UPDATE (05/23/18):
The newer version of Android Studio does not show version updates in the Project Structure dialog. Instead, Adam-s answer is the correct one for Android Studio 3+
Analyze > “Run Inspection By Name”
Then search for “Newer Library Versions Available
“
PREVIOUS WAY:
As of Android Studio 2.2
, a new Project Structure
dialog shows the list of dependencies your app is using with the available updates from local AND remote repositories as well.
- Activate it by going to
Android Studio > Settings > Build, Execution, Deployment > Gradle > Experimental
and check theUse new Project Structure dialog
(Thanks @jessehensold) - Then open it by going to
File > Project Structure > Messages
For older version of Android Studio, see other responses below.