checkKsvcErr := utils.IsCrdAvailable(r.ClientConfig, knservingv1.SchemeGroupVersion.String(), constants.KnativeServiceKind)
+		if err != nil {
+			return reconcile.Result{}, checkKsvcErr
+		}
+
+		if !ksvcAvailable {
+			r.Recorder.Event(graph, v1.EventTypeWarning, "ServerlessModeRejected",
+				"It is not possible to use Serverless deployment mode when Knative Services are not available")
+			return reconcile.Result{Requeue: false}, reconcile.TerminalError(fmt.Errorf("the resolved deployment mode of InferenceGraph '%s' is Serverless, but Knative Serving is not available", graph.Name))
+		}
+
 		//@TODO check raw deployment mode
 		desired := createKnativeService(graph.ObjectMeta, graph, routerConfig)
 		err = controllerutil.SetControllerReference(graph, desired, r.Scheme)
@@ -270,15 +285,22 @@ func inferenceGraphReadiness(status v1alpha1api.InferenceGraphStatus) bool {
 }
 
 func (r *InferenceGraphReconciler) SetupWithManager(mgr ctrl.Manager, deployConfig *v1beta1api.DeployConfig) error {
-	if deployConfig.DefaultDeploymentMode == string(constants.RawDeployment) {
-		return ctrl.NewControllerManagedBy(mgr).
-			For(&v1alpha1api.InferenceGraph{}).
-			Owns(&appsv1.Deployment{}).
-			Complete(r)
+	r.ClientConfig = mgr.GetConfig()
+
+	ksvcFound, err := utils.IsCrdAvailable(r.ClientConfig, knservingv1.SchemeGroupVersion.String(), constants.KnativeServiceKind)
+	if err != nil {
+		return err
+	}
+
+	ctrlBuilder := ctrl.NewControllerManagedBy(mgr).
+		For(&v1alpha1api.InferenceGraph{}).
+		Owns(&appsv1.Deployment{})
+
+	if ksvcFound {
+		ctrlBuilder = ctrlBuilder.Owns(&knservingv1.Service{})
 	} else {
-		return ctrl.NewControllerManagedBy(mgr).
-			For(&v1alpha1api.InferenceGraph{}).
-			Owns(&knservingv1.Service{}).
-			Complete(r)
+		r.Log.Info("The InferenceGraph controller won't watch serving.knative.dev/v1/Service resources because the CRD is not available.")
 	}
+
+	return ctrlBuilder.Complete(r)
 }
diff --git a/pkg/controller/v1alpha1/inferencegraph/controller_test.go b/pkg/controller/v1alpha1/inferencegraph/controller_test.go
index 2b3d20437a..6f6c62856f 100644
--- a/pkg/controller/v1alpha1/inferencegraph/controller_test.go
+++ b/pkg/controller/v1alpha1/inferencegraph/controller_test.go
@@ -21,6 +21,7 @@ import (
 	"fmt"
 	"github.com/kserve/kserve/pkg/apis/serving/v1alpha1"
 	"github.com/kserve/kserve/pkg/constants"
+	"github.com/kserve/kserve/pkg/utils"
 	. "github.com/onsi/ginkgo/v2"
 	. "github.com/onsi/gomega"
 	appsv1 "k8s.io/api/apps/v1"
@@ -577,4 +578,75 @@ var _ = Describe("Inference Graph controller test", func() {
 		})
 	})
 
+	Context("When creating an InferenceGraph in Serverless mode", func() {
+		It("Should fail if Knative Serving is not installed", func() {
+			// Simulate Knative Serving is absent by setting to false the relevant item in utils.gvResourcesCache variable
+			servingResources, getServingResourcesErr := utils.GetAvailableResourcesForApi(cfg, knservingv1.SchemeGroupVersion.String())
+			Expect(getServingResourcesErr).To(BeNil())
+			defer utils.SetAvailableResourcesForApi(knservingv1.SchemeGroupVersion.String(), servingResources)
