diff --git a/openpype/hosts/nuke/api/lib.py b/openpype/hosts/nuke/api/lib.py
index 912bc5963b..777f4454dc 100644
--- a/openpype/hosts/nuke/api/lib.py
+++ b/openpype/hosts/nuke/api/lib.py
@@ -39,6 +39,7 @@ from openpype.settings import (
 from openpype.modules import ModulesManager
 from openpype.pipeline.template_data import get_template_data_with_names
 from openpype.pipeline import (
+    get_current_project_name,
     discover_legacy_creator_plugins,
     legacy_io,
     Anatomy,
@@ -2008,37 +2009,65 @@ class WorkfileSettings(object):
             imageio_host (dict): host colorspace configurations
 
         '''
+        config_data = get_imageio_config(
+            project_name=get_current_project_name(),
+            host_name="nuke"
+        )
+
         workfile_settings = imageio_host["workfile"]
 
-        # first set OCIO
-        if self._root_node["colorManagement"].value() \
-                not in str(workfile_settings["colorManagement"]):
-            self._root_node["colorManagement"].setValue(
-                str(workfile_settings["colorManagement"]))
+        if not config_data:
+            # TODO: backward compatibility for old projects - remove later
+            # perhaps old project overrides is having it set to older version
+            # with use of `customOCIOConfigPath`
+            if workfile_settings.get("customOCIOConfigPath"):
+                unresolved_path = workfile_settings["customOCIOConfigPath"]
+                ocio_paths = unresolved_path[platform.system().lower()]
 
-            # we dont need the key anymore
-            workfile_settings.pop("colorManagement")
+                resolved_path = None
+                for ocio_p in ocio_paths:
+                    resolved_path = str(ocio_p).format(**os.environ)
+                    if not os.path.exists(resolved_path):
+                        continue
 
+            if resolved_path:
+                # set values to root
+                self._root_node["colorManagement"].setValue("OCIO")
+                self._root_node["OCIO_config"].setValue("custom")
+                self._root_node["customOCIOConfigPath"].setValue(
+                    resolved_path)
+            else:
+                # no ocio config found and no custom path used
+                if self._root_node["colorManagement"].value() \
+                        not in str(workfile_settings["colorManagement"]):
+                    self._root_node["colorManagement"].setValue(
+                        str(workfile_settings["colorManagement"]))
 
-        # second set ocio version
-        if self._root_node["OCIO_config"].value() \
-                not in str(workfile_settings["OCIO_config"]):
-            self._root_node["OCIO_config"].setValue(
-                str(workfile_settings["OCIO_config"]))
+                # second set ocio version
+                if self._root_node["OCIO_config"].value() \
+                        not in str(workfile_settings["OCIO_config"]):
+                    self._root_node["OCIO_config"].setValue(
+                        str(workfile_settings["OCIO_config"]))
 
-            # we dont need the key anymore
-            workfile_settings.pop("OCIO_config")
+        else:
+            # set values to root
+            self._root_node["colorManagement"].setValue("OCIO")
+
+        # we dont need the key anymore
+        workfile_settings.pop("customOCIOConfigPath")
+        workfile_settings.pop("colorManagement")
+        workfile_settings.pop("OCIO_config")
 
         # then set the rest
-        for knob, value in workfile_settings.items():
+        for knob, value_ in workfile_settings.items():
             # skip unfilled ocio config path
             # it will be dict in value
-            if isinstance(value, dict):
+            if isinstance(value_, dict):
                 continue
-            if self._root_node[knob].value() not in value:
-                self._root_node[knob].setValue(str(value))
+            if self._root_node[knob].value() not in value_:
+                self._root_node[knob].setValue(str(value_))
                 log.debug("nuke.root()['{}'] changed to: {}".format(
-                    knob, value))
+                    knob, value_))
 
     def set_writes_colorspace(self):
         ''' Adds correct colorspace to write node dict