diff --git a/python/semantic_kernel/__init__.py b/python/semantic_kernel/__init__.py
index 96c1476080ac..17bdd77c4ff0 100644
--- a/python/semantic_kernel/__init__.py
+++ b/python/semantic_kernel/__init__.py
@@ -2,8 +2,8 @@
 
 from semantic_kernel.kernel import Kernel
 
-__version__ = "1.31.0"
+__version__ = "1.32.0"
 
-DEFAULT_RC_VERSION = f"{__version__}-rc8"
+DEFAULT_RC_VERSION = f"{__version__}-rc9"
 
 __all__ = ["DEFAULT_RC_VERSION", "Kernel", "__version__"]