diff --git a/src/bindings/python/src/pyopenvino/CMakeLists.txt b/src/bindings/python/src/pyopenvino/CMakeLists.txt
index 23b67586671e8b..086cd622643e02 100644
--- a/src/bindings/python/src/pyopenvino/CMakeLists.txt
+++ b/src/bindings/python/src/pyopenvino/CMakeLists.txt
@@ -30,11 +30,6 @@ elseif(CMAKE_COMPILER_IS_GNUCXX)
     ov_add_compiler_flags(-Wno-error=attributes)
 endif()
 
-if(CMAKE_COMPILER_IS_GNUCXX OR OV_COMPILER_IS_CLANG OR OV_COMPILER_IS_INTEL_LLVM)
-    # TODO: remove this deprecated API usage
-    ov_add_compiler_flags(-Wno-error=deprecated-declarations)
-endif()
-
 if(ENABLE_TESTS)
     add_subdirectory(test_utils)
 endif()
diff --git a/src/bindings/python/src/pyopenvino/core/remote_tensor.cpp b/src/bindings/python/src/pyopenvino/core/remote_tensor.cpp
index 034b9b425b7634..141e1eaa39c47d 100644
--- a/src/bindings/python/src/pyopenvino/core/remote_tensor.cpp
+++ b/src/bindings/python/src/pyopenvino/core/remote_tensor.cpp
@@ -12,9 +12,7 @@
 namespace py = pybind11;
 
 void regclass_RemoteTensor(py::module m) {
-    py::class_<RemoteTensorWrapper, std::shared_ptr<RemoteTensorWrapper>> cls(m,
-                                                                              "RemoteTensor",
-                                                                              py::base<ov::Tensor>());
+    py::class_<RemoteTensorWrapper, std::shared_ptr<RemoteTensorWrapper>> cls(m, "RemoteTensor");
 
     cls.def(
         "get_device_name",
diff --git a/src/bindings/python/src/pyopenvino/core/remote_tensor.hpp b/src/bindings/python/src/pyopenvino/core/remote_tensor.hpp
index 4fa40aff49615d..a35443fd6f2f94 100644
--- a/src/bindings/python/src/pyopenvino/core/remote_tensor.hpp
+++ b/src/bindings/python/src/pyopenvino/core/remote_tensor.hpp
@@ -9,8 +9,6 @@
 #include <openvino/runtime/intel_gpu/properties.hpp>
 #include <openvino/runtime/intel_gpu/remote_properties.hpp>
 #include <openvino/runtime/remote_tensor.hpp>
-#include <openvino/runtime/tensor.hpp>
-#include <pyopenvino/core/tensor.hpp>
 
 namespace py = pybind11;
 
diff --git a/src/bindings/python/src/pyopenvino/frontend/manager.cpp b/src/bindings/python/src/pyopenvino/frontend/manager.cpp
index f197d6946f8cab..a824e9473bc181 100644
--- a/src/bindings/python/src/pyopenvino/frontend/manager.cpp
+++ b/src/bindings/python/src/pyopenvino/frontend/manager.cpp
@@ -99,68 +99,47 @@ void regclass_frontend_FrontEndManager(py::module m) {
     });
 }
 
-OPENVINO_SUPPRESS_DEPRECATED_START
-
-// CVS-139194: migrate to new exception handling https://github.com/pybind/pybind11/pull/4772
-
-void regclass_frontend_GeneralFailureFrontEnd(py::module m) {
-    static py::exception<ov::frontend::GeneralFailure> exc(std::move(m), "GeneralFailure");
+template <class T>
+void handle_exception(py::module m, const char* exc_type) {
+#if PYBIND11_VERSION_MAJOR < 2 || (PYBIND11_VERSION_MAJOR == 2 && PYBIND11_VERSION_MINOR < 12)
+    static py::exception<T> exc(std::move(m), exc_type);
     py::register_exception_translator([](std::exception_ptr p) {
         try {
             if (p)
                 std::rethrow_exception(p);
-        } catch (const ov::frontend::GeneralFailure& e) {
+        } catch (const T& e) {
             exc(e.what());
         }
     });
-}
-
-void regclass_frontend_OpValidationFailureFrontEnd(py::module m) {
-    static py::exception<ov::frontend::OpValidationFailure> exc(std::move(m), "OpValidationFailure");
+#else
+    static py::handle ex = py::exception<T>(std::move(m), exc_type).release();
     py::register_exception_translator([](std::exception_ptr p) {
         try {
             if (p)
                 std::rethrow_exception(p);
-        } catch (const ov::frontend::OpValidationFailure& e) {
-            exc(e.what());
+        } catch (const T& e) {
+            py::set_error(ex, e.what());
         }
     });
+#endif
+}
+
+void regclass_frontend_GeneralFailureFrontEnd(py::module m) {
+    handle_exception<ov::frontend::GeneralFailure>(std::move(m), "GeneralFailure");
+}
+
+void regclass_frontend_OpValidationFailureFrontEnd(py::module m) {
+    handle_exception<ov::frontend::OpValidationFailure>(std::move(m), "OpValidationFailure");
 }
 
