diff --git a/VERSION b/VERSION
new file mode 100644
index 00000000000..a193fff41e8
--- /dev/null
+++ b/VERSION
@@ -0,0 +1 @@
+23.12.00
diff --git a/ci/build_cpp.sh b/ci/build_cpp.sh
index 3fb72cac08b..d0d13f99448 100755
--- a/ci/build_cpp.sh
+++ b/ci/build_cpp.sh
@@ -9,8 +9,10 @@ export CMAKE_GENERATOR=Ninja
 
 rapids-print-env
 
+version=$(rapids-generate-version)
+
 rapids-logger "Begin cpp build"
 
-rapids-conda-retry mambabuild conda/recipes/libcugraph
+RAPIDS_PACKAGE_VERSION=${version} rapids-conda-retry mambabuild conda/recipes/libcugraph
 
 rapids-upload-conda-to-s3 cpp
diff --git a/ci/build_python.sh b/ci/build_python.sh
index 62eb6c2ccec..90a40c539ff 100755
--- a/ci/build_python.sh
+++ b/ci/build_python.sh
@@ -11,8 +11,19 @@ rapids-print-env
 
 CPP_CHANNEL=$(rapids-download-conda-from-s3 cpp)
 
+version=$(rapids-generate-version)
+git_commit=$(git rev-parse HEAD)
+export RAPIDS_PACKAGE_VERSION=${version}
+echo "${version}" > VERSION
+
 rapids-logger "Begin py build"
 
+package_dir="python"
+for package_name in pylibcugraph cugraph nx-cugraph cugraph-pyg cugraph-dgl; do 
+  underscore_package_name=$(echo "${package_name}" | tr "-" "_")
+  sed -i "/^__git_commit__/ s/= .*/= \"${git_commit}\"/g" "${package_dir}/${package_name}/${underscore_package_name}/_version.py"
+done
+
 # TODO: Remove `--no-test` flags once importing on a CPU
 # node works correctly
 rapids-conda-retry mambabuild \
@@ -40,6 +51,10 @@ rapids-conda-retry mambabuild \
 # built on each CUDA platform to ensure they are included in each set of
 # artifacts, since test scripts only install from one set of artifacts based on
 # the CUDA version used for the test run.
+version_file_cugraph_service_client="python/cugraph-service/client/cugraph_service_client/_version.py"
+sed -i "/^__git_commit__/ s/= .*/= \"${git_commit}\"/g" ${version_file_cugraph_service_client}
+version_file_cugraph_service_server="python/cugraph-service/server/cugraph_service_server/_version.py"
+sed -i "/^__git_commit__/ s/= .*/= \"${git_commit}\"/g" ${version_file_cugraph_service_server}
 rapids-conda-retry mambabuild \
   --no-test \
   --channel "${CPP_CHANNEL}" \
diff --git a/ci/build_wheel.sh b/ci/build_wheel.sh
index 821aa25c1b9..c888c908056 100755
--- a/ci/build_wheel.sh
+++ b/ci/build_wheel.sh
@@ -5,13 +5,13 @@ set -euo pipefail
 
 package_name=$1
 package_dir=$2
+underscore_package_name=$(echo "${package_name}" | tr "-" "_")
 
 source rapids-configure-sccache
 source rapids-date-string
 
-# Use gha-tools rapids-pip-wheel-version to generate wheel version then
-# update the necessary files
-version_override="$(rapids-pip-wheel-version ${RAPIDS_DATE_STRING})"
+version=$(rapids-generate-version)
+git_commit=$(git rev-parse HEAD)
 
 RAPIDS_PY_CUDA_SUFFIX="$(rapids-wheel-ctk-name-gen ${RAPIDS_CUDA_VERSION})"
 
@@ -21,9 +21,11 @@ PACKAGE_CUDA_SUFFIX="-${RAPIDS_PY_CUDA_SUFFIX}"
 
 # Patch project metadata files to include the CUDA version suffix and version override.
 pyproject_file="${package_dir}/pyproject.toml"
+version_file="${package_dir}/${underscore_package_name}/_version.py"
 
-sed -i "s/^version = .*/version = \"${version_override}\"/g" ${pyproject_file}
 sed -i "s/name = \"${package_name}\"/name = \"${package_name}${PACKAGE_CUDA_SUFFIX}\"/g" ${pyproject_file}
+echo "${version}" > VERSION
+sed -i "/^__git_commit__ / s/= .*/= \"${git_commit}\"/g" ${version_file}
 
