Creating a base component from an existing component set

I think I know the answer to my question, and that answer is no. But I have to ask.

Is it possible to establish a base component out of an existing set of component variants? I assume this is impossible due to the way components are engineered. It would probably be a bit like creating a mother out of a child.

The reason I want to do this is that my team has a few component sets that could benefit from having a base component. I prefer to not start from scratch with a new base component because there are hundreds of instances of the component variants throughout our design files.

Maybe with the Master plugin, though I don’t know if it works with Frames that already are components.

Hey, thanks! I’ll check it out.

I am looking for this answer too. I tried Master plugin but you loose all the text when replace the frame to an instance. Anyone got ideas?