diff --git a/change/@fluentui-web-components-54c7cd29-29dc-46c9-8324-465b8c1b5eac.json b/change/@fluentui-web-components-54c7cd29-29dc-46c9-8324-465b8c1b5eac.json
new file mode 100644
index 00000000000000..513eeec26c2294
--- /dev/null
+++ b/change/@fluentui-web-components-54c7cd29-29dc-46c9-8324-465b8c1b5eac.json
@@ -0,0 +1,7 @@
+{
+  "type": "prerelease",
+  "comment": "update FAST dependencies to latest package versions",
+  "packageName": "@fluentui/web-components",
+  "email": "chhol@microsoft.com",
+  "dependentChangeType": "patch"
+}
diff --git a/packages/web-components/package.json b/packages/web-components/package.json
index 2fab6b0c1e2444..f59477f4bf5f62 100644
--- a/packages/web-components/package.json
+++ b/packages/web-components/package.json
@@ -125,8 +125,8 @@
     "typescript": "4.7.4"
   },
   "dependencies": {
-    "@microsoft/fast-element": "^2.0.0-beta.21",
-    "@microsoft/fast-foundation": "^3.0.0-alpha.25",
+    "@microsoft/fast-element": "^2.0.0-beta.22",
+    "@microsoft/fast-foundation": "^3.0.0-alpha.26",
     "@microsoft/fast-web-utilities": "^6.0.0",
     "@fluentui/tokens": "1.0.0-alpha.2",
     "tslib": "^2.1.0"
diff --git a/yarn.lock b/yarn.lock
index 20e76b0984962f..fea9135d29a1b1 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -2675,10 +2675,10 @@
   resolved "https://registry.yarnpkg.com/@microsoft/fast-element/-/fast-element-1.13.0.tgz#d390ff13697064a48dc6ad6bb332a5f5489f73f8"
   integrity sha512-iFhzKbbD0cFRo9cEzLS3Tdo9BYuatdxmCEKCpZs1Cro/93zNMpZ/Y9/Z7SknmW6fhDZbpBvtO8lLh9TFEcNVAQ==
 
-"@microsoft/fast-element@^2.0.0-beta.21":
-  version "2.0.0-beta.21"
-  resolved "https://registry.yarnpkg.com/@microsoft/fast-element/-/fast-element-2.0.0-beta.21.tgz#98710d92f84f3e7f204514c194cbcf3ef8a485a2"
-  integrity sha512-cyM7ieXW82JqgHK3Es9Gu8EvtZOjqd0adhceoibQsdU9OpJVqKbriNNGDC7+EuGkMrczo2AnIIhP3/mGQ85faQ==
+"@microsoft/fast-element@^2.0.0-beta.22":
+  version "2.0.0-beta.22"
+  resolved "https://registry.yarnpkg.com/@microsoft/fast-element/-/fast-element-2.0.0-beta.22.tgz#e8a508544b2af9db387e9e728d0de1fb9b8f1a12"
+  integrity sha512-uyNiiTp59BN0uiRE5f2avwTR5vNoPavTFvPQ+v8UcWgL4Zi206dTfIOEH/hR0eeY8Jw3w0C6FHNSc/ehetkzWg==
 
 "@microsoft/fast-foundation@^2.49.6":
   version "2.49.6"
@@ -2690,13 +2690,13 @@
     tabbable "^5.2.0"
     tslib "^1.13.0"
 
-"@microsoft/fast-foundation@^3.0.0-alpha.25":
-  version "3.0.0-alpha.25"
-  resolved "https://registry.yarnpkg.com/@microsoft/fast-foundation/-/fast-foundation-3.0.0-alpha.25.tgz#7098318b1e9c312085c5d7bd15dc4ce19c89f85a"
-  integrity sha512-W3MpIxJvF3x14yWWZFVi3BXIK9JbzksLgWaQxlEhHaSwYwUDb2yaWwXJby6ZOKZa2c7ns51rv4xGTPmvaGUwag==
+"@microsoft/fast-foundation@^3.0.0-alpha.26":
+  version "3.0.0-alpha.26"
+  resolved "https://registry.yarnpkg.com/@microsoft/fast-foundation/-/fast-foundation-3.0.0-alpha.26.tgz#eb21b5f9ee5d4dccf17da1e709a78775ce1278ad"
+  integrity sha512-78UJIbS20lCQ9rOyUZMwjXIeEDFBjJZM0DJ7bYUIXgx7JDXygYi8RxnmCFiO0h9XABubiuOJrGDJtqro5sgS7g==
   dependencies:
     "@floating-ui/dom" "^1.0.3"
-    "@microsoft/fast-element" "^2.0.0-beta.21"
+    "@microsoft/fast-element" "^2.0.0-beta.22"
     "@microsoft/fast-web-utilities" "^6.0.0"
     tabbable "^5.2.0"
     tslib "^2.4.0"