 # For nightlies we want to ensure that we're pulling in alphas as well. The
 # easiest way to do so is to augment the spec with a constraint containing a
diff --git a/ci/release/update-version.sh b/ci/release/update-version.sh
index ad6426b66ff..d3dbed6ae46 100755
--- a/ci/release/update-version.sh
+++ b/ci/release/update-version.sh
@@ -54,24 +54,10 @@ sed_runner "s/set(cugraph_version .*)/set(cugraph_version ${NEXT_FULL_TAG})/g" p
 sed_runner 's/version = .*/version = '"'${NEXT_SHORT_TAG}'"'/g' docs/cugraph/source/conf.py
 sed_runner 's/release = .*/release = '"'${NEXT_FULL_TAG}'"'/g' docs/cugraph/source/conf.py
 
-# Python __init__.py updates
-sed_runner "s/__version__ = .*/__version__ = \"${NEXT_FULL_TAG}\"/g" python/cugraph/cugraph/__init__.py
-sed_runner "s/__version__ = .*/__version__ = \"${NEXT_FULL_TAG}\"/g" python/cugraph-dgl/cugraph_dgl/__init__.py
-sed_runner "s/__version__ = .*/__version__ = \"${NEXT_FULL_TAG}\"/g" python/cugraph-pyg/cugraph_pyg/__init__.py
-sed_runner "s/__version__ = .*/__version__ = \"${NEXT_FULL_TAG}\"/g" python/cugraph-service/client/cugraph_service_client/__init__.py
-sed_runner "s/__version__ = .*/__version__ = \"${NEXT_FULL_TAG}\"/g" python/cugraph-service/server/cugraph_service_server/__init__.py
-sed_runner "s/__version__ = .*/__version__ = \"${NEXT_FULL_TAG}\"/g" python/pylibcugraph/pylibcugraph/__init__.py
-sed_runner "s/__version__ = .*/__version__ = \"${NEXT_FULL_TAG}\"/g" python/nx-cugraph/nx_cugraph/__init__.py
-sed_runner "s/__version__ = .*/__version__ = \"${NEXT_FULL_TAG}\"/g" python/nx-cugraph/_nx_cugraph/__init__.py
-
-# Python pyproject.toml updates
-sed_runner "s/^version = .*/version = \"${NEXT_FULL_TAG}\"/g" python/cugraph/pyproject.toml
-sed_runner "s/^version = .*/version = \"${NEXT_FULL_TAG}\"/g" python/cugraph-dgl/pyproject.toml
-sed_runner "s/^version = .*/version = \"${NEXT_FULL_TAG}\"/g" python/cugraph-pyg/pyproject.toml
-sed_runner "s/^version = .*/version = \"${NEXT_FULL_TAG}\"/g" python/cugraph-service/client/pyproject.toml
-sed_runner "s/^version = .*/version = \"${NEXT_FULL_TAG}\"/g" python/cugraph-service/server/pyproject.toml
-sed_runner "s/^version = .*/version = \"${NEXT_FULL_TAG}\"/g" python/pylibcugraph/pyproject.toml
-sed_runner "s/^version = .*/version = \"${NEXT_FULL_TAG}\"/g" python/nx-cugraph/pyproject.toml
+# Centralized version file update
+# NOTE: Any script that runs in CI will need to use gha-tool `rapids-generate-version`
+# and echo it to `VERSION` file to get an alpha spec of the current version
+echo "${NEXT_FULL_TAG}" > VERSION
 
 # Wheel testing script
 sed_runner "s/branch-.*/branch-${NEXT_SHORT_TAG}/g" ci/test_wheel_cugraph.sh
diff --git a/conda/recipes/cugraph-dgl/meta.yaml b/conda/recipes/cugraph-dgl/meta.yaml
index 9e9fcd2faf1..bb85734098a 100644
--- a/conda/recipes/cugraph-dgl/meta.yaml
+++ b/conda/recipes/cugraph-dgl/meta.yaml
@@ -1,6 +1,6 @@
 # Copyright (c) 2023, NVIDIA CORPORATION.
 