+			utils.SetAvailableResourcesForApi(knservingv1.SchemeGroupVersion.String(), nil)
+
+			By("By creating a new InferenceGraph")
+			var configMap = &v1.ConfigMap{
+				ObjectMeta: metav1.ObjectMeta{
+					Name:      constants.InferenceServiceConfigMapName,
+					Namespace: constants.KServeNamespace,
+				},
+				Data: configs,
+			}
+			Expect(k8sClient.Create(context.TODO(), configMap)).NotTo(HaveOccurred())
+			defer k8sClient.Delete(context.TODO(), configMap)
+
+			graphName := "singlenode1"
+			var expectedRequest = reconcile.Request{NamespacedName: types.NamespacedName{Name: graphName, Namespace: "default"}}
+			var serviceKey = expectedRequest.NamespacedName
+			ctx := context.Background()
+			ig := &v1alpha1.InferenceGraph{
+				ObjectMeta: metav1.ObjectMeta{
+					Name:      serviceKey.Name,
+					Namespace: serviceKey.Namespace,
+					Annotations: map[string]string{
+						"serving.kserve.io/deploymentMode": string(constants.Serverless),
+					},
+				},
+				Spec: v1alpha1.InferenceGraphSpec{
+					Nodes: map[string]v1alpha1.InferenceRouter{
+						v1alpha1.GraphRootNodeName: {
+							RouterType: v1alpha1.Sequence,
+							Steps: []v1alpha1.InferenceStep{
+								{
+									InferenceTarget: v1alpha1.InferenceTarget{
+										ServiceURL: "http://someservice.exmaple.com",
+									},
+								},
+							},
+						},
+					},
+				},
+			}
+			Expect(k8sClient.Create(ctx, ig)).Should(Succeed())
+			defer k8sClient.Delete(ctx, ig)
+
+			Eventually(func() bool {
+				events := &v1.EventList{}
+				err := k8sClient.List(ctx, events, client.InNamespace(serviceKey.Namespace))
+				if err != nil {
+					return false
+				}
+				if events == nil {
+					return false
+				}
+
+				for _, event := range events.Items {
+					if event.InvolvedObject.Kind == "InferenceGraph" &&
+						event.InvolvedObject.Name == serviceKey.Name &&
+						event.Reason == "ServerlessModeRejected" {
+						return true
+					}
+				}
+
+				return false
+			}, timeout, interval).Should(BeTrue())
+		})
+	})
 })
diff --git a/pkg/controller/v1beta1/inferenceservice/controller.go b/pkg/controller/v1beta1/inferenceservice/controller.go
index f602225b8c..d4d383d4bf 100644
--- a/pkg/controller/v1beta1/inferenceservice/controller.go
+++ b/pkg/controller/v1beta1/inferenceservice/controller.go
@@ -32,6 +32,7 @@ import (
 	"k8s.io/apimachinery/pkg/runtime"
 	"k8s.io/apimachinery/pkg/types"
 	"k8s.io/client-go/kubernetes"
+	"k8s.io/client-go/rest"
 	"k8s.io/client-go/tools/record"
 	"knative.dev/pkg/apis"
 	knservingv1 "knative.dev/serving/pkg/apis/serving/v1"
@@ -87,10 +88,11 @@ const (
 // InferenceServiceReconciler reconciles a InferenceService object
 type InferenceServiceReconciler struct {
 	client.Client
-	Clientset kubernetes.Interface
-	Log       logr.Logger
-	Scheme    *runtime.Scheme
-	Recorder  record.EventRecorder
+	ClientConfig *rest.Config
+	Clientset    kubernetes.Interface
+	Log          logr.Logger
+	Scheme       *runtime.Scheme
+	Recorder     record.EventRecorder
 }
 
 func (r *InferenceServiceReconciler) Reconcile(ctx context.Context, req ctrl.Request) (ctrl.Result, error) {
