diff --git a/lib/modules/manager/argocd/__fixtures__/malformedApplications.yml b/lib/modules/manager/argocd/__fixtures__/malformedApplications.yml
index 574b683230cc89..98e9465c74c0d7 100644
--- a/lib/modules/manager/argocd/__fixtures__/malformedApplications.yml
+++ b/lib/modules/manager/argocd/__fixtures__/malformedApplications.yml
@@ -9,3 +9,15 @@ spec:
 # malformed application as the source section is missing
 apiVersion: argoproj.io/v1alpha1
 kind: Application
+---
+# malformed application as the sources array is empty
+apiVersion: argoproj.io/v1alpha1
+kind: Application
+spec:
+  sources: []
+---
+# malformed application as the source is null
+apiVersion: argoproj.io/v1alpha1
+kind: Application
+spec:
+  source: null
diff --git a/lib/modules/manager/argocd/__fixtures__/validApplication.yml b/lib/modules/manager/argocd/__fixtures__/validApplication.yml
index e06d78e6589295..83f87c47ebfc0a 100644
--- a/lib/modules/manager/argocd/__fixtures__/validApplication.yml
+++ b/lib/modules/manager/argocd/__fixtures__/validApplication.yml
@@ -75,3 +75,55 @@ spec:
     chart: some/image3
     repoURL: somecontainer.registry.io:443/
     targetRevision: 1.0.0
+---
+apiVersion: argoproj.io/v1alpha1
+kind: Application
+spec:
+  sources:
+    - chart: some/image3
+      repoURL: somecontainer.registry.io:443/
+      targetRevision: 1.0.0
+---
+apiVersion: argoproj.io/v1alpha1
+kind: Application
+spec:
+  sources:
+    - ref: foo
+      repoURL: https://git.example.com/foo/bar.git
+      targetRevision: v1.2.0
+    - chart: some/image3
+      repoURL: somecontainer.registry.io:443/
+      targetRevision: 1.0.0
+
+---
+apiVersion: argoproj.io/v1alpha1
+kind: Application
+spec:
+  sources:
+    - ref: foo
+      repoURL: https://git.example.com/foo/bar.git
+      targetRevision: v1.2.0
+      path: bar
+    - chart: traefik
+      repoURL: gs://helm-charts-internal
+      targetRevision: 0.0.2
+      helm:
+        valueFiles:
+          - $foo/values.yaml
+
+---
+apiVersion: argoproj.io/v1alpha1
+kind: Application
+spec:
+  sources:
+    - ref: foo
+      repoURL: https://git.example.com/foo/bar.git
+      targetRevision: v1.2.0
+      path: bar
+    - chart: somechart
+      repoURL: https://foo.io/repo
+      targetRevision: 0.0.2
+      helm:
+        valueFiles:
+          - $foo/values.yaml
+
diff --git a/lib/modules/manager/argocd/__fixtures__/validApplicationSet.yml b/lib/modules/manager/argocd/__fixtures__/validApplicationSet.yml
index e17a7e7bdc7fc7..4207c92ddffbf7 100644
--- a/lib/modules/manager/argocd/__fixtures__/validApplicationSet.yml
+++ b/lib/modules/manager/argocd/__fixtures__/validApplicationSet.yml
@@ -73,3 +73,73 @@ spec:
       destination:
         name: '{{server}}'
         namespace: podinfo
+---
+apiVersion: argoproj.io/v1alpha1
+kind: ApplicationSet
+metadata:
+  name: podinfo
+spec:
+  generators:
+  - clusters: {}
+  template:
+    metadata:
+      name: '{{name}}-podinfo'
+    spec:
+      project: default
+      sources:
+        - chart: some/image3
+          repoURL: somecontainer.registry.io:443/
+          targetRevision: 1.0.0
+      destination:
+        name: '{{server}}'
+        namespace: podinfo
+---
+apiVersion: argoproj.io/v1alpha1
+kind: ApplicationSet
+metadata:
+  name: podinfo
+spec:
+  generators:
+  - clusters: {}
+  template:
+    metadata:
+      name: '{{name}}-podinfo'
+    spec:
+      project: default
+      sources:
+        - ref: foo
+          repoURL: https://git.example.com/foo/bar.git
+          targetRevision: v1.2.0
+        - chart: some/image3
+          repoURL: somecontainer.registry.io:443/
+          targetRevision: 1.0.0
+      destination:
+        name: '{{server}}'
+        namespace: podinfo
+---
+apiVersion: argoproj.io/v1alpha1
+kind: ApplicationSet
+metadata:
+  name: podinfo
+spec:
+  generators:
+  - clusters: {}
+  template:
+    metadata:
+      name: '{{name}}-podinfo'
+    spec:
+      project: default
+      sources:
+        - ref: foo