-{% set version = environ.get('GIT_DESCRIBE_TAG', '0.0.0.dev').lstrip('v') %}
+{% set version = environ['RAPIDS_PACKAGE_VERSION'].lstrip('v') + environ.get('VERSION_SUFFIX', '') %}
 {% set minor_version = version.split('.')[0] + '.' + version.split('.')[1] %}
 {% set py_version = environ['CONDA_PY'] %}
 {% set date_string = environ['RAPIDS_DATE_STRING'] %}
@@ -10,7 +10,7 @@ package:
   version: {{ version }}
 
 source:
-  git_url: ../../..
+  path: ../../..
 
 build:
   number: {{ GIT_DESCRIBE_NUMBER }}
diff --git a/conda/recipes/cugraph-pyg/meta.yaml b/conda/recipes/cugraph-pyg/meta.yaml
index f4b2e9a4ee9..2714dcfa55a 100644
--- a/conda/recipes/cugraph-pyg/meta.yaml
+++ b/conda/recipes/cugraph-pyg/meta.yaml
@@ -1,6 +1,6 @@
 # Copyright (c) 2022-2023, NVIDIA CORPORATION.
 
-{% set version = environ.get('GIT_DESCRIBE_TAG', '0.0.0.dev').lstrip('v') %}
+{% set version = environ['RAPIDS_PACKAGE_VERSION'].lstrip('v') + environ.get('VERSION_SUFFIX', '') %}
 {% set minor_version = version.split('.')[0] + '.' + version.split('.')[1] %}
 {% set py_version = environ['CONDA_PY'] %}
 {% set date_string = environ['RAPIDS_DATE_STRING'] %}
@@ -10,7 +10,7 @@ package:
   version: {{ version }}
 
 source:
-  git_url: ../../..
+  path: ../../..
 
 build:
   number: {{ GIT_DESCRIBE_NUMBER }}
diff --git a/conda/recipes/cugraph-service/meta.yaml b/conda/recipes/cugraph-service/meta.yaml
index 3d001e83e1e..ae8074ba7d3 100644
--- a/conda/recipes/cugraph-service/meta.yaml
+++ b/conda/recipes/cugraph-service/meta.yaml
@@ -1,6 +1,6 @@
 # Copyright (c) 2018-2023, NVIDIA CORPORATION.
 
-{% set version = environ.get('GIT_DESCRIBE_TAG', '0.0.0.dev').lstrip('v') %}
+{% set version = environ['RAPIDS_PACKAGE_VERSION'].lstrip('v') + environ.get('VERSION_SUFFIX', '') %}
 {% set minor_version = version.split('.')[0] + '.' + version.split('.')[1] %}
 {% set py_version = environ['CONDA_PY'] %}
 {% set date_string = environ['RAPIDS_DATE_STRING'] %}
@@ -9,7 +9,7 @@ package:
   name: cugraph-service-split
 
 source:
-  git_url: ../../..
+  path: ../../..
 
 outputs:
   - name: cugraph-service-client
diff --git a/conda/recipes/cugraph/meta.yaml b/conda/recipes/cugraph/meta.yaml
index 3691db508d9..65403bc8d73 100644
--- a/conda/recipes/cugraph/meta.yaml
+++ b/conda/recipes/cugraph/meta.yaml
@@ -1,6 +1,6 @@
 # Copyright (c) 2018-2023, NVIDIA CORPORATION.
 
-{% set version = environ.get('GIT_DESCRIBE_TAG', '0.0.0.dev').lstrip('v') %}
+{% set version = environ['RAPIDS_PACKAGE_VERSION'].lstrip('v') + environ.get('VERSION_SUFFIX', '') %}
 {% set minor_version = version.split('.')[0] + '.' + version.split('.')[1] %}
 {% set py_version = environ['CONDA_PY'] %}
 {% set cuda_version = '.'.join(environ['RAPIDS_CUDA_VERSION'].split('.')[:2]) %}
@@ -12,7 +12,7 @@ package:
   version: {{ version }}
 
 source:
-  git_url: ../../..
+  path: ../../..
 
 build:
   number: {{ GIT_DESCRIBE_NUMBER }}
diff --git a/conda/recipes/libcugraph/meta.yaml b/conda/recipes/libcugraph/meta.yaml
index 83c82adf703..66f72e6b6b5 100644
--- a/conda/recipes/libcugraph/meta.yaml
+++ b/conda/recipes/libcugraph/meta.yaml
@@ -1,6 +1,6 @@
 # Copyright (c) 2018-2023, NVIDIA CORPORATION.
 
