diff --git a/heft-plugins/heft-webpack4-plugin/package.json b/heft-plugins/heft-webpack4-plugin/package.json
index 5d19c751990..c6b55453450 100644
--- a/heft-plugins/heft-webpack4-plugin/package.json
+++ b/heft-plugins/heft-webpack4-plugin/package.json
@@ -19,8 +19,8 @@
   },
   "dependencies": {
     "@rushstack/node-core-library": "workspace:*",
-    "webpack": "~4.44.2",
-    "webpack-dev-server": "~3.11.0"
+    "webpack": "~5.98.0",
+    "webpack-dev-server": "~4.6.0"
   },
   "devDependencies": {
     "@rushstack/eslint-config": "workspace:*",