diff --git a/packages/web3-contracts/package.json b/packages/web3-contracts/package.json
index 32453267c2b8..2b0eb8e251d5 100644
--- a/packages/web3-contracts/package.json
+++ b/packages/web3-contracts/package.json
@@ -10,7 +10,7 @@
     "@typechain/web3-v1": "^6.0.2",
     "typechain": "^8.3.1",
     "web3-core": "1.10.2",
-    "web3-eth-contract": "1.10.2"
+    "web3-eth-contract": "4.0.1"
   },
   "devDependencies": {
     "bn.js": "^4.12.0"