@@ -165,6 +167,21 @@ func (r *InferenceServiceReconciler) Reconcile(ctx context.Context, req ctrl.Req
 		return ctrl.Result{}, nil
 	}
 
+	// Abort early if the resolved deployment mode is Serverless, but Knative Services are not available
+	if deploymentMode == constants.Serverless {
+		ksvcAvailable, checkKsvcErr := utils.IsCrdAvailable(r.ClientConfig, knservingv1.SchemeGroupVersion.String(), constants.KnativeServiceKind)
+		if err != nil {
+			return reconcile.Result{}, checkKsvcErr
+		}
+
+		if !ksvcAvailable {
+			r.Recorder.Event(isvc, v1.EventTypeWarning, "ServerlessModeRejected",
+				"It is not possible to use Serverless deployment mode when Knative Services are not available")
+			return reconcile.Result{Requeue: false}, reconcile.TerminalError(fmt.Errorf("the resolved deployment mode of InferenceService '%s' is Serverless, but Knative Serving is not available", isvc.Name))
+		}
+	}
+
+	// Setup reconcilers
 	r.Log.Info("Reconciling inference service", "apiVersion", isvc.APIVersion, "isvc", isvc.Name)
 	isvcConfig, err := v1beta1api.NewInferenceServicesConfig(r.Clientset)
 	if err != nil {
@@ -299,26 +316,35 @@ func inferenceServiceStatusEqual(s1, s2 v1beta1api.InferenceServiceStatus, deplo
 }
 
 func (r *InferenceServiceReconciler) SetupWithManager(mgr ctrl.Manager, deployConfig *v1beta1api.DeployConfig, ingressConfig *v1beta1api.IngressConfig) error {
-	if deployConfig.DefaultDeploymentMode == string(constants.RawDeployment) {
-		return ctrl.NewControllerManagedBy(mgr).
-			For(&v1beta1api.InferenceService{}).
-			Owns(&appsv1.Deployment{}).
-			Complete(r)
-	} else if ingressConfig.DisableIstioVirtualHost == false {
-		return ctrl.NewControllerManagedBy(mgr).
-			For(&v1beta1api.InferenceService{}).
-			Owns(&knservingv1.Service{}).
-			Owns(&istioclientv1beta1.VirtualService{}).
-			Owns(&appsv1.Deployment{}).
-			Complete(r)
+	r.ClientConfig = mgr.GetConfig()
+
+	ksvcFound, err := utils.IsCrdAvailable(r.ClientConfig, knservingv1.SchemeGroupVersion.String(), constants.KnativeServiceKind)
+	if err != nil {
+		return err
+	}
+
+	vsFound, err := utils.IsCrdAvailable(r.ClientConfig, istioclientv1beta1.SchemeGroupVersion.String(), constants.IstioVirtualServiceKind)
+	if err != nil {
+		return err
+	}
+
+	ctrlBuilder := ctrl.NewControllerManagedBy(mgr).
+		For(&v1beta1api.InferenceService{}).
+		Owns(&appsv1.Deployment{})
+
+	if ksvcFound {
+		ctrlBuilder = ctrlBuilder.Owns(&knservingv1.Service{})
+	} else {
+		r.Log.Info("The InferenceService controller won't watch serving.knative.dev/v1/Service resources because the CRD is not available.")
+	}
+
+	if vsFound && !ingressConfig.DisableIstioVirtualHost {
+		ctrlBuilder = ctrlBuilder.Owns(&istioclientv1beta1.VirtualService{})
 	} else {
-		return ctrl.NewControllerManagedBy(mgr).
-			For(&v1beta1api.InferenceService{}).
-			Owns(&knservingv1.Service{}).
-			Owns(&appsv1.Deployment{}).
-			Complete(r)
+		r.Log.Info("The InferenceService controller won't watch networking.istio.io/v1beta1/VirtualService resources because the CRD is not available.")
