diff --git a/packages/contracts-new/package.json b/packages/contracts-new/package.json
index 6f04bc393..7d35c4ad1 100644
--- a/packages/contracts-new/package.json
+++ b/packages/contracts-new/package.json
@@ -10,7 +10,7 @@
   "license": "ISC",
   "dependencies": {
     "@nomiclabs/buidler": "^1.4.8",
-    "@openzeppelin/contracts": "^3.2.0"
+    "@openzeppelin/contracts": "^4.7.2"
   },
   "devDependencies": {
     "@nomiclabs/buidler-ethers": "2.0.2",
diff --git a/yarn.lock b/yarn.lock
index a65bf67e7..372492b43 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -3240,10 +3240,10 @@
     "@octokit/openapi-types" "^3.4.1"
     "@types/node" ">= 8"
 
-"@openzeppelin/contracts@^3.2.0":
-  version "3.3.0"
-  resolved "https://registry.yarnpkg.com/@openzeppelin/contracts/-/contracts-3.3.0.tgz#ffdb693c5c349fc33bba420248dd3ac0a2d7c408"
-  integrity sha512-AemZEsQYtUp1WRkcmZm1div5ORfTpLquLaziCIrSagjxyKdmObxuaY1yjQ5SHFMctR8rLwp706NXTbiIRJg7pw==
+"@openzeppelin/contracts@^4.7.2":
+  version "4.7.2"
+  resolved "https://registry.yarnpkg.com/@openzeppelin/contracts/-/contracts-4.7.2.tgz#7587416fe2d35abf574193515b8971bfe9f64bc7"
+  integrity sha512-4n/JL9izql8303mPqPdubuna/DWEMbmOzWYUWyCPhjhiEr2w3nQrjE7vZz1fBF+wzzP6dZbIcsgqACk53c9FGA==
 
 "@paypal/checkout-server-sdk@^1.0.2":
   version "1.0.2"