diff --git a/gnu/packages/linux.scm b/gnu/packages/linux.scm
index c4080f9285..28e30583e7 100644
--- a/gnu/packages/linux.scm
+++ b/gnu/packages/linux.scm
@@ -2138,14 +2138,14 @@ time.")
 (define-public lvm2
   (package
     (name "lvm2")
-    (version "2.02.177")
+    (version "2.03.02")
     (source (origin
               (method url-fetch)
               (uri (string-append "ftp://sources.redhat.com/pub/lvm2/releases/LVM2."
                                   version ".tgz"))
               (sha256
                (base32
-                "1wl0isn0yz5wvglwylnlqkppafwmvhliq5bd92vjqp5ir4za49a0"))
+                "03vjdkjxw04pggqzdmznpc3gbzmzr9jpb1y9a9z5pmwz4d8af2sm"))
               (modules '((guix build utils)))
               (snippet
                '(begin
@@ -2153,7 +2153,7 @@ time.")
 
                   ;; Honor sysconfdir.
                   (substitute* "make.tmpl.in"
-                    (("confdir = .*$")
+                    (("^confdir = .*$")
                      "confdir = @sysconfdir@\n")
                     (("DEFAULT_SYS_DIR = @DEFAULT_SYS_DIR@")
                      "DEFAULT_SYS_DIR = @sysconfdir@"))
@@ -2164,10 +2164,18 @@ time.")
      `(("pkg-config" ,pkg-config)
        ("procps" ,procps)))                       ;tests use 'pgrep'
     (inputs
-     `(("udev" ,eudev)))
+     `(("libaio" ,libaio)
+       ("udev" ,eudev)))
     (arguments
      '(#:phases
        (modify-phases %standard-phases
+         (add-before 'configure 'patch-configure
+           (lambda _
+             ;; XXX: Passing both LDFLAGS and CLDFLAGS causes a syntax error
+             ;; in 2.03.02.  They are identical anyway.
+             (substitute* "configure"
+               (("CLDFLAGS:\"\\$LDFLAGS\"") "CLDFLAGS"))
+             #t))
          (add-after 'configure 'set-makefile-shell
            (lambda _
              ;; Use 'sh', not 'bash', so that '. lib/utils.sh' works as
@@ -2229,7 +2237,26 @@ mapper.  Kernel components are part of Linux-libre.")
      (substitute-keyword-arguments (package-arguments lvm2)
        ((#:configure-flags flags '())
         ;; LVM2 doesn't use Libtool, hence the custom option.
-        `(cons "--enable-static_link" ,flags))))
+        `(append '("--enable-static_link")
+                 ;; Building dmeventd statically is complicated due to a
+                 ;; requirement on libdevmapper.a, which is being phased out
+                 ;; in favor of libdevice-mapper.a, which in turn is is not
+                 ;; easily made available at dmeventd build time.  Just ignore
+                 ;; it until the situation improves.
+                 (delete "--enable-dmeventd" ,flags)))
+       ((#:phases phases)
+        `(modify-phases ,phases
+           (add-before 'configure 'adjust-Makefile
+             (lambda _
+               ;; Fix leftovers related to upstream libdm->device_mapper
+               ;; migration, hopefully not needed for versions > 2.03.02.
+               (substitute* "tools/Makefile.in"
+                 ;; This variable is empty in a static configuration and causes
+                 ;; an erroneous GCC command line.
+                 (("-L\\$\\(interfacebuilddir\\)") "")
+                 ;; Remove obsolete reference to libdevmapper.a.
+                 (("-ldevmapper") ""))
+               #t))))))
     (synopsis "Logical volume management for Linux (statically linked)")))
 
 (define-public wireless-tools
diff --git a/gnu/packages/patches/lvm2-static-link.patch b/gnu/packages/patches/lvm2-static-link.patch
index eb7849a679..2ade0a1aaa 100644
--- a/gnu/packages/patches/lvm2-static-link.patch
+++ b/gnu/packages/patches/lvm2-static-link.patch
@@ -3,23 +3,34 @@ and libm via libdevmapper.a.
 
