diff --git a/CHANGELOG.md b/CHANGELOG.md
index 0b95e4560f..fdf6c826a0 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -24,6 +24,7 @@ This change log adheres to standards from [Keep a CHANGELOG](https://keepachange
 * [`jsx-key`]: detect conditional returns ([#3630][] @yialo)
 * [`jsx-newline`]: prevent a crash when `allowMultilines ([#3633][] @ljharb)
 * [`no-unknown-property`]: use a better regex to avoid a crash ([#3666][] @ljharb @SCH227)
+* [`prop-types`]: handle nested forwardRef + memo ([#3679][] @developer-bandi)
 
 ### Changed
 * [Refactor] `propTypes`: extract type params to var ([#3634][] @HenryBrown0)
@@ -33,6 +34,7 @@ This change log adheres to standards from [Keep a CHANGELOG](https://keepachange
 * [Docs] [`jsx-key`]: fix correct example ([#3656][] @developer-bandi)
 * [Tests] `jsx-wrap-multilines`: passing tests ([#3545][] @burtek)
 
+[#3679]: https://github.com/jsx-eslint/eslint-plugin-react/pull/3679
 [#3677]: https://github.com/jsx-eslint/eslint-plugin-react/pull/3677
 [#3675]: https://github.com/jsx-eslint/eslint-plugin-react/pull/3675
 [#3674]: https://github.com/jsx-eslint/eslint-plugin-react/pull/3674
diff --git a/lib/rules/prop-types.js b/lib/rules/prop-types.js
index bb317a2467..1cbc2f56b4 100644
--- a/lib/rules/prop-types.js
+++ b/lib/rules/prop-types.js
@@ -154,7 +154,7 @@ module.exports = {
       while (node) {
         const component = components.get(node);
 
-        const isDeclared = component && component.confidence === 2
+        const isDeclared = component && component.confidence >= 2
           && internalIsDeclaredInComponent(component.declaredPropTypes || {}, names);
 
         if (isDeclared) {
@@ -176,6 +176,7 @@ module.exports = {
         && !isIgnored(propType.allNames[0])
         && !isDeclaredInComponent(component.node, propType.allNames)
       ));
+
       undeclareds.forEach((propType) => {
         report(context, messages.missingPropType, 'missingPropType', {
           node: propType.node,
@@ -186,13 +187,32 @@ module.exports = {
       });
     }
 
+    /**
+     * @param {Object} curComponent The current component to process
+     * @param {Object} prevComponent The prev component to process
+     * @returns {Boolean} True if the component is nested False if not.
+     */
+    function checkNestedComponent(curComponent, prevComponent) {
+      if (curComponent.node.callee && curComponent.node.callee.name === 'memo' && prevComponent) {
+        const prevComponentRange = prevComponent.node.range;
+        const currentComponentRange = curComponent.node.arguments[0].range;
+
+        if (prevComponentRange[0] === currentComponentRange[0]
+            && prevComponentRange[1] === currentComponentRange[1]) {
+          return true;
+        }
+      }
+      return false;
+    }
+
     return {
       'Program:exit'() {
         const list = components.list();
         // Report undeclared proptypes for all classes
         values(list)
           .filter((component) => mustBeValidated(component))
-          .forEach((component) => {
+          .forEach((component, index, array) => {
+            if (checkNestedComponent(component, array[index - 1])) return;
             reportUndeclaredPropTypes(component);
           });
       },
diff --git a/tests/lib/rules/prop-types.js b/tests/lib/rules/prop-types.js
index 049e387da6..0a5b7d8308 100644
--- a/tests/lib/rules/prop-types.js
+++ b/tests/lib/rules/prop-types.js
@@ -4141,6 +4141,49 @@ ruleTester.run('prop-types', rule, {
         };
       `,
       features: ['ts', 'no-babel'],
+    },
+    {
+      code: `
+        import React, { forwardRef, memo } from 'react';
+
+        interface Props1 {
+            age: number;
+        }
+        const HelloTemp = memo(({ age }: Props1) => {
+            return <div>Hello {age}</div>;
+        });
+        export const Hello = HelloTemp
+      `,
+      features: ['types'],
+    },
+    {
+      code: `
+        import React, { forwardRef, memo } from 'react';
+
+        interface Props1 {
+            age: number;
+        }
+        const HelloTemp = forwardRef(({ age }: Props1) => {
+            return <div>Hello {age}</div>;
+        });
+        export const Hello = memo(HelloTemp);
+      `,
+      features: ['types'],
+    },
+    {
+      code: `
+        import React, { forwardRef, memo } from 'react';
+
+        interface Props1 {
+            age: number;
+        }
+        export const Hello = memo(
+            forwardRef(({ age }: Props1) => {
+                return <div>Hello {age}</div>;
+            })
+        );
+      `,
+      features: ['types'],
     }
   )),