diff --git a/desktop/pkg-lib/src/__tests__/getPluginDetails.node.ts b/desktop/pkg-lib/src/__tests__/getPluginDetails.node.ts
index 47242a669..0d0a517c9 100644
--- a/desktop/pkg-lib/src/__tests__/getPluginDetails.node.ts
+++ b/desktop/pkg-lib/src/__tests__/getPluginDetails.node.ts
@@ -29,7 +29,7 @@ test('getPluginDetailsV1', async () => {
       "gatekeeper": "GK_flipper_plugin_test",
       "icon": undefined,
       "id": "flipper-plugin-test",
-      "main": "dist/index.js",
+      "main": "dist/bundle.js",
       "name": "flipper-plugin-test",
       "source": "src/index.tsx",
       "specVersion": 1,
diff --git a/desktop/pkg-lib/src/getPluginDetails.ts b/desktop/pkg-lib/src/getPluginDetails.ts
index b90bffcc7..ed3a4a9d2 100644
--- a/desktop/pkg-lib/src/getPluginDetails.ts
+++ b/desktop/pkg-lib/src/getPluginDetails.ts
@@ -43,7 +43,7 @@ async function getPluginDetailsV1(
     dir: pluginDir,
     name: packageJson.name,
     version: packageJson.version,
-    main: 'dist/index.js',
+    main: 'dist/bundle.js',
     source: packageJson.main,
     id: packageJson.name,
     gatekeeper: packageJson.gatekeeper,
diff --git a/desktop/pkg/README.md b/desktop/pkg/README.md
index a7e022a2c..e801b023b 100644
--- a/desktop/pkg/README.md
+++ b/desktop/pkg/README.md
@@ -28,6 +28,7 @@ USAGE
 * [`flipper-pkg help [COMMAND]`](#flipper-pkg-help-command)
 * [`flipper-pkg init [DIRECTORY]`](#flipper-pkg-init-directory)
 * [`flipper-pkg lint [DIRECTORY]`](#flipper-pkg-lint-directory)
+* [`flipper-pkg migrate [DIRECTORY]`](#flipper-pkg-migrate-directory)
 * [`flipper-pkg pack [DIRECTORY]`](#flipper-pkg-pack-directory)
 
 ## `flipper-pkg bundle [DIRECTORY]`
@@ -66,15 +67,15 @@ _See code: [@oclif/plugin-help](https://github.com/oclif/plugin-help/blob/v2.2.3
 
 ## `flipper-pkg init [DIRECTORY]`
 
-initializes Flipper desktop plugin template in the provided directory
+initializes a Flipper desktop plugin template in the provided directory
 
 ```
 USAGE
   $ flipper-pkg init [DIRECTORY]
 
 ARGUMENTS
-  DIRECTORY  [default: .] Path to directory where plugin package template should be initialized. Defaults to the current
-             working directory.
+  DIRECTORY  [default: .] Path to the directory where the plugin package template should be initialized. Defaults to the
+             current working directory.
 
 EXAMPLE
   $ flipper-pkg init path/to/plugin
@@ -99,6 +100,27 @@ EXAMPLE
 
 _See code: [src/commands/lint.ts](https://github.com/facebook/flipper/blob/v0.39.0/src/commands/lint.ts)_
 
+## `flipper-pkg migrate [DIRECTORY]`
+
+migrates a Flipper desktop plugin to the latest version of specification
+
+```
+USAGE
+  $ flipper-pkg migrate [DIRECTORY]
+
+ARGUMENTS
+  DIRECTORY  [default: .] Path to the plugin directory. Defaults to the current working directory.
+
+OPTIONS
+  --no-dependencies  Do not add or change package dependencies during migration.
+  --no-scripts       Do not add or change package scripts during migration.
+
+EXAMPLE
+  $ flipper-pkg migrate path/to/plugin
+```
+
+_See code: [src/commands/migrate.ts](https://github.com/facebook/flipper/blob/v0.39.0/src/commands/migrate.ts)_
+
 ## `flipper-pkg pack [DIRECTORY]`
 
 packs a plugin folder into a distributable archive
diff --git a/desktop/pkg/package.json b/desktop/pkg/package.json
index 2d496a8db..2b2b51e8b 100644
--- a/desktop/pkg/package.json
+++ b/desktop/pkg/package.json
@@ -23,6 +23,7 @@
     "flipper-pkg-lib": "0.39.0",
     "fs-extra": "^8.1.0",
     "inquirer": "^7.1.0",
+    "lodash": "^4.17.15",
     "recursive-readdir": "^2.2.2"
   },
   "devDependencies": {
diff --git a/desktop/pkg/src/__tests__/runMigrate.node.ts b/desktop/pkg/src/__tests__/runMigrate.node.ts
new file mode 100644
index 000000000..1611884cc
--- /dev/null
+++ b/desktop/pkg/src/__tests__/runMigrate.node.ts
@@ -0,0 +1,144 @@
+/**
+ * Copyright (c) Facebook, Inc. and its affiliates.
