Unable to convert .png to .WebP format, After converting from Android Studio "Convert WebP" option, extension is not getting change from .png to .WebP

Unable to convert .png to .WebP format, After converting from Android Studio "Convert WebP" option, the extension is not getting changed from .png to .WebP

Adding attachments for reference, Steps I am following:

Step:1 Select image/icon need to be converted from .png to .WebP click on convert to WebP otpion

Step:2 New Pop-up will appear

Result: There is no change in the image/icon, extension is .png

Thanks :)