+          repoURL: https://git.example.com/foo/bar.git
+          targetRevision: v1.2.0
+          path: bar
+        - chart: somechart
+          repoURL: https://foo.io/repo
+          targetRevision: 0.0.2
+          helm:
+            valueFiles:
+              - $foo/values.yaml
+      destination:
+        name: '{{server}}'
+        namespace: podinfo
diff --git a/lib/modules/manager/argocd/extract.spec.ts b/lib/modules/manager/argocd/extract.spec.ts
index 3413c86012edc1..003276cd78b521 100644
--- a/lib/modules/manager/argocd/extract.spec.ts
+++ b/lib/modules/manager/argocd/extract.spec.ts
@@ -74,6 +74,43 @@ describe('modules/manager/argocd/extract', () => {
             datasource: 'docker',
             depName: 'somecontainer.registry.io:443/some/image3',
           },
+          {
+            currentValue: '1.0.0',
+            datasource: 'docker',
+            depName: 'somecontainer.registry.io:443/some/image3',
+          },
+          {
+            currentValue: 'v1.2.0',
+            datasource: 'git-tags',
+            depName: 'https://git.example.com/foo/bar.git',
+          },
+          {
+            currentValue: '1.0.0',
+            datasource: 'docker',
+            depName: 'somecontainer.registry.io:443/some/image3',
+          },
+          {
+            currentValue: 'v1.2.0',
+            datasource: 'git-tags',
+            depName: 'https://git.example.com/foo/bar.git',
+          },
+          {
+            currentValue: '0.0.2',
+            datasource: 'helm',
+            depName: 'traefik',
+            registryUrls: ['gs://helm-charts-internal'],
+          },
+          {
+            currentValue: 'v1.2.0',
+            datasource: 'git-tags',
+            depName: 'https://git.example.com/foo/bar.git',
+          },
+          {
+            currentValue: '0.0.2',
+            datasource: 'helm',
+            depName: 'somechart',
+            registryUrls: ['https://foo.io/repo'],
+          },
         ],
       });
     });
@@ -110,6 +147,32 @@ describe('modules/manager/argocd/extract', () => {
             depName: 'podinfo',
             registryUrls: ['https://stefanprodan.github.io/podinfo'],
           },
+          {
+            currentValue: '1.0.0',
+            datasource: 'docker',
+            depName: 'somecontainer.registry.io:443/some/image3',
+          },
+          {
+            currentValue: 'v1.2.0',
+            datasource: 'git-tags',
+            depName: 'https://git.example.com/foo/bar.git',
+          },
+          {
+            currentValue: '1.0.0',
+            datasource: 'docker',
+            depName: 'somecontainer.registry.io:443/some/image3',
+          },
+          {
+            currentValue: 'v1.2.0',
+            datasource: 'git-tags',
+            depName: 'https://git.example.com/foo/bar.git',
+          },
+          {
+            currentValue: '0.0.2',
+            datasource: 'helm',
+            depName: 'somechart',
+            registryUrls: ['https://foo.io/repo'],
+          },
         ],
       });
     });
diff --git a/lib/modules/manager/argocd/extract.ts b/lib/modules/manager/argocd/extract.ts
index eed4b535357c83..93a3ce116f2be3 100644
--- a/lib/modules/manager/argocd/extract.ts
+++ b/lib/modules/manager/argocd/extract.ts
@@ -1,6 +1,7 @@
 import is from '@sindresorhus/is';
 import { loadAll } from 'js-yaml';
 import { logger } from '../../../logger';
+import { coerceArray } from '../../../util/array';
 import { trimTrailingSlash } from '../../../util/url';
 import { DockerDatasource } from '../../datasource/docker';
 import { GitTagsDatasource } from '../../datasource/git-tags';
@@ -10,22 +11,37 @@ import type {
   PackageDependency,
   PackageFileContent,
 } from '../types';
-import type { ApplicationDefinition, ApplicationSource } from './types';
+import type {
+  ApplicationDefinition,
+  ApplicationSource,
+  ApplicationSpec,
+} from './types';
 import { fileTestRegex } from './util';
 
