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I have a pure Kotlin project with a few external dependencies. I thought IntelliJ dependency tool window would allow me to find updates to them. However, while it shows all of them, clicking on the version number drop-down only shows the current version, even if newer stable versions are available. Any idea what I'm doing wrong?

Well, to start with, you are asking a question about IntelliJ usage in a channel that is dedicated for questions about writing Gradle build scripts in Kotlin language.

If you want to automatically update your dependencies, you can use the Gradle version catalog in toml file together with <https://github.com/littlerobots/version-catalog-update-plugin|https://github.com/littlerobots/version-catalog-update-plugin>

Make sure you are using latest IJ version. And if it is still not works - please open a youtrack issue (probably you are affected by <https://youtrack.jetbrains.com/issue/PKGS-1026/Dependencies-tool-window-no-longer-suggests-dependency-upgrade|this issue>)

Yes, using latest version. Added to the youtrack. Thanks for the link