diff --git a/homeassistant/components/openai_conversation/config_flow.py b/homeassistant/components/openai_conversation/config_flow.py
index c36bf437b012..fcef2c2a8f2b 100644
--- a/homeassistant/components/openai_conversation/config_flow.py
+++ b/homeassistant/components/openai_conversation/config_flow.py
@@ -11,6 +11,7 @@ import probatio
 from homeassistant.components.zone import ENTITY_ID_HOME
 from homeassistant.config_entries import (
     SOURCE_REAUTH,
+    SOURCE_RECONFIGURE,
     ConfigEntry,
     ConfigEntryState,
     ConfigFlow,
@@ -134,7 +135,12 @@ class OpenAIConfigFlow(ConfigFlow, domain=DOMAIN):
         self, user_input: dict[str, Any] | None = None
     ) -> ConfigFlowResult:
         """Handle the initial step."""
+        return await self._async_step_api_key(user_input, "user")
 
+    async def _async_step_api_key(
+        self, user_input: dict[str, Any] | None, step_id: str
+    ) -> ConfigFlowResult:
+        """Handle an API key form."""
         errors: dict[str, str] = {}
 
         if user_input is not None:
@@ -149,9 +155,18 @@ class OpenAIConfigFlow(ConfigFlow, domain=DOMAIN):
                 _LOGGER.exception("Unexpected exception")
                 errors["base"] = "unknown"
             else:
-                if self.source == SOURCE_REAUTH:
+                if self.source in (SOURCE_REAUTH, SOURCE_RECONFIGURE):
+                    entry = (
+                        self._get_reauth_entry()
+                        if self.source == SOURCE_REAUTH
+                        else self._get_reconfigure_entry()
+                    )
+                    if entry.update_listeners:
+                        return self.async_update_and_abort(
+                            entry, data_updates=user_input
+                        )
                     return self.async_update_reload_and_abort(
-                        self._get_reauth_entry(), data_updates=user_input
+                        entry, data_updates=user_input
                     )
                 return self.async_create_entry(
                     title="ChatGPT",
@@ -185,7 +200,7 @@ class OpenAIConfigFlow(ConfigFlow, domain=DOMAIN):
                 )
 
         return self.async_show_form(
-            step_id="user",
+            step_id=step_id,
             data_schema=self.add_suggested_values_to_schema(
                 STEP_USER_DATA_SCHEMA, user_input
             ),
@@ -205,12 +220,13 @@ class OpenAIConfigFlow(ConfigFlow, domain=DOMAIN):
         self, user_input: dict[str, Any] | None = None
     ) -> ConfigFlowResult:
         """Dialog that informs the user that reauth is required."""
-        if not user_input:
-            return self.async_show_form(
-                step_id="reauth_confirm", data_schema=STEP_USER_DATA_SCHEMA
-            )
+        return await self._async_step_api_key(user_input, "reauth_confirm")
 
-        return await self.async_step_user(user_input)
+    async def async_step_reconfigure(
+        self, user_input: dict[str, Any] | None = None
+    ) -> ConfigFlowResult:
+        """Handle reconfiguration of the API key."""
+        return await self._async_step_api_key(user_input, "reconfigure")
 
     @classmethod
     @callback
diff --git a/homeassistant/components/openai_conversation/strings.json b/homeassistant/components/openai_conversation/strings.json
index 3ffc6bfb2d35..6a46ad36217b 100644
--- a/homeassistant/components/openai_conversation/strings.json
+++ b/homeassistant/components/openai_conversation/strings.json
@@ -18,6 +18,15 @@
         },
         "description": "Reauthentication required. Please enter your updated API key."
       },
+      "reconfigure": {
+        "data": {
+          "api_key": "[%key:common::config_flow::data::api_key%]"
+        },
+        "data_description": {
+          "api_key": "[%key:component::openai_conversation::config::step::user::data_description::api_key%]"
+        },
+        "description": "Enter your updated OpenAI API key."
+      },
       "user": {
         "data": {
           "api_key": "[%key:common::config_flow::data::api_key%]"
diff --git a/tests/components/openai_conversation/test_config_flow.py b/tests/components/openai_conversation/test_config_flow.py
index 58913f8141d7..e47a93fada71 100644
--- a/tests/components/openai_conversation/test_config_flow.py
+++ b/tests/components/openai_conversation/test_config_flow.py
@@ -1646,6 +1646,61 @@ async def test_reauth(hass: HomeAssistant) -> None:
     assert mock_config_entry.data[CONF_API_KEY] == "new_api_key"
 
 
+@pytest.mark.usefixtures("mock_init_component")
+async def test_reconfigure(
+    hass: HomeAssistant, mock_config_entry: MockConfigEntry
+) -> None:
+    """Test the API key can be reconfigured."""
+    result = await mock_config_entry.start_reconfigure_flow(hass)
+
+    assert result["type"] is FlowResultType.FORM
+    assert result["step_id"] == "reconfigure"
+
+    with (
+        patch(
+            "homeassistant.components.openai_conversation.config_flow.openai.resources.models.AsyncModels.list",
+            new_callable=AsyncMock,
+        ),
+        patch(
+            "homeassistant.config_entries.ConfigEntries.async_reload"
+        ) as mock_async_reload,
+    ):
+        result = await hass.config_entries.flow.async_configure(
+            result["flow_id"], {CONF_API_KEY: "new_api_key"}
+        )
+        await hass.async_block_till_done()
+
+    assert result["type"] is FlowResultType.ABORT
+    assert result["reason"] == "reconfigure_successful"
+    assert mock_config_entry.data[CONF_API_KEY] == "new_api_key"
+    assert mock_async_reload.call_count == 1
+
+
+async def test_reconfigure_invalid_auth(
+    hass: HomeAssistant, mock_config_entry: MockConfigEntry
+) -> None:
+    """Test an invalid API key is rejected during reconfiguration."""
+    result = await mock_config_entry.start_reconfigure_flow(hass)
+
+    with patch(
+        "homeassistant.components.openai_conversation.config_flow.openai.resources.models.AsyncModels.list",
+        new_callable=AsyncMock,
+        side_effect=AuthenticationError(
+            response=httpx.Response(status_code=None, request=""),
+            body=None,
+            message=None,
+        ),
+    ):
+        result = await hass.config_entries.flow.async_configure(
+            result["flow_id"], {CONF_API_KEY: "invalid_api_key"}
+        )
+
+    assert result["type"] is FlowResultType.FORM
+    assert result["step_id"] == "reconfigure"
+    assert result["errors"] == {"base": "invalid_auth"}
+    assert mock_config_entry.data[CONF_API_KEY] == "bla"
+
+
 @pytest.mark.parametrize(
     ("current_llm_apis", "suggested_llm_apis", "expected_options"),
     [