diff --git a/setup.py b/setup.py
index db60d14cb..c9583ad44 100644
--- a/setup.py
+++ b/setup.py
@@ -20,16 +20,16 @@ def find_stub_files(name: str) -> List[str]:
     readme = f.read()
 
 dependencies = [
-    "django-stubs>=4.2.7",
+    "django-stubs>=5.0.0",
     "typing-extensions>=3.10.0",
     "requests>=2.0.0",
     "types-requests>=0.1.12",
     "types-PyYAML>=5.4.3",
 ]
 
-# Keep compatible-mypy major.minor version pinned to what we use in CI (requirements.txt)
+# Keep compatible-mypy major.minor version pinned to what latest django-stubs release uses.
 extras_require = {
-    "compatible-mypy": ["mypy>=1.7,<1.11", "django-stubs[compatible-mypy]"],
+    "compatible-mypy": ["mypy~=1.10.0", "django-stubs[compatible-mypy]"],
     "coreapi": ["coreapi>=2.0.0"],
     "markdown": ["types-Markdown>=0.1.5"],
 }