How to generate new image asset in Android Studio

I had the same issue for some time here.

My issue was that I opened the project in Android Studio pointing the wrong folder. I work in a React Native project and opened the root folder of the project.

The problem was solved after I opened my project in Android Studio pointing to the Android folder inside my React Native project. Then, Android Studio synced the Android project in fact the the option showed up! :)

Hope it works for you.

Go to File -> Sync Project with Gradle Files

Then android studio may ask you to upgrade Gradle and once done, you will be able to see the option for New > Image Asset

Please install missing platform(s) just click on the link and wait for a while to install or download then new Image assit and new vector asset will apear.

The correct answer to this appears to be to update Gradle. I installed the above plugins, no luck. I ran updates on Android Studio, no luck. It was only after Android Studio asked me to update Gradle, and then the project resynced, that I saw the Image Asset option.