diff --git a/CHANGELOG.md b/CHANGELOG.md
index 3ea189c4a..057ef7aa2 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,8 @@
 
 ## Unreleased
 
+## Version 1.39.0 (2024-09-17)
+
 ### AWS X-Ray propagator
 
 - Handle too short `X-Amzn-Trace-Id` header
diff --git a/version.gradle.kts b/version.gradle.kts
index 8fc2f79f4..6b7bc05a7 100644
--- a/version.gradle.kts
+++ b/version.gradle.kts
@@ -1,5 +1,5 @@
-val stableVersion = "1.39.0-SNAPSHOT"
-val alphaVersion = "1.39.0-alpha-SNAPSHOT"
+val stableVersion = "1.40.0-SNAPSHOT"
+val alphaVersion = "1.40.0-alpha-SNAPSHOT"
 
 allprojects {
   if (findProperty("otel.stable") != "true") {