diff --git a/Makefile b/Makefile
index 8bbbdf20..4b5cfc35 100644
--- a/Makefile
+++ b/Makefile
@@ -1,7 +1,7 @@
 # Current Operator version
-VERSION ?= 4.2.0
+VERSION ?= 4.2.1
 # Previous Operator version
-PREV_VERSION ?= 4.1.2
+PREV_VERSION ?= 4.2.0
 # Options for 'bundle-build'
 ifneq ($(origin CHANNELS), undefined)
 BUNDLE_CHANNELS := --channels=$(CHANNELS)
diff --git a/bundle/manifests/observability-operator.clusterserviceversion.yaml b/bundle/manifests/observability-operator.clusterserviceversion.yaml
index 1ad28028..4f2a3b8f 100644
--- a/bundle/manifests/observability-operator.clusterserviceversion.yaml
+++ b/bundle/manifests/observability-operator.clusterserviceversion.yaml
@@ -323,7 +323,7 @@ spec:
                 - --enable-leader-election
                 command:
                 - /manager
-                image: quay.io/rhoas/observability-operator:v4.2.0
+                image: quay.io/rhoas/observability-operator:v4.2.1
                 imagePullPolicy: IfNotPresent
                 livenessProbe:
                   httpGet:
@@ -413,8 +413,8 @@ spec:
   maturity: alpha
   provider:
     name: Red Hat
-  replaces: observability-operator.v4.1.2
-  version: 4.2.0
+  replaces: observability-operator.v4.2.0
+  version: 4.2.1
   webhookdefinitions:
   - admissionReviewVersions:
     - v1
diff --git a/config/manager/kustomization.yaml b/config/manager/kustomization.yaml
index b6b454fa..569499fd 100644
--- a/config/manager/kustomization.yaml
+++ b/config/manager/kustomization.yaml
@@ -5,4 +5,4 @@ kind: Kustomization
 images:
 - name: controller
   newName: quay.io/rhoas/observability-operator
-  newTag: v4.2.0
+  newTag: v4.2.1
diff --git a/config/manifests/bases/observability-operator.clusterserviceversion.yaml b/config/manifests/bases/observability-operator.clusterserviceversion.yaml
index 045bd90e..a966e732 100644
--- a/config/manifests/bases/observability-operator.clusterserviceversion.yaml
+++ b/config/manifests/bases/observability-operator.clusterserviceversion.yaml
@@ -48,5 +48,5 @@ spec:
   maturity: alpha
   provider:
     name: Red Hat
-  replaces: observability-operator.v4.1.2
-  version: 4.2.0
+  replaces: observability-operator.v4.2.0
+  version: 4.2.1