diff --git a/packages/contracts/package.json b/packages/contracts/package.json
index af59bc71f..42efc1277 100644
--- a/packages/contracts/package.json
+++ b/packages/contracts/package.json
@@ -31,7 +31,7 @@
     "@nomiclabs/hardhat-etherscan": "^2.1.1",
     "@nomiclabs/hardhat-truffle5": "^2.0.0",
     "@nomiclabs/hardhat-web3": "^2.0.0",
-    "@openzeppelin/contracts": "^3.3.0",
+    "@openzeppelin/contracts": "^4.7.0",
     "@openzeppelin/test-helpers": "^0.5.10",
     "eth-gas-reporter": "^0.2.22",
     "hardhat": "^2.1.1",
diff --git a/yarn.lock b/yarn.lock
index 5736ad9f4..329c39846 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -2913,10 +2913,10 @@
     find-up "^4.1.0"
     fs-extra "^8.1.0"
 
-"@openzeppelin/contracts@^3.3.0":
-  version "3.4.1"
-  resolved "https://registry.yarnpkg.com/@openzeppelin/contracts/-/contracts-3.4.1.tgz#03c891fec7f93be0ae44ed74e57a122a38732ce7"
-  integrity sha512-cUriqMauq1ylzP2TxePNdPqkwI7Le3Annh4K9rrpvKfSBB/bdW+Iu1ihBaTIABTAAJ85LmKL5SSPPL9ry8d1gQ==
+"@openzeppelin/contracts@^4.7.0":
+  version "4.7.0"
+  resolved "https://registry.yarnpkg.com/@openzeppelin/contracts/-/contracts-4.7.0.tgz#3092d70ea60e3d1835466266b1d68ad47035a2d5"
+  integrity sha512-52Qb+A1DdOss8QvJrijYYPSf32GUg2pGaG/yCxtaA3cu4jduouTdg4XZSMLW9op54m1jH7J8hoajhHKOPsoJFw==
 
 "@openzeppelin/test-helpers@^0.5.10":
   version "0.5.10"