This version of the Android Support plugin for IntelliJ IDEA (or Android Studio) cannot open this project, please retry with version 4.2 or newer.

[kishorejethava]

Current Android Studio is 4.0 stable channel. I have also tried in Canary Channel but when i check for updates it doesn't shows latest one.

[Abdullahi1]

Just try to downgrade your gradle version in the buildSrc/build.gradle.kts to at least 4.0.0 and sync the project.

That should solve the issue