Next week I have to start an update of a Laravel API written with version 7 to version 11. I'm thinking of creating a new project then porting over the code then updating what's needed. Think it might be the less painful action.

What say you fellow Laravel Devs? Is there a better approach I'm missing?

I agree with @hygotran, use shift if you can if not port over your business logic to a new app, depends on the complexity and the dependencies as well and how good your tests are.