 void regclass_frontend_OpConversionFailureFrontEnd(py::module m) {
-    static py::exception<ov::frontend::OpConversionFailure> exc(std::move(m), "OpConversionFailure");
-    py::register_exception_translator([](std::exception_ptr p) {
-        try {
-            if (p)
-                std::rethrow_exception(p);
-        } catch (const ov::frontend::OpConversionFailure& e) {
-            exc(e.what());
-        }
-    });
+    handle_exception<ov::frontend::OpConversionFailure>(std::move(m), "OpConversionFailure");
 }
 
 void regclass_frontend_InitializationFailureFrontEnd(py::module m) {
-    static py::exception<ov::frontend::InitializationFailure> exc(std::move(m), "InitializationFailure");
-    py::register_exception_translator([](std::exception_ptr p) {
-        try {
-            if (p)
-                std::rethrow_exception(p);
-        } catch (const ov::frontend::InitializationFailure& e) {
-            exc(e.what());
-        }
-    });
+    handle_exception<ov::frontend::InitializationFailure>(std::move(m), "InitializationFailure");
 }
 
 void regclass_frontend_NotImplementedFailureFrontEnd(py::module m) {
-    static py::exception<ov::frontend::NotImplementedFailure> exc(std::move(m), "NotImplementedFailure");
-    py::register_exception_translator([](std::exception_ptr p) {
-        try {
-            if (p)
-                std::rethrow_exception(p);
-        } catch (const ov::frontend::NotImplementedFailure& e) {
-            exc(e.what());
-        }
-    });
+    handle_exception<ov::frontend::NotImplementedFailure>(std::move(m), "NotImplementedFailure");
 }
-
-OPENVINO_SUPPRESS_DEPRECATED_END
diff --git a/src/bindings/python/src/pyopenvino/utils/utils.hpp b/src/bindings/python/src/pyopenvino/utils/utils.hpp
index e2e5c6f5e886ff..1e0e7f23069d2e 100644
--- a/src/bindings/python/src/pyopenvino/utils/utils.hpp
+++ b/src/bindings/python/src/pyopenvino/utils/utils.hpp
@@ -12,10 +12,15 @@
     // Generated by operator `==` inside pybind::handle.
     #pragma warning( push )
     #pragma warning( disable: 4996 )
+#elif defined(__GNUC__)
+    #pragma GCC diagnostic push
+    #pragma GCC diagnostic ignored "-Wdeprecated-declarations"
 #endif
 #include "openvino/core/any.hpp"
 #ifdef _MSC_VER
     #pragma warning( pop )
+#elif defined(__GNUC__)
+    #pragma GCC diagnostic pop
 #endif
 
 #include "openvino/core/type/element_type.hpp"
diff --git a/src/bindings/python/tests/test_runtime/test_model.py b/src/bindings/python/tests/test_runtime/test_model.py
index 6d545f7760cf3d..65bef9a2ac0f6c 100644
--- a/src/bindings/python/tests/test_runtime/test_model.py
+++ b/src/bindings/python/tests/test_runtime/test_model.py
@@ -7,6 +7,7 @@
 import pytest
 import math
 from contextlib import nullcontext as does_not_raise
+from copy import copy
 
 import openvino.runtime.opset13 as ops
 from openvino import (
@@ -573,3 +574,10 @@ def test_save_model_with_none():
     with pytest.raises(AttributeError) as e:
         save_model(model=None, output_model="model.xml")
     assert "'model' argument is required and cannot be None." in str(e.value)
+
+
+def test_copy_failed():
+    model = generate_add_model()
+    with pytest.raises(TypeError) as e:
+        copy(model)
+    assert "cannot copy 'openvino.runtime.Model. Please, use deepcopy instead." in str(e.value)