Following the suggestion of @mislav, I compiled OpenSSL 1.1.1 and it worked. I tested on Ubuntu 22.04 and Fedora 36.

Install the dependencies

Ubuntu 22.04:

$ sudo apt install build-essential checkinstall zlib1g-dev

Fedora 36:

$ sudo dnf groupinstall "Development Tools"
$ sudo dnf install perl-core zlib-devel

Download OpenSSL 1.1.1

$ cd ~/Downloads
$ wget https://www.openssl.org/source/openssl-1.1.1q.tar.gz
$ tar xf openssl-1.1.1q.tar.gz

Compile it

$ cd ~/Downloads/openssl-1.1.1q
$ ./config --prefix=/opt/openssl-1.1.1q --openssldir=/opt/openssl-1.1.1q shared zlib
$ make
$ make test
$ sudo make install

Link the system's certs to OpenSSL 1.1.1 directory

$ sudo rm -rf /opt/openssl-1.1.1q/certs
$ sudo ln -s /etc/ssl/certs /opt/openssl-1.1.1q

Install ruby

Use RUBY_CONFIGURE_OPTS=--with-openssl-dir=/opt/openssl-1.1.1q before the command to install the ruby version

$ RUBY_CONFIGURE_OPTS=--with-openssl-dir=/opt/openssl-1.1.1q rbenv install 2.7.6

It works with asdf as well:

$ RUBY_CONFIGURE_OPTS=--with-openssl-dir=/opt/openssl-1.1.1q asdf install ruby 2.7.6

If you want to make this permanent, add this line to your .bashrc or .zshrc file:

export RUBY_CONFIGURE_OPTS="--with-openssl-dir=/opt/openssl-1.1.1q/"

Then you don't need to use RUBY_CONFIGURE_OPTS=--with-openssl-dir=/opt/openssl-1.1.1q before the command anymore.