-function createDependency(
-  definition: ApplicationDefinition
-): PackageDependency | null {
-  let source: ApplicationSource;
-  switch (definition.kind) {
-    case 'Application':
-      source = definition?.spec?.source;
-      break;
-    case 'ApplicationSet':
-      source = definition?.spec?.template?.spec?.source;
-      break;
+export function extractPackageFile(
+  content: string,
+  fileName: string,
+  _config?: ExtractConfig
+): PackageFileContent | null {
+  // check for argo reference. API version for the kind attribute is used
+  if (fileTestRegex.test(content) === false) {
+    return null;
   }
 
+  let definitions: ApplicationDefinition[];
+  try {
+    definitions = loadAll(content) as ApplicationDefinition[];
+  } catch (err) {
+    logger.debug({ err, fileName }, 'Failed to parse ArgoCD definition.');
+    return null;
+  }
+
+  const deps = definitions.filter(is.plainObject).flatMap(processAppSpec);
+
+  return deps.length ? { deps } : null;
+}
+
+function processSource(source: ApplicationSource): PackageDependency | null {
   if (
     !source ||
     !is.nonEmptyString(source.repoURL) ||
@@ -66,28 +82,27 @@ function createDependency(
   };
 }
 
-export function extractPackageFile(
-  content: string,
-  fileName: string,
-  _config?: ExtractConfig
-): PackageFileContent | null {
-  // check for argo reference. API version for the kind attribute is used
-  if (fileTestRegex.test(content) === false) {
-    return null;
+function processAppSpec(
+  definition: ApplicationDefinition
+): PackageDependency[] {
+  const spec: ApplicationSpec | null | undefined =
+    definition.kind === 'Application'
+      ? definition?.spec
+      : definition?.spec?.template?.spec;
+
+  if (is.nullOrUndefined(spec)) {
+    return [];
   }
 
-  let definitions: ApplicationDefinition[];
-  try {
-    definitions = loadAll(content) as ApplicationDefinition[];
-  } catch (err) {
-    logger.debug({ err, fileName }, 'Failed to parse ArgoCD definition.');
-    return null;
+  const deps: (PackageDependency | null)[] = [];
+
+  if (is.nonEmptyObject(spec.source)) {
+    deps.push(processSource(spec.source));
   }
 
-  const deps = definitions
-    .filter(is.plainObject)
-    .map((definition) => createDependency(definition))
-    .filter(is.truthy);
+  for (const source of coerceArray(spec.sources)) {
+    deps.push(processSource(source));
+  }
 
-  return deps.length ? { deps } : null;
+  return deps.filter(is.truthy);
 }
diff --git a/lib/modules/manager/argocd/types.ts b/lib/modules/manager/argocd/types.ts
index 95420e8c0fd59f..f8b473e6d195af 100644
--- a/lib/modules/manager/argocd/types.ts
+++ b/lib/modules/manager/argocd/types.ts
@@ -8,20 +8,21 @@ export interface ApplicationSource {
   targetRevision: string;
 }
 
+export interface ApplicationSpec {
+  source?: ApplicationSource;
+  sources?: ApplicationSource[];
+}
+
 export interface Application extends KubernetesResource {
   kind: 'Application';
-  spec: {
-    source: ApplicationSource;
-  };
+  spec: ApplicationSpec;
 }
 
 export interface ApplicationSet extends KubernetesResource {
   kind: 'ApplicationSet';
   spec: {
     template: {
-      spec: {
-        source: ApplicationSource;
-      };
+      spec: ApplicationSpec;
     };
   };
 }