Version conflict

Problem/Motivation

I have version 2.0.1 installed and try to update with composer to 2.03.
With: composer require 'drupal/media_gallery:^2.0' the answer is: Nothing to install, update or remove
With: composer require 'drupal/media_gallery:^2.0.3' the answer is: drupal/media_gallery 2.0.3 requires drupal/colorbox ^2.0 -> found drupal/colorbox[2.0.0] but it conflicts with your root composer.json require (^1.10).
I cannot update composer because 2.0.1 requires colorbox 1.7

Running composer require 'drupal/media_gallery:^2.0.3' --with-all-dependencies results in: drupal/media_gallery 2.0.3 requires drupal/colorbox ^2.0 -> found drupal/colorbox[2.0.0] but it conflicts with your root composer.json require (^1.10).

Running composer require 'drupal/colorbox:^2.0' --with-all-dependencies results in: drupal/media_gallery 2.0.1 requires drupal/colorbox ^1.7 -> found drupal/colorbox[1.7.0, 1.8.0, 1.9.0, 1.10.0] but it conflicts with your root composer.json require (^2.0).

So what to do now to update to the current version? This seems a dead lock....