diff --git a/changelog/update-phpcompatibility-latest b/changelog/update-phpcompatibility-latest
new file mode 100644
index 00000000000..5765c8249d8
--- /dev/null
+++ b/changelog/update-phpcompatibility-latest
@@ -0,0 +1,5 @@
+Significance: patch
+Type: dev
+Comment: Update phpcompatibility to develop version to get sniffs for PHP 8. No need to include it in the changelog since it is a dev task that doesn't impact WooPayments.
+
+
diff --git a/composer.json b/composer.json
index cdb679b4afb..f5b03aaa04f 100644
--- a/composer.json
+++ b/composer.json
@@ -45,7 +45,8 @@
         "woocommerce/qit-cli": "0.4.0",
         "slevomat/coding-standard": "8.15.0",
         "dg/bypass-finals": "1.5.1",
-        "sirbrillig/phpcs-variable-analysis": "^2.11"
+        "sirbrillig/phpcs-variable-analysis": "^2.11",
+        "phpcompatibility/php-compatibility": "dev-develop as 9.3.5"
     },
     "scripts": {
         "test": [
diff --git a/composer.lock b/composer.lock
index bc02d67bfbf..f6276dc29e7 100644
--- a/composer.lock
+++ b/composer.lock
@@ -4,7 +4,7 @@
         "Read more about it at https://getcomposer.org/doc/01-basic-usage.md#installing-dependencies",
         "This file is @generated automatically"
     ],
-    "content-hash": "595a21dda8d9c0943a32df05723b0e28",
+    "content-hash": "2f2c365c1ebb8b6af6e0df8c0ba64709",
     "packages": [
         {
             "name": "automattic/jetpack-a8c-mc-stats",
@@ -2737,33 +2737,45 @@
         },
         {
             "name": "phpcompatibility/php-compatibility",
-            "version": "9.3.5",
+            "version": "dev-develop",
             "source": {
                 "type": "git",
                 "url": "https://github.com/PHPCompatibility/PHPCompatibility.git",
-                "reference": "9fb324479acf6f39452e0655d2429cc0d3914243"
+                "reference": "3f79f96be9289a49eb85a4db3e8f5b7d55ba06d2"
             },
             "dist": {
                 "type": "zip",
-                "url": "https://api.github.com/repos/PHPCompatibility/PHPCompatibility/zipball/9fb324479acf6f39452e0655d2429cc0d3914243",
-                "reference": "9fb324479acf6f39452e0655d2429cc0d3914243",
+                "url": "https://api.github.com/repos/PHPCompatibility/PHPCompatibility/zipball/3f79f96be9289a49eb85a4db3e8f5b7d55ba06d2",
+                "reference": "3f79f96be9289a49eb85a4db3e8f5b7d55ba06d2",
                 "shasum": ""
             },
             "require": {
-                "php": ">=5.3",
-                "squizlabs/php_codesniffer": "^2.3 || ^3.0.2"
+                "php": ">=5.4",
+                "phpcsstandards/phpcsutils": "^1.0.12",
+                "squizlabs/php_codesniffer": "^3.10.0"
             },
-            "conflict": {
-                "squizlabs/php_codesniffer": "2.6.2"
+            "replace": {
+                "wimg/php-compatibility": "*"
             },
             "require-dev": {
-                "phpunit/phpunit": "~4.5 || ^5.0 || ^6.0 || ^7.0"
+                "php-parallel-lint/php-console-highlighter": "^1.0.0",
+                "php-parallel-lint/php-parallel-lint": "^1.4.0",
+                "phpcsstandards/phpcsdevcs": "^1.1.3",
+                "phpcsstandards/phpcsdevtools": "^1.2.0",
+                "phpunit/phpunit": "^4.8.36 || ^5.7.21 || ^6.0 || ^7.0 || ^8.0 || ^9.3.4 || ^10.1.0",
+                "yoast/phpunit-polyfills": "^1.0.5 || ^2.0.0"
             },
             "suggest": {
-                "dealerdirect/phpcodesniffer-composer-installer": "^0.5 || This Composer plugin will sort out the PHPCS 'installed_paths' automatically.",
                 "roave/security-advisories": "dev-master || Helps prevent installing dependencies with known security issues."
             },
+            "default-branch": true,
             "type": "phpcodesniffer-standard",
+            "extra": {
+                "branch-alias": {
+                    "dev-master": "9.x-dev",
+                    "dev-develop": "10.x-dev"
+                }
+            },
             "notification-url": "https://packagist.org/downloads/",
             "license": [
                 "LGPL-3.0-or-later"
@@ -2789,13 +2801,29 @@
             "keywords": [
                 "compatibility",
                 "phpcs",
-                "standards"
+                "standards",
+                "static analysis"
             ],
             "support": {
                 "issues": "https://github.com/PHPCompatibility/PHPCompatibility/issues",
+                "security": "https://github.com/PHPCompatibility/PHPCompatibility/security/policy",
                 "source": "https://github.com/PHPCompatibility/PHPCompatibility"
             },
-            "time": "2019-12-27T09:44:58+00:00"
+            "funding": [
+                {
+                    "url": "https://github.com/PHPCompatibility",
+                    "type": "github"
+                },
+                {
+                    "url": "https://github.com/jrfnl",
+                    "type": "github"
+                },
+                {
+                    "url": "https://opencollective.com/php_codesniffer",
+                    "type": "open_collective"
+                }
+            ],
+            "time": "2024-10-13T19:18:49+00:00"
         },
         {
             "name": "phpcompatibility/phpcompatibility-paragonie",
@@ -6961,10 +6989,18 @@
             "time": "2020-01-04T15:36:55+00:00"
         }
     ],
-    "aliases": [],
+    "aliases": [
+        {
+            "package": "phpcompatibility/php-compatibility",
+            "version": "dev-develop",
+            "alias": "9.3.5",
+            "alias_normalized": "9.3.5.0"
+        }
+    ],
     "minimum-stability": "dev",
     "stability-flags": {
-        "kalessil/production-dependencies-guard": 20
+        "kalessil/production-dependencies-guard": 20,
+        "phpcompatibility/php-compatibility": 20
     },
     "prefer-stable": true,
     "prefer-lowest": false,
@@ -6972,7 +7008,7 @@
         "php": ">=7.3",
         "ext-json": "*"
     },
-    "platform-dev": [],
+    "platform-dev": {},
     "platform-overrides": {
         "php": "7.3"
     },
diff --git a/phpcs.xml.dist b/phpcs.xml.dist
index e997f0fa2fd..c3547cfc17b 100644
--- a/phpcs.xml.dist
+++ b/phpcs.xml.dist
@@ -19,7 +19,7 @@
 
 	<!-- Configs -->
 	<config name="minimum_supported_wp_version" value="6.0" />
-	<config name="testVersion" value="7.3-" />
+	<config name="testVersion" value="7.3-7.4" />
 
 	<!-- Rules -->
 	<rule ref="WooCommerce-Core" >