 	}
 
+	return ctrlBuilder.Complete(r)
 }
 
 func (r *InferenceServiceReconciler) deleteExternalResources(isvc *v1beta1api.InferenceService) error {
diff --git a/pkg/controller/v1beta1/inferenceservice/controller_test.go b/pkg/controller/v1beta1/inferenceservice/controller_test.go
index 45867332a0..97b1ed931b 100644
--- a/pkg/controller/v1beta1/inferenceservice/controller_test.go
+++ b/pkg/controller/v1beta1/inferenceservice/controller_test.go
@@ -28,6 +28,7 @@ import (
 	"github.com/kserve/kserve/pkg/apis/serving/v1alpha1"
 	"github.com/kserve/kserve/pkg/apis/serving/v1beta1"
 	"github.com/kserve/kserve/pkg/constants"
+	"github.com/kserve/kserve/pkg/utils"
 	. "github.com/onsi/ginkgo/v2"
 	"github.com/onsi/gomega"
 	. "github.com/onsi/gomega"
@@ -392,6 +393,83 @@ var _ = Describe("v1beta1 inference service controller", func() {
 			Expect(updatedVirtualService.Annotations).To(gomega.Equal(annotations))
 			Expect(updatedVirtualService.Labels).To(gomega.Equal(labels))
 		})
+		It("Should fail if Knative Serving is not installed", func() {
+			// Simulate Knative Serving is absent by setting to false the relevant item in utils.gvResourcesCache variable
+			servingResources, getServingResourcesErr := utils.GetAvailableResourcesForApi(cfg, knservingv1.SchemeGroupVersion.String())
+			Expect(getServingResourcesErr).To(BeNil())
+			defer utils.SetAvailableResourcesForApi(knservingv1.SchemeGroupVersion.String(), servingResources)
+			utils.SetAvailableResourcesForApi(knservingv1.SchemeGroupVersion.String(), nil)
+
+			// Create configmap
+			var configMap = &v1.ConfigMap{
+				ObjectMeta: metav1.ObjectMeta{
+					Name:      constants.InferenceServiceConfigMapName,
+					Namespace: constants.KServeNamespace,
+				},
+				Data: configs,
+			}
+			Expect(k8sClient.Create(context.TODO(), configMap)).NotTo(HaveOccurred())
+			defer k8sClient.Delete(context.TODO(), configMap)
+
+			// Create InferenceService
+			serviceName := "serverless-isvc"
+			var expectedRequest = reconcile.Request{NamespacedName: types.NamespacedName{Name: serviceName, Namespace: "default"}}
+			var serviceKey = expectedRequest.NamespacedName
+			var storageUri = "s3://test/mnist/export"
+			isvc := &v1beta1.InferenceService{
+				ObjectMeta: metav1.ObjectMeta{
+					Name:      serviceKey.Name,
+					Namespace: serviceKey.Namespace,
+					Annotations: map[string]string{
+						"serving.kserve.io/deploymentMode": "Serverless",
+					},
+				},
+				Spec: v1beta1.InferenceServiceSpec{
+					Predictor: v1beta1.PredictorSpec{
+						ComponentExtensionSpec: v1beta1.ComponentExtensionSpec{
+							MinReplicas: v1beta1.GetIntReference(1),
+							MaxReplicas: 3,
+						},
+						Tensorflow: &v1beta1.TFServingSpec{
+							PredictorExtensionSpec: v1beta1.PredictorExtensionSpec{
+								StorageURI:     &storageUri,
+								RuntimeVersion: proto.String("1.14.0"),
+								Container: v1.Container{
+									Name:      constants.InferenceServiceContainerName,
+									Resources: defaultResource,
+								},
+							},
+						},
+					},
+				},
+			}
+			isvc.DefaultInferenceService(nil, nil)
+
+			ctx := context.Background()
+			Expect(k8sClient.Create(ctx, isvc)).Should(Succeed())
+			defer k8sClient.Delete(ctx, isvc)
+
+			Eventually(func() bool {
+				events := &v1.EventList{}
+				err := k8sClient.List(ctx, events, client.InNamespace(serviceKey.Namespace))
+				if err != nil {
+					return false
+				}
+				if events == nil {
+					return false
+				}
+
+				for _, event := range events.Items {
+					if event.InvolvedObject.Kind == "InferenceService" &&
+						event.InvolvedObject.Name == serviceKey.Name &&
+						event.Reason == "ServerlessModeRejected" {
+						return true
+					}
+				}
+
+				return false
+			}, timeout, interval).Should(BeTrue())
+		})
 	})
 
 	Context("Inference Service with transformer", func() {
diff --git a/pkg/utils/utils.go b/pkg/utils/utils.go
index b343fa1414..37f3669872 100644
--- a/pkg/utils/utils.go
+++ b/pkg/utils/utils.go
@@ -21,6 +21,10 @@ import (
 
 	"github.com/kserve/kserve/pkg/constants"
 	v1 "k8s.io/api/core/v1"
+	apierr "k8s.io/apimachinery/pkg/api/errors"
+	metav1 "k8s.io/apimachinery/pkg/apis/meta/v1"
+	"k8s.io/client-go/discovery"
+	"k8s.io/client-go/rest"
 )
 
 /* NOTE TO AUTHORS:
@@ -29,6 +33,8 @@ import (
  * Please add functional style container operations sparingly and intentionally.
