diff --git a/src/crewai/cli/update_crew.py b/src/crewai/cli/update_crew.py
index 66f9ab6bd..2c7a31b7c 100644
--- a/src/crewai/cli/update_crew.py
+++ b/src/crewai/cli/update_crew.py
@@ -57,12 +57,12 @@ def migrate_pyproject(input_file, output_file):
                 extras = ",".join(version.get("extras", []))
                 new_dep = f"{dep}[{extras}]"
                 if "version" in version:
-                    new_dep += f"{version['version']}"
+                    new_dep += parse_version(version["version"])
             elif dep == "python":
                 new_pyproject["project"]["requires-python"] = version
                 continue
             else:
-                new_dep = f"{dep}{version}"
+                new_dep = f"{dep}{parse_version(version)}"
             new_pyproject["project"]["dependencies"].append(new_dep)
 
     # Migrate or copy scripts
@@ -85,3 +85,17 @@ def migrate_pyproject(input_file, output_file):
         tomli_w.dump(new_pyproject, f)
 
     print(f"Migration complete. New pyproject.toml written to {output_file}")
+
+
+def parse_version(version: str) -> str:
+    """Parse and convert version specifiers."""
+    if version.startswith("^"):
+        main_lib_version = version[1:].split(",")[0]
+        addtional_lib_version = None
+        if len(version[1:].split(",")) > 1:
+            addtional_lib_version = version[1:].split(",")[1]
+
+        return f">={main_lib_version}" + (
+            f",{addtional_lib_version}" if addtional_lib_version else ""
+        )
+    return version