+ *
+ * This source code is licensed under the MIT license found in the
+ * LICENSE file in the root directory of this source tree.
+ *
+ * @format
+ */
+
+import runMigrate from '../utils/runMigrate';
+import fs from 'fs-extra';
+
+const packageJsonV1 = {
+  name: 'Fresco',
+  version: '1.0.0',
+  main: 'index.tsx',
+  license: 'MIT',
+  keywords: ['images'],
+  dependencies: {
+    flipper: 'latest',
+  },
+  scripts: {
+    prepack: 'yarn reset && yarn build',
+  },
+  title: 'Images',
+  icon: 'profile',
+  bugs: {
+    email: 'example@test.com',
+  },
+};
+
+const packageJsonV2 = {
+  $schema: 'https://fbflipper.com/schemas/plugin-package/v2.json',
+  name: 'flipper-plugin-network',
+  id: 'Network',
+  flipperBundlerEntry: 'index.tsx',
+  main: 'dist/index.js',
+  title: 'Network',
+  description:
+    'Use the Network inspector to inspect outgoing network traffic in your apps.',
+  icon: 'internet',
+  version: '1.0.0',
+  license: 'MIT',
+  keywords: ['network', 'flipper-plugin'],
+  scripts: {
+    prepack: 'yarn reset && yarn build',
+  },
+  bugs: {
+    email: 'example@test.com',
+    url: 'https://github.com/facebook/flipper',
+  },
+};
+
+let convertedPackageJsonString: string | undefined;
+
+beforeEach(() => {
+  jest.mock('fs-extra', () => jest.fn());
+  fs.pathExists = jest.fn().mockResolvedValue(true);
+  fs.pathExistsSync = jest.fn().mockReturnValue(true);
+  fs.readJson = jest.fn().mockResolvedValue(packageJsonV1);
+  fs.readFile = jest
+    .fn()
+    .mockResolvedValue(new Buffer(JSON.stringify(packageJsonV1)));
+  convertedPackageJsonString = undefined;
+  fs.writeFile = jest.fn().mockImplementation(async (_path, content) => {
+    convertedPackageJsonString = content;
+  });
+});
+
+test('converts package.json and adds dependencies', async () => {
+  const error = await runMigrate('dir');
+  expect(error).toBeUndefined();
+  expect(convertedPackageJsonString).toMatchInlineSnapshot(`
+    "{
+      \\"$schema\\": \\"https://fbflipper.com/schemas/plugin-package/v2.json\\",
+      \\"name\\": \\"flipper-plugin-fresco\\",
+      \\"id\\": \\"Fresco\\",
+      \\"version\\": \\"1.0.0\\",
+      \\"main\\": \\"dist/bundle.js\\",
+      \\"flipperBundlerEntry\\": \\"index.tsx\\",
+      \\"license\\": \\"MIT\\",
+      \\"keywords\\": [
+        \\"flipper-plugin\\",
+        \\"images\\"
+      ],
+      \\"peerDependencies\\": {
+        \\"flipper\\": \\"latest\\"
+      },
+      \\"devDependencies\\": {
+        \\"flipper\\": \\"latest\\",
+        \\"flipper-pkg\\": \\"latest\\"
+      },
+      \\"scripts\\": {
+        \\"prepack\\": \\"yarn reset && yarn build && flipper-pkg lint && flipper-pkg bundle\\"
+      },
+      \\"title\\": \\"Images\\",
+      \\"icon\\": \\"profile\\",
+      \\"bugs\\": {
+        \\"email\\": \\"example@test.com\\"
+      }
+    }"
+  `);
+});
+
+test('converts package.json without changing dependencies', async () => {
+  const error = await runMigrate('dir', {noDependencies: true});
+  expect(error).toBeUndefined();
+  expect(convertedPackageJsonString).toMatchInlineSnapshot(`
+    "{
+      \\"$schema\\": \\"https://fbflipper.com/schemas/plugin-package/v2.json\\",
+      \\"name\\": \\"flipper-plugin-fresco\\",
+      \\"id\\": \\"Fresco\\",
+      \\"version\\": \\"1.0.0\\",
+      \\"main\\": \\"dist/bundle.js\\",
+      \\"flipperBundlerEntry\\": \\"index.tsx\\",
+      \\"license\\": \\"MIT\\",
+      \\"keywords\\": [
+        \\"flipper-plugin\\",
+        \\"images\\"
+      ],
+      \\"dependencies\\": {
+        \\"flipper\\": \\"latest\\"
+      },
+      \\"scripts\\": {
+        \\"prepack\\": \\"yarn reset && yarn build && flipper-pkg lint && flipper-pkg bundle\\"
+      },
+      \\"title\\": \\"Images\\",
+      \\"icon\\": \\"profile\\",
+      \\"bugs\\": {
+        \\"email\\": \\"example@test.com\\"
+      }
+    }"
+  `);
+});
+
+test('does not migrate already migrated packages', async () => {
+  fs.readJson = jest.fn().mockResolvedValue(packageJsonV2);
+  fs.readFile = jest
+    .fn()
+    .mockResolvedValue(new Buffer(JSON.stringify(packageJsonV2)));
+  const error = await runMigrate('dir');
+  expect(error).toBeUndefined();
+  expect(convertedPackageJsonString).toBeUndefined();
+});
diff --git a/desktop/pkg/src/commands/migrate.ts b/desktop/pkg/src/commands/migrate.ts
new file mode 100644
index 000000000..aa2f7d6ae
--- /dev/null
+++ b/desktop/pkg/src/commands/migrate.ts
@@ -0,0 +1,53 @@
+/**
+ * Copyright (c) Facebook, Inc. and its affiliates.
+ *
+ * This source code is licensed under the MIT license found in the
+ * LICENSE file in the root directory of this source tree.
+ *
+ * @format
+ */
+
+import {Command, flags} from '@oclif/command';
+import {args} from '@oclif/parser';
+import runMigrate from '../utils/runMigrate';
+import path from 'path';
+
+export default class Migrate extends Command {
+  public static description =
+    'migrates a Flipper desktop plugin to the latest version of specification';
+
+  public static examples = [`$ flipper-pkg migrate path/to/plugin`];
+
+  public static flags = {
+    'no-dependencies': flags.boolean({
+      description:
+        'Do not add or change package dependencies during migration.',
+      default: false,
+    }),
+    'no-scripts': flags.boolean({
+      description: 'Do not add or change package scripts during migration.',
+      default: false,
+    }),
+  };
+
+  public static args: args.IArg[] = [
+    {
+      name: 'directory',
+      required: false,
+      default: '.',
+      description:
+        'Path to the plugin directory. Defaults to the current working directory.',
+    },
+  ];
+
+  public async run() {
+    const {args, flags} = this.parse(Migrate);
+    const dir: string = path.resolve(process.cwd(), args.directory);
+    const noDependencies = flags['no-dependencies'];
+    const noScripts = flags['no-scripts'];
+    const error = await runMigrate(dir, {noDependencies, noScripts});
+    if (error) {
+      this.error(error);
+    }
+  }
+}
diff --git a/desktop/pkg/src/utils/runMigrate.ts b/desktop/pkg/src/utils/runMigrate.ts
new file mode 100644
index 000000000..419264af8
--- /dev/null
+++ b/desktop/pkg/src/utils/runMigrate.ts
@@ -0,0 +1,129 @@
+/**
+ * Copyright (c) Facebook, Inc. and its affiliates.
+ *
+ * This source code is licensed under the MIT license found in the
+ * LICENSE file in the root directory of this source tree.