  */
 
+var gvResourcesCache map[string]*metav1.APIResourceList
+
 func Filter(origin map[string]string, predicate func(string) bool) map[string]string {
 	result := make(map[string]string)
 	for k, v := range origin {
@@ -169,3 +175,62 @@ func AppendPortIfNotExists(slice []v1.ContainerPort, elems ...v1.ContainerPort)
 	}
 	return slice
 }
+
+// IsCrdAvailable checks if a given CRD is present in the cluster by verifying the
+// existence of its API.
+func IsCrdAvailable(config *rest.Config, groupVersion, kind string) (bool, error) {
+	gvResources, err := GetAvailableResourcesForApi(config, groupVersion)
+	if err != nil {
+		return false, err
+	}
+
+	found := false
+	if gvResources != nil {
+		for _, crd := range gvResources.APIResources {
+			if crd.Kind == kind {
+				found = true
+				break
+			}
+		}
+	}
+
+	return found, nil
+}
+
+// GetAvailableResourcesForApi returns the list of discovered resources that belong
+// to the API specified in groupVersion. The first query to a specifig groupVersion will
+// query the cluster API server to discover the available resources and the discovered
+// resources will be cached and returned to subsequent invocations to prevent additional
+// queries to the API server.
+func GetAvailableResourcesForApi(config *rest.Config, groupVersion string) (*metav1.APIResourceList, error) {
+	var gvResources *metav1.APIResourceList
+	var ok bool
+
+	if gvResources, ok = gvResourcesCache[groupVersion]; !ok {
+		discoveryClient, newClientErr := discovery.NewDiscoveryClientForConfig(config)
+		if newClientErr != nil {
+			return nil, newClientErr
+		}
+
+		var getGvResourcesErr error
+		gvResources, getGvResourcesErr = discoveryClient.ServerResourcesForGroupVersion(groupVersion)
+		if getGvResourcesErr != nil && !apierr.IsNotFound(getGvResourcesErr) {
+			return nil, getGvResourcesErr
+		}
+
+		SetAvailableResourcesForApi(groupVersion, gvResources)
+	}
+
+	return gvResources, nil
+}
+
+// SetAvailableResourcesForApi stores the value fo resources argument in the global cache
+// of discovered API resources. This function should never be called directly. It is exported
+// for usage in tests.
