[android-studio] This version of Android Studio cannot open this project, please retry with Android Studio 3.4 or newer

In IntelliJ IDEA this is an open bug: https://youtrack.jetbrains.com/issue/IDEA-252823

As a workaround, you can change the build tools version as other people advise.

My project was failing with this dependency:

com.android.tools.build:gradle:7.0.0-alpha03

Now it's working with this:

com.android.tools.build:gradle:4.0.2

As a side note, you should change that dependency in build.gradle in some projects or in dependencies.kt in newer projects.

That was the most updated version that worked.