diff --git a/package.json b/package.json
index c5b547b1..20a63ab1 100644
--- a/package.json
+++ b/package.json
@@ -43,7 +43,7 @@
 		"@substrate/dev": "^0.7.1",
 		"@types/cli-progress": "^3",
 		"ansi-colors": "^4.1.3",
-		"chalk": "4.1.2",
+		"chalk": "5.3.0",
 		"cli-progress": "^3.12.0",
 		"typedoc": "^0.26.10",
 		"typedoc-plugin-missing-exports": "^3.0.0",
diff --git a/yarn.lock b/yarn.lock
index fd0eacff..8d3856f0 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -1476,7 +1476,7 @@ __metadata:
     "@substrate/dev": "npm:^0.7.1"
     "@types/cli-progress": "npm:^3"
     ansi-colors: "npm:^4.1.3"
-    chalk: "npm:4.1.2"
+    chalk: "npm:5.3.0"
     cli-progress: "npm:^3.12.0"
     typedoc: "npm:^0.26.10"
     typedoc-plugin-missing-exports: "npm:^3.0.0"
@@ -2293,13 +2293,10 @@ __metadata:
   languageName: node
   linkType: hard
 
-"chalk@npm:4.1.2, chalk@npm:^4.0.0":
-  version: 4.1.2
-  resolution: "chalk@npm:4.1.2"
-  dependencies:
-    ansi-styles: "npm:^4.1.0"
-    supports-color: "npm:^7.1.0"
-  checksum: 10/cb3f3e594913d63b1814d7ca7c9bafbf895f75fbf93b92991980610dfd7b48500af4e3a5d4e3a8f337990a96b168d7eb84ee55efdce965e2ee8efc20f8c8f139
+"chalk@npm:5.3.0":
+  version: 5.3.0
+  resolution: "chalk@npm:5.3.0"
+  checksum: 10/6373caaab21bd64c405bfc4bd9672b145647fc9482657b5ea1d549b3b2765054e9d3d928870cdf764fb4aad67555f5061538ff247b8310f110c5c888d92397ea
   languageName: node
   linkType: hard
 
@@ -2314,6 +2311,16 @@ __metadata:
   languageName: node
   linkType: hard
 
+"chalk@npm:^4.0.0":
+  version: 4.1.2
+  resolution: "chalk@npm:4.1.2"
+  dependencies:
+    ansi-styles: "npm:^4.1.0"
+    supports-color: "npm:^7.1.0"
+  checksum: 10/cb3f3e594913d63b1814d7ca7c9bafbf895f75fbf93b92991980610dfd7b48500af4e3a5d4e3a8f337990a96b168d7eb84ee55efdce965e2ee8efc20f8c8f139
+  languageName: node
+  linkType: hard
+
 "char-regex@npm:^1.0.2":
   version: 1.0.2
   resolution: "char-regex@npm:1.0.2"