-{% set version = environ.get('GIT_DESCRIBE_TAG', '0.0.0.dev').lstrip('v') %}
+{% set version = environ['RAPIDS_PACKAGE_VERSION'].lstrip('v') + environ.get('VERSION_SUFFIX', '') %}
 {% set minor_version = version.split('.')[0] + '.' + version.split('.')[1] %}
 {% set cuda_version = '.'.join(environ['RAPIDS_CUDA_VERSION'].split('.')[:2]) %}
 {% set cuda_major = cuda_version.split('.')[0] %}
@@ -10,7 +10,7 @@ package:
   name: libcugraph-split
 
 source:
-  git_url: ../../..
+  path: ../../..
 
 build:
   script_env:
diff --git a/conda/recipes/nx-cugraph/meta.yaml b/conda/recipes/nx-cugraph/meta.yaml
index 556d72e8548..cdb7bc13c23 100644
--- a/conda/recipes/nx-cugraph/meta.yaml
+++ b/conda/recipes/nx-cugraph/meta.yaml
@@ -1,6 +1,6 @@
 # Copyright (c) 2023, NVIDIA CORPORATION.
 
-{% set version = environ.get('GIT_DESCRIBE_TAG', '0.0.0.dev').lstrip('v') %}
+{% set version = environ['RAPIDS_PACKAGE_VERSION'].lstrip('v') + environ.get('VERSION_SUFFIX', '') %}
 {% set minor_version = version.split('.')[0] + '.' + version.split('.')[1] %}
 {% set py_version = environ['CONDA_PY'] %}
 {% set date_string = environ['RAPIDS_DATE_STRING'] %}
@@ -10,7 +10,7 @@ package:
   version: {{ version }}
 
 source:
-  git_url: ../../..
+  path: ../../..
 
 build:
   number: {{ GIT_DESCRIBE_NUMBER }}
diff --git a/conda/recipes/pylibcugraph/meta.yaml b/conda/recipes/pylibcugraph/meta.yaml
index 083998be053..ad59c4de66f 100644
--- a/conda/recipes/pylibcugraph/meta.yaml
+++ b/conda/recipes/pylibcugraph/meta.yaml
@@ -1,6 +1,6 @@
 # Copyright (c) 2023, NVIDIA CORPORATION.
 
-{% set version = environ.get('GIT_DESCRIBE_TAG', '0.0.0.dev').lstrip('v') %}
+{% set version = environ['RAPIDS_PACKAGE_VERSION'].lstrip('v') + environ.get('VERSION_SUFFIX', '') %}
 {% set minor_version = version.split('.')[0] + '.' + version.split('.')[1] %}
 {% set py_version = environ['CONDA_PY'] %}
 {% set cuda_version = '.'.join(environ['RAPIDS_CUDA_VERSION'].split('.')[:2]) %}
@@ -12,7 +12,7 @@ package:
   version: {{ version }}
 
 source:
-  git_url: ../../..
+  path: ../../..
 
 build:
   number: {{ GIT_DESCRIBE_NUMBER }}
diff --git a/python/cugraph-dgl/cugraph_dgl/VERSION b/python/cugraph-dgl/cugraph_dgl/VERSION
new file mode 120000
index 00000000000..d62dc733efd
--- /dev/null
+++ b/python/cugraph-dgl/cugraph_dgl/VERSION
@@ -0,0 +1 @@
+../../../VERSION
\ No newline at end of file
diff --git a/python/cugraph-dgl/cugraph_dgl/__init__.py b/python/cugraph-dgl/cugraph_dgl/__init__.py
index 74be4fdea3f..03ff50896a4 100644
--- a/python/cugraph-dgl/cugraph_dgl/__init__.py
+++ b/python/cugraph-dgl/cugraph_dgl/__init__.py
@@ -20,4 +20,4 @@
 import cugraph_dgl.dataloading
 import cugraph_dgl.nn
 
