diff --git a/configure.ac b/configure.ac
index 5a7f25a51a..5e7291d532 100644
--- a/configure.ac
+++ b/configure.ac
@@ -7,8 +7,8 @@ dnl  - add corresponding NM_VERSION_x_y_z macros in
 dnl    "shared/nm-version-macros.h.in"
 dnl  - update number in meson.build
 m4_define([nm_major_version], [1])
-m4_define([nm_minor_version], [47])
-m4_define([nm_micro_version], [90])
+m4_define([nm_minor_version], [49])
+m4_define([nm_micro_version], [0])
 m4_define([nm_version],
           [nm_major_version.nm_minor_version.nm_micro_version])
 
diff --git a/meson.build b/meson.build
index 980c6f46ec..505989bcf6 100644
--- a/meson.build
+++ b/meson.build
@@ -6,7 +6,7 @@ project(
 #  - add corresponding NM_VERSION_x_y_z macros in
 #    "src/libnm-core-public/nm-version-macros.h.in"
 #  - update number in configure.ac
-  version: '1.47.90',
+  version: '1.49.0',
   license: 'GPL2+',
   default_options: [
     'buildtype=debugoptimized',