Update kubernetes cluster from 1.20.5 to 1.21.2 (internet restricted)

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Cluster information:

Kubernetes version: 1.20.5
Cloud being used: VMs on Vmware

Installation method: offline installation from binaries and images pushed to docker private repository
CNI and version: cni-plugins-linux-amd64-v0.8.2.tgz
CRI and version: crictl-v1.17.0-linux-amd64.tar.gz

I have created 1 master and 2 worker nodes without internet access and 1 vm with internet access to download binaries
Created kubernetes cluster using kubeadm with kubelet,kubeadm and kubectl the binaries and images of kube-proxy,kube-scheduler, kube-controller-manger (all are under 1.20.5 version)
Now I wanted to update my kubernetes cluster from 1.20.5 to 1.21.2 in offline mode
Do the upgrade works when deployed through binaries in offline mode?
If yes what are the steps I need to follow to upgrade the cluster along with dependencies? What are the supported version of dependencies?