-__version__ = "23.12.00"
+from cugraph_dgl._version import __git_commit__, __version__
diff --git a/python/cugraph-dgl/cugraph_dgl/_version.py b/python/cugraph-dgl/cugraph_dgl/_version.py
new file mode 100644
index 00000000000..f95a4705467
--- /dev/null
+++ b/python/cugraph-dgl/cugraph_dgl/_version.py
@@ -0,0 +1,26 @@
+# Copyright (c) 2023, NVIDIA CORPORATION.
+#
+# Licensed under the Apache License, Version 2.0 (the "License");
+# you may not use this file except in compliance with the License.
+# You may obtain a copy of the License at
+#
+#     http://www.apache.org/licenses/LICENSE-2.0
+#
+# Unless required by applicable law or agreed to in writing, software
+# distributed under the License is distributed on an "AS IS" BASIS,
+# WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+# See the License for the specific language governing permissions and
+# limitations under the License.
+#
+
+import importlib.resources
+
+# Read VERSION file from the module that is symlinked to VERSION file
+# in the root of the repo at build time or copied to the moudle at
+# installation. VERSION is a separate file that allows CI build-time scripts
+# to update version info (including commit hashes) without modifying
+# source files.
+__version__ = (
+    importlib.resources.files("cugraph_dgl").joinpath("VERSION").read_text().strip()
+)
+__git_commit__ = ""
diff --git a/python/cugraph-dgl/pyproject.toml b/python/cugraph-dgl/pyproject.toml
index fa9e1c5abe5..eff7a20f0aa 100644
--- a/python/cugraph-dgl/pyproject.toml
+++ b/python/cugraph-dgl/pyproject.toml
@@ -10,7 +10,7 @@ build-backend = "setuptools.build_meta"
 
 [project]
 name = "cugraph-dgl"
-version = "23.12.00"
+dynamic = ["version"]
 description = "cugraph extensions for DGL"
 readme = { file = "README.md", content-type = "text/markdown" }
 authors = [
@@ -35,6 +35,9 @@ Documentation = "https://docs.rapids.ai/api/cugraph/stable/"
 [tool.setuptools]
 license-files = ["LICENSE"]
 
+[tool.setuptools.dynamic]
+version = {file = "cugraph_dgl/VERSION"}
+
 [tool.setuptools.packages.find]
 include = [
     "cugraph_dgl*",
diff --git a/python/cugraph-dgl/setup.py b/python/cugraph-dgl/setup.py
index 6991b23b0fb..afb8002af42 100644
--- a/python/cugraph-dgl/setup.py
+++ b/python/cugraph-dgl/setup.py
@@ -11,6 +11,9 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 
-from setuptools import setup
+from setuptools import find_packages, setup
 
-setup()
+packages = find_packages(include=["cugraph_dgl*"])
+setup(
+    package_data={key: ["VERSION"] for key in packages},
+)
diff --git a/python/cugraph-pyg/cugraph_pyg/VERSION b/python/cugraph-pyg/cugraph_pyg/VERSION
new file mode 120000
index 00000000000..d62dc733efd
--- /dev/null
+++ b/python/cugraph-pyg/cugraph_pyg/VERSION
@@ -0,0 +1 @@
+../../../VERSION
\ No newline at end of file
diff --git a/python/cugraph-pyg/cugraph_pyg/__init__.py b/python/cugraph-pyg/cugraph_pyg/__init__.py
index ecd2f271a00..719751c966a 100644
--- a/python/cugraph-pyg/cugraph_pyg/__init__.py
+++ b/python/cugraph-pyg/cugraph_pyg/__init__.py
@@ -11,4 +11,4 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 
-__version__ = "23.12.00"
+from cugraph_pyg._version import __git_commit__, __version__
diff --git a/python/cugraph-pyg/cugraph_pyg/_version.py b/python/cugraph-pyg/cugraph_pyg/_version.py
new file mode 100644
index 00000000000..963052da909
--- /dev/null
+++ b/python/cugraph-pyg/cugraph_pyg/_version.py
@@ -0,0 +1,26 @@
+# Copyright (c) 2023, NVIDIA CORPORATION.
+#
+# Licensed under the Apache License, Version 2.0 (the "License");
+# you may not use this file except in compliance with the License.
+# You may obtain a copy of the License at
+#
+#     http://www.apache.org/licenses/LICENSE-2.0
+#
+# Unless required by applicable law or agreed to in writing, software
+# distributed under the License is distributed on an "AS IS" BASIS,
+# WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+# See the License for the specific language governing permissions and
+# limitations under the License.
+#
+
+import importlib.resources
+
+# Read VERSION file from the module that is symlinked to VERSION file
+# in the root of the repo at build time or copied to the moudle at
+# installation. VERSION is a separate file that allows CI build-time scripts
+# to update version info (including commit hashes) without modifying
+# source files.
+__version__ = (
+    importlib.resources.files("cugraph_pyg").joinpath("VERSION").read_text().strip()
+)
+__git_commit__ = ""
diff --git a/python/cugraph-pyg/pyproject.toml b/python/cugraph-pyg/pyproject.toml
index 84d30221d55..95b1fa27402 100644
--- a/python/cugraph-pyg/pyproject.toml
+++ b/python/cugraph-pyg/pyproject.toml
@@ -12,7 +12,7 @@ testpaths = ["cugraph_pyg/tests"]
 