+func SetAvailableResourcesForApi(groupVersion string, resources *metav1.APIResourceList) {
+	if gvResourcesCache == nil {
+		gvResourcesCache = make(map[string]*metav1.APIResourceList)
+	}
+
+	gvResourcesCache[groupVersion] = resources
+}
diff --git a/qpext/go.mod b/qpext/go.mod
index 86de572763..c8e3fab6c8 100644
--- a/qpext/go.mod
+++ b/qpext/go.mod
@@ -49,11 +49,11 @@ require (
 	go.uber.org/atomic v1.11.0 // indirect
 	go.uber.org/automaxprocs v1.5.3 // indirect
 	go.uber.org/multierr v1.11.0 // indirect
-	golang.org/x/net v0.20.0 // indirect
+	golang.org/x/net v0.23.0 // indirect
 	golang.org/x/oauth2 v0.16.0 // indirect
 	golang.org/x/sync v0.6.0 // indirect
-	golang.org/x/sys v0.16.0 // indirect
-	golang.org/x/term v0.16.0 // indirect
+	golang.org/x/sys v0.18.0 // indirect
+	golang.org/x/term v0.18.0 // indirect
 	golang.org/x/text v0.14.0 // indirect
 	golang.org/x/time v0.5.0 // indirect
 	gomodules.xyz/jsonpatch/v2 v2.4.0 // indirect
@@ -63,7 +63,7 @@ require (
 	google.golang.org/genproto/googleapis/api v0.0.0-20231211222908-989df2bf70f3 // indirect
 	google.golang.org/genproto/googleapis/rpc v0.0.0-20231212172506-995d672761c0 // indirect
 	google.golang.org/grpc v1.60.1 // indirect
-	google.golang.org/protobuf v1.32.0 // indirect
+	google.golang.org/protobuf v1.33.0 // indirect
 	gopkg.in/inf.v0 v0.9.1 // indirect
 	gopkg.in/yaml.v2 v2.4.0 // indirect
 	gopkg.in/yaml.v3 v3.0.1 // indirect
diff --git a/qpext/go.sum b/qpext/go.sum
index d6e62ff4e8..70c6393848 100644
--- a/qpext/go.sum
+++ b/qpext/go.sum
@@ -428,8 +428,8 @@ golang.org/x/net v0.0.0-20210525063256-abc453219eb5/go.mod h1:9nx3DQGgdP8bBQD5qx
 golang.org/x/net v0.0.0-20220127200216-cd36cc0744dd/go.mod h1:CfG3xpIq0wQ8r1q4Su4UZFWDARRcnwPjda9FqA0JpMk=
 golang.org/x/net v0.0.0-20220225172249-27dd8689420f/go.mod h1:CfG3xpIq0wQ8r1q4Su4UZFWDARRcnwPjda9FqA0JpMk=
 golang.org/x/net v0.0.0-20220722155237-a158d28d115b/go.mod h1:XRhObCWvk6IyKnWLug+ECip1KBveYUHfp+8e9klMJ9c=
-golang.org/x/net v0.20.0 h1:aCL9BSgETF1k+blQaYUBx9hJ9LOGP3gAVemcZlf1Kpo=
-golang.org/x/net v0.20.0/go.mod h1:z8BVo6PvndSri0LbOE3hAn0apkU+1YvI6E70E9jsnvY=
+golang.org/x/net v0.23.0 h1:7EYJ93RZ9vYSZAIb2x3lnuvqO5zneoD6IvWjuhfxjTs=
+golang.org/x/net v0.23.0/go.mod h1:JKghWKKOSdJwpW2GEx0Ja7fmaKnMsbu+MWVZTokSYmg=
 golang.org/x/oauth2 v0.0.0-20180821212333-d2e6202438be/go.mod h1:N/0e6XlmueqKjAGxoOufVs8QHGRruUQn6yWY3a++T0U=
 golang.org/x/oauth2 v0.0.0-20190226205417-e64efc72b421/go.mod h1:gOpvHmFTYa4IltrdGE7lF6nIHvwfUNPOp7c8zoXwtLw=
 golang.org/x/oauth2 v0.0.0-20190604053449-0f29369cfe45/go.mod h1:gOpvHmFTYa4IltrdGE7lF6nIHvwfUNPOp7c8zoXwtLw=
