diff --git a/newsfragments/2217.misc.rst b/newsfragments/2217.misc.rst
new file mode 100644
index 0000000000..2c74d97bdd
--- /dev/null
+++ b/newsfragments/2217.misc.rst
@@ -0,0 +1 @@
+Update ``typing-extensions`` dependency to allow for v4
diff --git a/setup.py b/setup.py
index eaf43ecf4a..f720550669 100644
--- a/setup.py
+++ b/setup.py
@@ -86,7 +86,7 @@
         "pywin32>=223;platform_system=='Windows'",
         "requests>=2.16.0,<3.0.0",
         # remove typing_extensions after python_requires>=3.8, see web3._utils.compat
-        "typing-extensions>=3.7.4.1,<4;python_version<'3.8'",
+        "typing-extensions>=3.7.4.1,<5;python_version<'3.8'",
         "websockets>=9.1,<10",
     ],
     python_requires='>=3.6,<4',