Unable to install via Composer

Just tried to install module via composer require 'drupal/migrate_joomla:^3.0' into Drupal 8.9.0 and I get the following errors:

Your requirements could not be resolved to an installable set of packages.

Problem 1
- Installation request for drupal/migrate_joomla ^3.0 -> satisfiable by drupal/migrate_joomla[3.0.0].
- drupal/migrate_joomla 3.0.0 requires drupal/migrate ^4 || ^5 -> no matching package found.

Potential causes:
- A typo in the package name
- The package is not available in a stable-enough version according to your minimum-stability setting
see for more details.
- It's a private package and you forgot to add a custom repository to find it

I suspect the problem is caused by the requirement for Drupal Migrate at release 4 or 5... core D8 current release is 8.9.0 and problem lies in composer.json:

"require": {
    "drupal/migrate": "^4 || ^5",
    "drupal/migrate_tools": "^4 || ^5"
  },