diff --git a/lib/manager/gradle/__fixtures__/updatesReport.json b/lib/manager/gradle/__fixtures__/updatesReport.json
index 28f4d15907093a55b34bc91ebf19a683257514de..0fe80ecf550921f709b392e66088afc49b3d0418 100644
--- a/lib/manager/gradle/__fixtures__/updatesReport.json
+++ b/lib/manager/gradle/__fixtures__/updatesReport.json
@@ -30,6 +30,16 @@
         "name": "scala-logging_%%",
         "group": "com.typesafe.scala-logging",
         "version": "3.9.0"
+      },
+      {
+        "name": "foo",
+        "group": "foo",
+        "version": null
+      },
+      {
+        "name": "bar",
+        "group": "bar",
+        "version": null
       }
     ]
   }
diff --git a/lib/manager/gradle/__snapshots__/index.spec.ts.snap b/lib/manager/gradle/__snapshots__/index.spec.ts.snap
index b9e1beaac77bf2bf852e899d6f1ad0781c4ddac8..e9758e7b91d23b46099f6e14f739671efec556a9 100644
--- a/lib/manager/gradle/__snapshots__/index.spec.ts.snap
+++ b/lib/manager/gradle/__snapshots__/index.spec.ts.snap
@@ -211,6 +211,26 @@ Array [
           "https://jitpack.io",
         ],
       },
+      Object {
+        "currentValue": "1.2.3",
+        "depGroup": "foo",
+        "depName": "foo:foo",
+        "name": "foo",
+        "registryUrls": Array [
+          "https://repo.maven.apache.org/maven2/",
+          "https://jitpack.io",
+        ],
+      },
+      Object {
+        "currentValue": "3.4.5",
+        "depGroup": "bar",
+        "depName": "bar:bar",
+        "name": "bar",
+        "registryUrls": Array [
+          "https://repo.maven.apache.org/maven2/",
+          "https://jitpack.io",
+        ],
+      },
     ],
     "packageFile": "build.gradle",
   },
@@ -269,6 +289,26 @@ Array [
           "https://jitpack.io",
         ],
       },
+      Object {
+        "currentValue": "1.2.3",
+        "depGroup": "foo",
+        "depName": "foo:foo",
+        "name": "foo",
+        "registryUrls": Array [
+          "https://repo.maven.apache.org/maven2/",
+          "https://jitpack.io",
+        ],
+      },
+      Object {
+        "currentValue": "3.4.5",
+        "depGroup": "bar",
+        "depName": "bar:bar",
+        "name": "bar",
+        "registryUrls": Array [
+          "https://repo.maven.apache.org/maven2/",
+          "https://jitpack.io",
+        ],
+      },
     ],
     "packageFile": "subproject/build.gradle",
   },
@@ -354,6 +394,26 @@ Array [
           "https://jitpack.io",
         ],
       },
+      Object {
+        "currentValue": "1.2.3",
+        "depGroup": "foo",
+        "depName": "foo:foo",
+        "name": "foo",
+        "registryUrls": Array [
+          "https://repo.maven.apache.org/maven2/",
+          "https://jitpack.io",
+        ],
+      },
+      Object {
+        "currentValue": "3.4.5",
+        "depGroup": "bar",
+        "depName": "bar:bar",
+        "name": "bar",
+        "registryUrls": Array [
+          "https://repo.maven.apache.org/maven2/",
+          "https://jitpack.io",
+        ],
+      },
     ],
     "packageFile": "foo/build.gradle",
   },
@@ -439,6 +499,26 @@ Array [
           "https://jitpack.io",
         ],
       },
+      Object {
+        "currentValue": "1.2.3",
+        "depGroup": "foo",
+        "depName": "foo:foo",
+        "name": "foo",
+        "registryUrls": Array [
+          "https://repo.maven.apache.org/maven2/",
+          "https://jitpack.io",
+        ],
+      },
+      Object {
+        "currentValue": "3.4.5",
+        "depGroup": "bar",
+        "depName": "bar:bar",
+        "name": "bar",
+        "registryUrls": Array [
+          "https://repo.maven.apache.org/maven2/",
+          "https://jitpack.io",
+        ],
+      },
     ],
     "packageFile": "build.gradle.kts",
   },
@@ -497,6 +577,26 @@ Array [
           "https://jitpack.io",
         ],
       },
+      Object {
+        "currentValue": "1.2.3",
+        "depGroup": "foo",
+        "depName": "foo:foo",
+        "name": "foo",
+        "registryUrls": Array [
+          "https://repo.maven.apache.org/maven2/",
+          "https://jitpack.io",
+        ],
+      },
+      Object {
+        "currentValue": "3.4.5",
+        "depGroup": "bar",
+        "depName": "bar:bar",
+        "name": "bar",
+        "registryUrls": Array [
+          "https://repo.maven.apache.org/maven2/",
+          "https://jitpack.io",
+        ],
+      },
     ],
     "packageFile": "subproject/build.gradle.kts",
   },
diff --git a/lib/manager/gradle/build-gradle.ts b/lib/manager/gradle/build-gradle.ts
index a02aecb31501a9c5162ca991fa4c3b87bfef0174..84ca91c2d4b2b55f3fb884fc99c17bf063007fa7 100644
--- a/lib/manager/gradle/build-gradle.ts
+++ b/lib/manager/gradle/build-gradle.ts
@@ -137,6 +137,14 @@ function kotlinPluginVariableVersionFormatMatch(
   );
 }
 
