diff --git a/CHANGELOG.md b/CHANGELOG.md
index e35ebf8e0..3252faf66 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -8,6 +8,8 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ## [Unreleased]
 
+## [7.4.0] - 2023-08-03
+
 ### Fixed
 
 - Add necessary values for PSS policy warnings. 
@@ -654,7 +656,8 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 
 
-[Unreleased]: https://github.com/giantswarm/azure-operator/compare/v7.3.0...HEAD
+[Unreleased]: https://github.com/giantswarm/azure-operator/compare/v7.4.0...HEAD
+[7.4.0]: https://github.com/giantswarm/azure-operator/compare/v7.3.0...v7.4.0
 [7.3.0]: https://github.com/giantswarm/azure-operator/compare/v7.2.0...v7.3.0
 [7.2.0]: https://github.com/giantswarm/azure-operator/compare/v7.1.0...v7.2.0
 [7.1.0]: https://github.com/giantswarm/azure-operator/compare/v7.0.0...v7.1.0
diff --git a/pkg/project/project.go b/pkg/project/project.go
index 829b3c851..b4551b326 100644
--- a/pkg/project/project.go
+++ b/pkg/project/project.go
@@ -5,7 +5,7 @@ var (
 	gitSHA             = "n/a"
 	name        string = "azure-operator"
 	source      string = "https://github.com/giantswarm/azure-operator"
-	version            = "7.3.0"
+	version            = "7.4.0"
 )
 
 func Description() string {