Settings > Editor > Inspections > "Newer Library Versions Available"
The description for this inspection:
Newer Library Versions Available This detector checks with a central repository to see if there are newer versions available for the dependencies used by this project. This is similar to the GradleDependency check, which checks for newer versions available in the Android SDK tools and libraries, but this works with any MavenCentral dependency, and connects to the library every time, which makes it more flexible but also much slower.
Because of the slowdown this can introduce I'd recommend running it manually periodically, rather than having it always on. You can do this by: