Android Studio – Error initializing demo app with Gradle 8.0.0 in Android Studio2022.2.1

Android Studio version: 2022.2.1
Java version: 17.0.5

Error:

A problem occurred configuring root project 'My Application'.
> Could not resolve all files for configuration ':classpath'.
   > Could not resolve com.android.tools.build:gradle:8.0.0.
     Required by:
         project : > com.android.application:com.android.application.gradle.plugin:8.0.0
         project : > com.android.library:com.android.library.gradle.plugin:8.0.0
      > No matching variant of com.android.tools.build:gradle:8.0.0 was found. The consumer was configured to find a library for use during runtime, compatible with Java 8, packaged as a jar, and its dependencies declared externally, as well as attribute 'org.gradle.plugin.api-version' with value '8.0' but:
          - Variant 'apiElements' capability com.android.tools.build:gradle:8.0.0 declares a library, packaged as a jar, and its dependencies declared externally:
              - Incompatible because this component declares a component for use during compile-time, compatible with Java 11 and the consumer needed a component for use during runtime, compatible with Java 8
              - Other compatible attribute:
                  - Doesn't say anything about org.gradle.plugin.api-version (required '8.0')
          - Variant 'javadocElements' capability com.android.tools.build:gradle:8.0.0 declares a component for use during runtime, and its dependencies declared externally:
              - Incompatible because this component declares documentation and the consumer needed a library
              - Other compatible attributes:
                  - Doesn't say anything about its target Java version (required compatibility with Java 8)
                  - Doesn't say anything about its elements (required them packaged as a jar)
                  - Doesn't say anything about org.gradle.plugin.api-version (required '8.0')
          - Variant 'runtimeElements' capability com.android.tools.build:gradle:8.0.0 declares a library for use during runtime, packaged as a jar, and its dependencies declared externally:
              - Incompatible because this component declares a component, compatible with Java 11 and the consumer needed a component, compatible with Java 8
              - Other compatible attribute:
                  - Doesn't say anything about org.gradle.plugin.api-version (required '8.0')
          - Variant 'sourcesElements' capability com.android.tools.build:gradle:8.0.0 declares a component for use during runtime, and its dependencies declared externally:
              - Incompatible because this component declares documentation and the consumer needed a library
              - Other compatible attributes:
                  - Doesn't say anything about its target Java version (required compatibility with Java 8)
                  - Doesn't say anything about its elements (required them packaged as a jar)
                  - Doesn't say anything about org.gradle.plugin.api-version (required '8.0')

Reinstalled Android Studio and removed gradle cache, but still got same error.