diff --git a/sonic_platform_base/component_base.py b/sonic_platform_base/component_base.py
index 97444460ae2f..37e767aa0bab 100644
--- a/sonic_platform_base/component_base.py
+++ b/sonic_platform_base/component_base.py
@@ -34,15 +34,52 @@ def get_firmware_version(self):
         """
         Retrieves the firmware version of the component
 
+        Note: the firmware version will be read from HW
+
         Returns:
             A string containing the firmware version of the component
         """
         raise NotImplementedError
 
+    def get_available_firmware_version(self, image_path):
+        """
+        Retrieves the available firmware version of the component
+
+        Note: the firmware version will be read from image
+
+        Args:
+            image_path: A string, path to firmware image
+
+        Returns:
+            A string containing the available firmware version of the component
+        """
+        raise NotImplementedError
+
+    def get_firmware_update_notification(self, image_path):
+        """
+        Retrieves a notification on what should be done in order to complete
+        the component firmware update
+
+        Args:
+            image_path: A string, path to firmware image
+
+        Returns:
+            A string containing the component firmware update notification if required.
+            By default 'None' value will be used, which indicates that no actions are required
+        """
+        return None
+
     def install_firmware(self, image_path):
         """
         Installs firmware to the component
 
+        This API performs firmware installation only: this may/may not be the same as firmware update.
+        In case platform component requires some extra steps (apart from calling Low Level Utility)
+        to load the installed firmware (e.g, reboot, power cycle, etc.) - this must be done manually by user
+
+        Note: in case immediate actions are required to complete the component firmware update
+        (e.g., reboot, power cycle, etc.) - will be done automatically by API and no return value provided
+
         Args:
             image_path: A string, path to firmware image
 
@@ -50,3 +87,19 @@ def install_firmware(self, image_path):
             A boolean, True if install was successful, False if not
         """
         raise NotImplementedError
+
+    def update_firmware(self, image_path):
+        """
+        Updates firmware of the component
+
+        This API performs firmware update: it assumes firmware installation and loading in a single call.
+        In case platform component requires some extra steps (apart from calling Low Level Utility)
+        to load the installed firmware (e.g, reboot, power cycle, etc.) - this will be done automatically by API
+
+        Args:
+            image_path: A string, path to firmware image
+
+        Raises:
+            RuntimeError: update failed
+        """
+        raise NotImplementedError