diff --git a/Cargo.lock b/Cargo.lock
index 6057ad79ca..70d0505dfa 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -3651,14 +3651,13 @@ checksum = "1f3ccbac311fea05f86f61904b462b55fb3df8837a366dfc601a0161d0532f20"
 
 [[package]]
 name = "tokio"
-version = "1.26.0"
+version = "1.27.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "03201d01c3c27a29c8a5cee5b55a93ddae1ccf6f08f65365c2c918f8c1b76f64"
+checksum = "d0de47a4eecbe11f498978a9b29d792f0d2692d1dd003650c24c76510e3bc001"
 dependencies = [
  "autocfg",
  "bytes",
  "libc",
- "memchr",
  "mio",
  "num_cpus",
  "pin-project-lite",
@@ -3669,13 +3668,13 @@ dependencies = [
 
 [[package]]
 name = "tokio-macros"
-version = "1.8.2"
+version = "2.0.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "d266c00fde287f55d3f1c3e96c500c362a2b8c695076ec180f27918820bc6df8"
+checksum = "61a573bdc87985e9d6ddeed1b3d864e8a302c847e40d647746df2f1de209d1ce"
 dependencies = [
  "proc-macro2",
  "quote",
- "syn 1.0.109",
+ "syn 2.0.4",
 ]
 
 [[package]]
diff --git a/cli/Cargo.toml b/cli/Cargo.toml
index 6d3a63f199..aef50fe0cd 100644
--- a/cli/Cargo.toml
+++ b/cli/Cargo.toml
@@ -40,4 +40,4 @@ syn = "1.0.109"
 # communicate with the substrate nodes
 jsonrpsee = { version = "0.16.0", features = ["async-client", "client-ws-transport", "http-client"] }
 # async runtime
-tokio = { version = "1.26", features = ["rt-multi-thread", "macros", "time"] }
+tokio = { version = "1.27", features = ["rt-multi-thread", "macros", "time"] }
diff --git a/codegen/Cargo.toml b/codegen/Cargo.toml
index fb9f22dc23..2dfa048bfa 100644
--- a/codegen/Cargo.toml
+++ b/codegen/Cargo.toml
@@ -24,7 +24,7 @@ scale-info = "2.4.0"
 subxt-metadata = { version = "0.27.1", path = "../metadata" }
 jsonrpsee = { version = "0.16.0", features = ["async-client", "client-ws-transport", "http-client"] }
 hex = "0.4.3"
-tokio = { version = "1.26", features = ["macros", "rt-multi-thread"] }
+tokio = { version = "1.27", features = ["macros", "rt-multi-thread"] }
 thiserror = "1.0.40"
 
 [dev-dependencies]
diff --git a/examples/Cargo.toml b/examples/Cargo.toml
index 46803781d1..648f8ac31f 100644
--- a/examples/Cargo.toml
+++ b/examples/Cargo.toml
@@ -14,7 +14,7 @@ description = "Subxt example usage"
 
 [dev-dependencies]
 subxt = { path = "../subxt" }
-tokio = { version = "1.26", features = ["rt-multi-thread", "macros", "time"] }
+tokio = { version = "1.27", features = ["rt-multi-thread", "macros", "time"] }
 sp-keyring = "20.0.0"
 futures = "0.3.27"
 codec = { package = "parity-scale-codec", version = "3.0.0", default-features = false, features = ["derive", "full", "bit-vec"] }
diff --git a/subxt/Cargo.toml b/subxt/Cargo.toml
index 4aea91e6cc..8433646247 100644
--- a/subxt/Cargo.toml
+++ b/subxt/Cargo.toml
@@ -76,7 +76,7 @@ getrandom = { version = "0.2", features = ["js"] }
 bitvec = "1"
 codec = { package = "parity-scale-codec", version = "3.0.0", default-features = false, features = ["derive", "full", "bit-vec"] }
 scale-info = { version = "2.4.0", features = ["bit-vec"] }
-tokio = { version = "1.26", features = ["macros", "time", "rt-multi-thread"] }
+tokio = { version = "1.27", features = ["macros", "time", "rt-multi-thread"] }
 sp-core = { version = "18.0.0", default-features = false }
 sp-runtime = "20.0.0"
 sp-keyring = "20.0.0"
diff --git a/testing/integration-tests/Cargo.toml b/testing/integration-tests/Cargo.toml
index f4f14b72b6..7529c76eee 100644
--- a/testing/integration-tests/Cargo.toml
+++ b/testing/integration-tests/Cargo.toml
@@ -30,7 +30,7 @@ syn = "1.0.109"
 subxt = { version = "0.27.1", path = "../../subxt" }
 subxt-codegen = { version = "0.27.1", path = "../../codegen" }
 test-runtime = { path = "../test-runtime" }
-tokio = { version = "1.26", features = ["macros", "time"] }
+tokio = { version = "1.27", features = ["macros", "time"] }
 tracing = "0.1.34"
 tracing-subscriber = "0.3.11"
 wabt = "0.10.0"
diff --git a/testing/test-runtime/Cargo.toml b/testing/test-runtime/Cargo.toml
index 77312e2e9c..d2e4902c6b 100644
--- a/testing/test-runtime/Cargo.toml
+++ b/testing/test-runtime/Cargo.toml
@@ -11,6 +11,6 @@ codec = { package = "parity-scale-codec", version = "3.0.0", default-features =
 
 [build-dependencies]
 subxt = { path = "../../subxt" }
-tokio = { version = "1.26", features = ["macros", "rt-multi-thread"] }
+tokio = { version = "1.27", features = ["macros", "rt-multi-thread"] }
 which = "4.4.0"
 jsonrpsee = { version = "0.16.0", features = ["async-client", "client-ws-transport"] }