@Babu, Narendra I finally found a solution.
1) Open Teams in a Web Browser.
2) Got to a chat and right-click to get to the settings menu
3) When you click on settings you will get the error message we have been seeing. "The configured project does not exist, or you do not have permissions to access it"
3a) It should open in a new window
4) Now in the address bar change the old project id to the new project id and hit enter.
5) You now get a reconnection dialog asking for first your org then your project.
Sorry, I can't replicate the errors now that mine is fixed for more screenshots but also I used this link below as a reference.
https://stackoverflow.com/questions/71487161/how-to-reset-azure-devops-connector-in-ms-teams
REMEMBER IT MUST BE DONE IN A WEB BROWSER TO GET TO THE URL.!
Hopes this helps anyone that has the similar issue