@@ -496,12 +496,12 @@ golang.org/x/sys v0.0.0-20220114195835-da31bd327af9/go.mod h1:oPkhp1MJrh7nUepCBc
 golang.org/x/sys v0.0.0-20220520151302-bc2c85ada10a/go.mod h1:oPkhp1MJrh7nUepCBck5+mAzfO9JrbApNNgaTdGDITg=
 golang.org/x/sys v0.0.0-20220708085239-5a0f0661e09d/go.mod h1:oPkhp1MJrh7nUepCBck5+mAzfO9JrbApNNgaTdGDITg=
 golang.org/x/sys v0.0.0-20220722155257-8c9f86f7a55f/go.mod h1:oPkhp1MJrh7nUepCBck5+mAzfO9JrbApNNgaTdGDITg=
-golang.org/x/sys v0.16.0 h1:xWw16ngr6ZMtmxDyKyIgsE93KNKz5HKmMa3b8ALHidU=
-golang.org/x/sys v0.16.0/go.mod h1:/VUhepiaJMQUp4+oa/7Zr1D23ma6VTLIYjOOTFZPUcA=
+golang.org/x/sys v0.18.0 h1:DBdB3niSjOA/O0blCZBqDefyWNYveAYMNF1Wum0DYQ4=
+golang.org/x/sys v0.18.0/go.mod h1:/VUhepiaJMQUp4+oa/7Zr1D23ma6VTLIYjOOTFZPUcA=
 golang.org/x/term v0.0.0-20201126162022-7de9c90e9dd1/go.mod h1:bj7SfCRtBDWHUb9snDiAeCFNEtKQo2Wmx5Cou7ajbmo=
 golang.org/x/term v0.0.0-20210927222741-03fcf44c2211/go.mod h1:jbD1KX2456YbFQfuXm/mYQcufACuNUgVhRMnK/tPxf8=
-golang.org/x/term v0.16.0 h1:m+B6fahuftsE9qjo0VWp2FW0mB3MTJvR0BaMQrq0pmE=
-golang.org/x/term v0.16.0/go.mod h1:yn7UURbUtPyrVJPGPq404EukNFxcm/foM+bV/bfcDsY=
+golang.org/x/term v0.18.0 h1:FcHjZXDMxI8mM3nwhX9HlKop4C0YQvCVCdwYl2wOtE8=
+golang.org/x/term v0.18.0/go.mod h1:ILwASektA3OnRv7amZ1xhE/KTR+u50pbXfZ03+6Nx58=
 golang.org/x/text v0.0.0-20170915032832-14c0d48ead0c/go.mod h1:NqM8EUOU14njkJ3fqMW+pc6Ldnwhi/IjpwHt7yyuwOQ=
 golang.org/x/text v0.3.0/go.mod h1:NqM8EUOU14njkJ3fqMW+pc6Ldnwhi/IjpwHt7yyuwOQ=
 golang.org/x/text v0.3.1-0.20180807135948-17ff2d5776d2/go.mod h1:NqM8EUOU14njkJ3fqMW+pc6Ldnwhi/IjpwHt7yyuwOQ=
@@ -662,8 +662,8 @@ google.golang.org/protobuf v1.26.0-rc.1/go.mod h1:jlhhOSvTdKEhbULTjvd4ARK9grFBp0
 google.golang.org/protobuf v1.26.0/go.mod h1:9q0QmTI4eRPtz6boOQmLYwt+qCgq0jsYwAQnmE0givc=
 google.golang.org/protobuf v1.28.0/go.mod h1:HV8QOd/L58Z+nl8r43ehVNZIU/HEI6OcFqwMG9pJV4I=
 google.golang.org/protobuf v1.28.1/go.mod h1:HV8QOd/L58Z+nl8r43ehVNZIU/HEI6OcFqwMG9pJV4I=
-google.golang.org/protobuf v1.32.0 h1:pPC6BG5ex8PDFnkbrGU3EixyhKcQ2aDuBS36lqK/C7I=
-google.golang.org/protobuf v1.32.0/go.mod h1:c6P6GXX6sHbq/GpV6MGZEdwhWPcYBgnhAHhKbcUYpos=
+google.golang.org/protobuf v1.33.0 h1:uNO2rsAINq/JlFpSdYEKIZ0uKD/R9cpdv0T+yoGwGmI=
+google.golang.org/protobuf v1.33.0/go.mod h1:c6P6GXX6sHbq/GpV6MGZEdwhWPcYBgnhAHhKbcUYpos=
 gopkg.in/alecthomas/kingpin.v2 v2.2.6/go.mod h1:FMv+mEhP44yOT+4EoQTLFTRgOQ1FBLkstjWtayDeSgw=
 gopkg.in/check.v1 v0.0.0-20161208181325-20d25e280405/go.mod h1:Co6ibVJAznAaIkqp8huTwlJQCZ016jof/cbN4VW5Yz0=
 gopkg.in/check.v1 v1.0.0-20180628173108-788fd7840127/go.mod h1:Co6ibVJAznAaIkqp8huTwlJQCZ016jof/cbN4VW5Yz0=