+ *
+ * @format
+ */
+
+import path from 'path';
+import fs from 'fs-extra';
+import {getPluginDetails} from 'flipper-pkg-lib';
+import {kebabCase} from 'lodash';
+
+export default async function (
+  dir: string,
+  options: {
+    noDependencies?: boolean;
+    noScripts?: boolean;
+  } = {},
+): Promise<string | undefined> {
+  const {noDependencies, noScripts} = Object.assign(
+    {
+      noDependencies: false,
+      noScripts: false,
+    },
+    options,
+  );
+  if (!(await fs.pathExists(dir))) {
+    return `Directory not found: ${dir}`;
+  }
+  const packageJsonPath = path.join(dir, 'package.json');
+  if (!(await fs.pathExists(packageJsonPath))) {
+    return `package.json not found: ${packageJsonPath}`;
+  }
+  console.log(`⚙️  Migrating Flipper plugin package in ${dir}`);
+  const packageJsonString = (await fs.readFile(packageJsonPath)).toString();
+  const packageJson = JSON.parse(packageJsonString);
+  const pluginDetails = await getPluginDetails(dir, packageJson);
+  if (pluginDetails.specVersion === 2) {
+    console.log(
+      `✅  Plugin is already defined according to the latest specification version.`,
+    );
+    return;
+  }
+  const name = pluginDetails.name.startsWith('flipper-plugin-')
+    ? pluginDetails.name
+    : `flipper-plugin-${kebabCase(pluginDetails.name)}`;
+  const keys = Object.keys(packageJson);
+  packageJson.name = name;
+  packageJson.main = pluginDetails.main;
+  if (!packageJson.flipperBundlerEntry) {
+    const index = keys.indexOf('main');
+    keys.splice(index + 1, 0, 'flipperBundlerEntry');
+  }
+  packageJson.flipperBundlerEntry = pluginDetails.source;
+  if (!packageJson.id) {
+    const index = keys.indexOf('name');
+    keys.splice(index + 1, 0, 'id');
+  }
+  packageJson.id = pluginDetails.id;
+  if (!packageJson.$schema) {
+    keys.unshift('$schema');
+  }
+  packageJson.$schema = 'https://fbflipper.com/schemas/plugin-package/v2.json';
+  if (!packageJson.keywords) {
+    keys.push('keywords');
+  }
+  if (
+    !packageJson.keywords ||
+    !packageJson.keywords.includes('flipper-plugin')
+  ) {
+    packageJson.keywords = ['flipper-plugin', ...(packageJson.keywords || [])];
+  }
+
+  if (!noDependencies) {
+    const dependenciesFieldIndex = keys.indexOf('dependencies');
+    if (packageJson.dependencies && packageJson.dependencies.flipper) {
+      delete packageJson.dependencies.flipper;
+    }
+    if (!packageJson.peerDependencies) {
+      if (dependenciesFieldIndex === -1) {
+        keys.push('peerDependencies');
+      } else {
+        if (Object.keys(packageJson.dependencies).length === 0) {
+          // If no other dependencies except 'flipper' then we need to remove 'dependencies' and add 'peerDependencies' instead
+          keys.splice(dependenciesFieldIndex, 1, 'peerDependencies');
+        } else {
+          // If there are other dependencies except 'flipper', then
+          keys.splice(dependenciesFieldIndex + 1, 0, 'peerDependencies');
+        }
+      }
+    }
+    packageJson.peerDependencies = {
+      ...packageJson.peerDependencies,
+      flipper: 'latest',
+    };
+    if (!packageJson.devDependencies) {
+      const peerDependenciesFieldIndex = keys.indexOf('peerDependencies');
+      keys.splice(peerDependenciesFieldIndex + 1, 0, 'devDependencies');
+    }
+    packageJson.devDependencies = {
+      ...packageJson.devDependencies,
+      flipper: 'latest',
+      'flipper-pkg': 'latest',
+    };
+  }
+
+  if (!noScripts) {
+    if (!packageJson.scripts) {
+      keys.push('scripts');
+    }
+    packageJson.scripts = {
+      ...packageJson.scripts,
+      prepack:
+        (packageJson.scripts?.prepack
+          ? packageJson.scripts!.prepack! + ' && '
+          : '') + 'flipper-pkg lint && flipper-pkg bundle',
+    };
+  }
+
+  const newPackageJson = keys.reduce<any>((result, key) => {
+    result[key] = packageJson[key];
+    return result;
+  }, {});
+  const newPackageJsonString = JSON.stringify(newPackageJson, undefined, 2);
+  await fs.writeFile(packageJsonPath, newPackageJsonString);
+  console.log(`✅  Plugin migrated to the latest specification version 2.`);
+}
diff --git a/docs/extending/jssetup.mdx b/docs/extending/jssetup.mdx
index ad3335700..17114c17b 100644
--- a/docs/extending/jssetup.mdx
+++ b/docs/extending/jssetup.mdx
@@ -132,6 +132,14 @@ Flipper has [tooling for transpiling and bundling](#transpiling-and-bundling) wh
 
 If you need any dependencies in your plugin, you can install them using `yarn add`.
 
+## Migration to the new Plugin Specification
+
+Flipper plugins are defined according to the specification. As with any specification, it is evolving, so new versions of it can be released. Currently Flipper supports plugins defined using version 2 of specification which is described in this page. Previous version of specification is being deprecated, and we encourage all the plugins still using it to migrate.
+
+The main difference of version 2 is that plugins are transpiled and bundled before packaging, while in version 1 this was done in run-time on plugin installation. There are no plugin API changes, so only the `package.json` changes are required to migrate.
+
+The easiest way for migration is using of command `flipper-pkg migrate`. It will automatically migrate your plugin definition to the latest version.
+
 ## Development Build
 
 A Flipper development build should be used for plugin debugging. It is also used for Flipper core development and provides the following features: