diff --git a/src/bindings/python/src/openvino/frontend/jax/jaxpr_decoder.py b/src/bindings/python/src/openvino/frontend/jax/jaxpr_decoder.py
index 057e30eaac4092..0f9352af206f9f 100644
--- a/src/bindings/python/src/openvino/frontend/jax/jaxpr_decoder.py
+++ b/src/bindings/python/src/openvino/frontend/jax/jaxpr_decoder.py
@@ -14,6 +14,7 @@
 else:
     import jax.extend as jex
 
+import weakref
 from openvino.frontend.jax.py_jax_frontend import _FrontEndJaxDecoder as Decoder
 from openvino import PartialShape, Type as OVType, OVAny
 from openvino.frontend.jax.utils import jax_array_to_ov_const, get_ov_type_for_value, \
@@ -81,8 +82,8 @@ def __init__(self, jaxpr, name=None, literals=None):
                 if converted is not None:
                     self.params.update(converted)
 
-        # TODO: this implementation may lead to memory increasing. Any better solution?
-        self.m_decoders = []
+        
+        self.m_decoders = weakref.WeakSet()
 
     def inputs(self) -> list[int]:
         if isinstance(self.jaxpr, jex.core.JaxprEqn):
@@ -147,7 +148,7 @@ def visit_subgraph(self, node_visitor) -> None:
         if isinstance(self.jaxpr, jex.core.JaxprEqn):
             return
         for _, decoder in self.params.items():
-            self.m_decoders.append(decoder)
+            self.m_decoders.add(decoder)
             node_visitor(decoder)
         for idx, node in enumerate(self.jaxpr.constvars):
             decoder = self.convert_literal_to_constant_node(
@@ -155,7 +156,7 @@ def visit_subgraph(self, node_visitor) -> None:
                 name=self.name + "/" + f"const({id(node)})",
                 output_id=id(node)
             )
-            self.m_decoders.append(decoder)
+            self.m_decoders.add(decoder)
             node_visitor(decoder)
         # Visit every `JaxEqn` in the jaxpr, see https://github.com/google/jax/blob/jaxlib-v0.4.29/jax/_src/core.py#L285
         for node in self.jaxpr.eqns:
@@ -166,7 +167,7 @@ def visit_subgraph(self, node_visitor) -> None:
                     literal_decoders.append(literal_decoder)
                     node_visitor(literal_decoder)
             decoder = JaxprPythonDecoder(node, name=self.name + "/" + node.primitive.name, literals=literal_decoders)
-            self.m_decoders.append(decoder)
+            self.m_decoders.add(decoder)
             node_visitor(decoder)
 
     def get_op_type(self) -> str: