diff --git a/python/semantic_kernel/__init__.py b/python/semantic_kernel/__init__.py
index 1e7ca0f301b5..89b3325af1f7 100644
--- a/python/semantic_kernel/__init__.py
+++ b/python/semantic_kernel/__init__.py
@@ -2,7 +2,7 @@
 
 from semantic_kernel.kernel import Kernel
 
-__version__ = "1.38.0"
+__version__ = "1.39.0"
 
 DEFAULT_RC_VERSION = f"{__version__}-rc9"