// First, remove the old version:

//STEP- 1
// If installed via apt-get
sudo apt-get remove docker-compose
// If installed via curl
sudo rm /usr/local/bin/docker-compose
//If installed via pip
pip uninstall docker-compose

// STEP-2 GET LATEST VERSION
// curl + grep
VERSION=$(curl --silent https://api.github.com/repos/docker/compose/releases/latest | grep -Po '"tag_name": "\K.*\d')

// FINAL_STEP Install and make it executeable
DESTINATION=/usr/local/bin/docker-compose
sudo curl -L https://github.com/docker/compose/releases/download/${VERSION}/docker-compose-$(uname -s)-$(uname -m) -o $DESTINATION
sudo chmod 755 $DESTINATION

// for docker-compose 3.9 
// https://docs.docker.com/compose/compose-file/compose-file-v3/#resources

sudo curl -L "https://github.com/docker/compose/releases/download/1.25.4/docker-compose-$(uname -s)-$(uname -m)" -o /usr/local/bin/docker-compose
sudo chmod +x /usr/local/bin/docker-compose

sudo curl -L "https://github.com/docker/compose/releases/download/1.29.2/docker-compose-$(uname -s)-$(uname -m)" -o /usr/local/bin/docker-compose

First step, remove the existing version

// If installed via apt-get
sudo apt-get remove docker-compose

// If installed via curl
sudo rm /usr/local/bin/docker-compose

// if installed via pip
pip uninstall docker-compose

Second step, Install the new one (check the latest version from here https://docs.docker.com/compose/install/)

sudo curl -L "https://github.com/docker/compose/releases/download/1.29.0/docker-compose-$(uname -s)-$(uname -m)" -o /usr/local/bin/docker-compose

Third step, make it accessible

sudo chmod +x /usr/local/bin/docker-compose

Fourth, finally check whether version is update

docker-compose --version