diff --git a/README.md b/README.md
index 23213e2015..98c2780283 100644
--- a/README.md
+++ b/README.md
@@ -14,7 +14,7 @@ This package contains [type stubs](https://www.python.org/dev/peps/pep-0561/) an
 ## Installation
 
 ```bash
-pip install django-stubs
+pip install django-stubs[compatible-mypy]
 ```
 
 To make mypy aware of the plugin, you need to add
diff --git a/setup.py b/setup.py
index 7ed868da00..8fd2b2061c 100644
--- a/setup.py
+++ b/setup.py
@@ -20,7 +20,7 @@ def find_stub_files(name: str) -> List[str]:
     readme = f.read()
 
 dependencies = [
-    "mypy>=0.930,<0.970",
+    "mypy>=0.930",
     "django",
     "django-stubs-ext>=0.4.0",
     "tomli",
@@ -30,6 +30,10 @@ def find_stub_files(name: str) -> List[str]:
     "types-PyYAML",
 ]
 
+extras_require = {
+    "compatible-mypy": ["mypy<0.970"],
+}
+
 setup(
     name="django-stubs",
     version="1.11.1",
@@ -43,6 +47,7 @@ def find_stub_files(name: str) -> List[str]:
     py_modules=[],
     python_requires=">=3.7",
     install_requires=dependencies,
+    extras_require=extras_require,
     packages=["django-stubs", *find_packages(exclude=["scripts"])],
     package_data={
         "django-stubs": find_stub_files("django-stubs"),