diff --git a/docs/generated/devkit/addDependenciesToPackageJson.md b/docs/generated/devkit/addDependenciesToPackageJson.md
index 5e13d71a7a7108..d881ee458edf58 100644
--- a/docs/generated/devkit/addDependenciesToPackageJson.md
+++ b/docs/generated/devkit/addDependenciesToPackageJson.md
@@ -1,6 +1,6 @@
 # Function: addDependenciesToPackageJson
 
-▸ **addDependenciesToPackageJson**(`tree`, `dependencies`, `devDependencies`, `packageJsonPath?`): [`GeneratorCallback`](../../devkit/documents/GeneratorCallback)
+▸ **addDependenciesToPackageJson**(`tree`, `dependencies`, `devDependencies`, `packageJsonPath?`, `keepExistingVersions?`): [`GeneratorCallback`](../../devkit/documents/GeneratorCallback)
 
 Add Dependencies and Dev Dependencies to package.json
 
@@ -14,12 +14,13 @@ This will **add** `react` and `jest` to the dependencies and devDependencies sec
 
 #### Parameters
 
-| Name               | Type                                  | Description                                                             |
-| :----------------- | :------------------------------------ | :---------------------------------------------------------------------- |
-| `tree`             | [`Tree`](../../devkit/documents/Tree) | Tree representing file system to modify                                 |
-| `dependencies`     | `Record`\<`string`, `string`\>        | Dependencies to be added to the dependencies section of package.json    |
-| `devDependencies`  | `Record`\<`string`, `string`\>        | Dependencies to be added to the devDependencies section of package.json |
-| `packageJsonPath?` | `string`                              | Path to package.json                                                    |
+| Name                    | Type                                  | Description                                                                 |
+| :---------------------- | :------------------------------------ | :-------------------------------------------------------------------------- |
+| `tree`                  | [`Tree`](../../devkit/documents/Tree) | Tree representing file system to modify                                     |
+| `dependencies`          | `Record`\<`string`, `string`\>        | Dependencies to be added to the dependencies section of package.json        |
+| `devDependencies`       | `Record`\<`string`, `string`\>        | Dependencies to be added to the devDependencies section of package.json     |
+| `packageJsonPath?`      | `string`                              | Path to package.json                                                        |
+| `keepExistingVersions?` | `boolean`                             | If true, prevents existing dependencies from being bumped to newer versions |
 
 #### Returns
 
diff --git a/packages/devkit/src/utils/package-json.spec.ts b/packages/devkit/src/utils/package-json.spec.ts
index 607df2bec761a2..2ec5f7d36cc07c 100644
--- a/packages/devkit/src/utils/package-json.spec.ts
+++ b/packages/devkit/src/utils/package-json.spec.ts
@@ -446,6 +446,29 @@ describe('addDependenciesToPackageJson', () => {
     });
     expect(installTask).toBeDefined();
   });
+
+  it('should allow existing versions to be kept', () => {
+    writeJson(tree, 'package.json', {
+      dependencies: {
+        foo: '1.0.0',
+      },
+    });
+
+    addDependenciesToPackageJson(
+      tree,
+      {
+        foo: '2.0.0',
+      },
+      {},
+      undefined,
+      true
+    );
+
+    const result = readJson(tree, 'package.json');
+    expect(result.dependencies).toEqual({
+      foo: '1.0.0',
+    });
+  });
 });
 
 describe('ensurePackage', () => {
diff --git a/packages/devkit/src/utils/package-json.ts b/packages/devkit/src/utils/package-json.ts
index 0a2f7d4d550036..77811b0eb72379 100644
--- a/packages/devkit/src/utils/package-json.ts
+++ b/packages/devkit/src/utils/package-json.ts
@@ -132,13 +132,15 @@ function updateExistingDependenciesVersion(
  * @param dependencies Dependencies to be added to the dependencies section of package.json
  * @param devDependencies Dependencies to be added to the devDependencies section of package.json
  * @param packageJsonPath Path to package.json
+ * @param keepExistingVersions If true, prevents existing dependencies from being bumped to newer versions
  * @returns Callback to install dependencies only if necessary, no-op otherwise
  */
 export function addDependenciesToPackageJson(
   tree: Tree,
   dependencies: Record<string, string>,
   devDependencies: Record<string, string>,
-  packageJsonPath: string = 'package.json'
+  packageJsonPath: string = 'package.json',
+  keepExistingVersions?: boolean
 ): GeneratorCallback {
   const currentPackageJson = readJson(tree, packageJsonPath);
 
@@ -155,6 +157,7 @@ export function addDependenciesToPackageJson(
 
   // filtered dependencies should consist of:
   // - dependencies of the same type that are not present
+  // by default, filtered dependencies also include these (unless keepExistingVersions is true):
   // - dependencies of the same type that have greater version
   // - specified dependencies of the other type that have greater version and are already installed as current type
   filteredDependencies = {
@@ -178,14 +181,25 @@ export function addDependenciesToPackageJson(
     ),
   };
 
-  filteredDependencies = removeLowerVersions(
-    filteredDependencies,
-    currentPackageJson.dependencies
-  );
-  filteredDevDependencies = removeLowerVersions(
-    filteredDevDependencies,
-    currentPackageJson.devDependencies
-  );
+  if (keepExistingVersions) {
+    filteredDependencies = removeExistingDependencies(
+      filteredDependencies,
+      currentPackageJson.dependencies
+    );
+    filteredDevDependencies = removeExistingDependencies(
+      filteredDevDependencies,
+      currentPackageJson.devDependencies
+    );
+  } else {
+    filteredDependencies = removeLowerVersions(
+      filteredDependencies,
+      currentPackageJson.dependencies
+    );
+    filteredDevDependencies = removeLowerVersions(
+      filteredDevDependencies,
+      currentPackageJson.devDependencies
+    );
+  }
 
   if (
     requiresAddingOfPackages(
@@ -227,12 +241,24 @@ function removeLowerVersions(
 ) {
   return Object.keys(incomingDeps).reduce((acc, d) => {
     if (
-      existingDeps?.[d] &&
-      !isIncomingVersionGreater(incomingDeps[d], existingDeps[d])
+      !existingDeps?.[d] ||
+      isIncomingVersionGreater(incomingDeps[d], existingDeps[d])
     ) {
-      return acc;
+      acc[d] = incomingDeps[d];
+    }
+    return acc;
+  }, {});
+}
+
+function removeExistingDependencies(
+  incomingDeps: Record<string, string>,
+  existingDeps: Record<string, string>
+): Record<string, string> {
+  return Object.keys(incomingDeps).reduce((acc, d) => {
+    if (!existingDeps?.[d]) {
+      acc[d] = incomingDeps[d];
     }
-    return { ...acc, [d]: incomingDeps[d] };
+    return acc;
   }, {});
 }