MIG 7 Series is currently not supported in the Vivado IP Upgrade flow; when attempting to upgrade a MIG 7 Series design, an error similar to the following is displayed:
import_ip -file /FILES/2012.3/ddr3_32bit.xci -name ddr3_32bit
ERROR: [IP_Flow 19-1670] Failed to copy local file "/FILES/2012.3/mig.prj' while importing IP 'ddr3_32bit'. This is a mandatory source file and must exist for import to be successful. Please ensure this file exists.
ERROR: [Common 17-39] 'import_ip' failed due to earlier errors.
MIG 7 Series IP is going to be supported in the IP Upgrade flow at a later release. In the meantime, this answer record details the flow for upgrading MIG 7 Series IP in the Vivado tools.