+function dependencyStringVariableExpressionFormatMatch(
+  dependency: GradleDependency
+): RegExp {
+  return regEx(
+    `\\s*dependency\\s+['"]${dependency.group}:${dependency.name}:([^'"]+)['"](?:\\s|;|})`
+  );
+}
+
 function variableDefinitionFormatMatch(variable: string): RegExp {
   return regEx(`(${variable}\\s*=\\s*?["'])(.*)(["'])`);
 }
@@ -162,16 +170,22 @@ export function collectVersionVariables(
       moduleStringVariableInterpolationVersionFormatMatch(dependency),
       groovyPluginVariableVersionFormatMatch(dependency),
       kotlinPluginVariableVersionFormatMatch(dependency),
+      dependencyStringVariableExpressionFormatMatch(dependency),
       ...moduleMapVariableVersionFormatMatch(dependency),
       ...moduleKotlinNamedArgumentVariableVersionFormatMatch(dependency),
     ];
 
+    const depName = `${dependency.group}:${dependency.name}`;
     for (const regex of regexes) {
       const match = regex.exec(buildGradleContent);
       if (match) {
-        variables[`${dependency.group}:${dependency.name}`] = match[1];
+        variables[depName] = match[1];
       }
     }
+
+    if (!dep.currentValue && variables[depName]) {
+      dep.currentValue = variables[depName];
+    }
   }
 }
 
diff --git a/lib/manager/gradle/index.spec.ts b/lib/manager/gradle/index.spec.ts
index 53f13643de1d189b9e2cc078e194f68c36a5d192..5d9e863592606395698d9c4ad086a32e93fcfaf1 100644
--- a/lib/manager/gradle/index.spec.ts
+++ b/lib/manager/gradle/index.spec.ts
@@ -53,7 +53,10 @@ async function setupMocks() {
   const exec: jest.Mock<typeof _exec> = require('child_process').exec;
   const util: jest.Mocked<typeof _util> = require('../../util');
 
-  utilfs.readLocalFile.mockResolvedValue('some content');
+  utilfs.readLocalFile.mockResolvedValue(`
+    dependency 'foo:foo:1.2.3'
+    dependency "bar:bar:3.4.5"
+  `);
   env.getChildProcessEnv.mockReturnValue(envMock.basic);
   await util.setUtilConfig(baseConfig);