Exceeded timeout of 5000 ms for a test #11607

I am upgrading jest from v1.4.3 --> 2+, with chromedriver version 91+. I have started getting this issue:

thrown: "Exceeded timeout of 5000 ms for a test. Use jest.setTimeout(newTimeout) to increase the timeout value, if this is a long-running test."

I have been googling a lot but not getting proper solution. So, far I have tried following solutions:-
1)Increased jest.setTimeout(30000) from 30000 to 60000.
2)Tried using jest- testRunner": "jest-circus/runner"

My package.json configuration is as below:
"@types/jest": "26.0.23",
"@types/node": "15.12.4",
"@types/selenium-webdriver": "4.0.14",
"chromedriver": "91.0.1",
"concurrently": "6.2.0",
"jest": "27.0.5",
"prettier": "2.3.1",
"selenium-webdriver": "4.0.0-alpha.7",
"ts-jest": "27.0.3",
"tslint": "6.1.3",
"tslint-config-prettier": "^1.15.0",
"tslint-config-sparta": "0.3.4",
"tslint-loader": "3.5.4",
"typedoc": "0.21.0",
"typescript": "3.9.7",
"ui-testing-core": "0.15.12"

Can anybody point out what is the solution?