 --- LVM2.2.02.166/tools/Makefile.in	2016-11-22 21:31:15.521045149 +0100
 +++ LVM2.2.02.166/tools/Makefile.in	2016-11-22 21:31:24.085082767 +0100
-@@ -148,7 +148,7 @@ endif
- 
- lvm.static: $(OBJECTS) lvm-static.o $(top_builddir)/lib/liblvm-internal.a  $(interfacebuilddir)/libdevmapper.a
- 	$(CC) $(CFLAGS) $(LDFLAGS) -static -L$(interfacebuilddir) -o $@ \
--	      $(OBJECTS) lvm-static.o $(LVMLIBS) $(STATIC_LIBS) $(LIBS)
-+	      $(OBJECTS) lvm-static.o $(LVMLIBS) $(STATIC_LIBS) $(LIBS) $(PTHREAD_LIBS) $(M_LIBS)
+@@ -137,7 +137,7 @@
+ lvm.static: $(OBJECTS) lvm-static.o $(LVMINTERNAL_LIBS)
+ 	@echo "    [CC] $@"
+ 	$(Q) $(CC) $(CFLAGS) $(LDFLAGS) -static -L$(interfacebuilddir) -o $@ $+ \
+-	      $(DMEVENT_LIBS) $(STATIC_LIBS) $(LVMLIBS)
++	      $(DMEVENT_LIBS) $(STATIC_LIBS) $(LVMLIBS) $(PTHREAD_LIBS)
  
  liblvm2cmd.a: $(top_builddir)/lib/liblvm-internal.a $(OBJECTS) lvmcmdlib.o lvm2cmd.o
- 	cat $(top_builddir)/lib/liblvm-internal.a > $@
+ 	@echo "    [AR] $@"
 --- a/make.tmpl.in     2018-07-31 22:00:39.969983104 +0200
 +++ b/make.tmpl.in     2018-07-31 22:00:58.467613682 +0200
-@@ -53,7 +53,7 @@
+@@ -63,7 +63,7 @@
  
- LIBS = @LIBS@
+ LIBS += @LIBS@ $(SELINUX_LIBS) $(UDEV_LIBS) $(BLKID_LIBS) $(RT_LIBS) $(M_LIBS)
  # Extra libraries always linked with static binaries
 -STATIC_LIBS = $(SELINUX_LIBS) $(UDEV_LIBS) $(BLKID_LIBS)
 +STATIC_LIBS = $(SELINUX_LIBS) $(UDEV_LIBS) $(BLKID_LIBS) $(M_LIBS)
  DEFS += @DEFS@
  # FIXME set this only where it's needed, not globally?
  CFLAGS ?= @COPTIMISE_FLAG@ @CFLAGS@
+--- a/libdm/make.tmpl.in	2018-12-18 15:22:34.000000000 +0100
++++ b/libdm/make.tmpl.in	2019-01-29 21:45:33.637345799 +0100
+@@ -57,7 +57,7 @@
+ LIBS = @LIBS@
+ LIBS += $(SELINUX_LIBS) $(UDEV_LIBS) $(BLKID_LIBS) $(RT_LIBS) -lm
+ # Extra libraries always linked with static binaries
+-STATIC_LIBS = $(SELINUX_LIBS) $(UDEV_LIBS) $(BLKID_LIBS)
++STATIC_LIBS = $(SELINUX_LIBS) $(UDEV_LIBS) $(BLKID_LIBS) $(PTHREAD_LIBS) $(M_LIBS)
+ DEFS += @DEFS@
+ # FIXME set this only where it's needed, not globally?
+ CFLAGS ?= @COPTIMISE_FLAG@ @CFLAGS@