 [project]
 name = "cugraph_pyg"
-version = "23.12.00"
+dynamic = ["version"]
 description = "cugraph_pyg - PyG support for cuGraph massive-scale, ultra-fast GPU graph analytics."
 authors = [
     { name = "NVIDIA Corporation" },
@@ -38,6 +38,9 @@ Documentation = "https://docs.rapids.ai/api/cugraph/stable/"
 [tool.setuptools]
 license-files = ["LICENSE"]
 
+[tool.setuptools.dynamic]
+version = {file = "cugraph_pyg/VERSION"}
+
 [tool.setuptools.packages.find]
 include = [
     "cugraph_pyg*",
diff --git a/python/cugraph-pyg/setup.py b/python/cugraph-pyg/setup.py
index 1f7db1d3772..50f023050bf 100644
--- a/python/cugraph-pyg/setup.py
+++ b/python/cugraph-pyg/setup.py
@@ -14,7 +14,7 @@
 import os
 import shutil
 
-from setuptools import Command, setup
+from setuptools import Command, find_packages, setup
 
 from setuputils import get_environment_option
 
@@ -59,6 +59,8 @@ def run(self):
         os.system("rm -rf *.egg-info")
 
 
+packages = find_packages(include=["cugraph_pyg*"])
 setup(
     cmdclass={"clean": CleanCommand},
+    package_data={key: ["VERSION"] for key in packages},
 )
diff --git a/python/cugraph-service/client/cugraph_service_client/VERSION b/python/cugraph-service/client/cugraph_service_client/VERSION
new file mode 120000
index 00000000000..a4e948506b8
--- /dev/null
+++ b/python/cugraph-service/client/cugraph_service_client/VERSION
@@ -0,0 +1 @@
+../../../../VERSION
\ No newline at end of file
diff --git a/python/cugraph-service/client/cugraph_service_client/__init__.py b/python/cugraph-service/client/cugraph_service_client/__init__.py
index a0361abedd3..a9a96ae6c16 100644
--- a/python/cugraph-service/client/cugraph_service_client/__init__.py
+++ b/python/cugraph-service/client/cugraph_service_client/__init__.py
@@ -35,4 +35,4 @@
 from cugraph_service_client.client import CugraphServiceClient
 from cugraph_service_client.remote_graph import RemoteGraph
 
-__version__ = "23.12.00"
+from cugraph_service_client._version import __git_commit__, __version__
diff --git a/python/cugraph-service/client/cugraph_service_client/_version.py b/python/cugraph-service/client/cugraph_service_client/_version.py
new file mode 100644
index 00000000000..344361973bb
--- /dev/null
+++ b/python/cugraph-service/client/cugraph_service_client/_version.py
@@ -0,0 +1,29 @@
+# Copyright (c) 2023, NVIDIA CORPORATION.
+#
+# Licensed under the Apache License, Version 2.0 (the "License");
+# you may not use this file except in compliance with the License.
+# You may obtain a copy of the License at
+#
+#     http://www.apache.org/licenses/LICENSE-2.0
+#
+# Unless required by applicable law or agreed to in writing, software
+# distributed under the License is distributed on an "AS IS" BASIS,
+# WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+# See the License for the specific language governing permissions and
+# limitations under the License.
+#
+
+import importlib.resources
+
+# Read VERSION file from the module that is symlinked to VERSION file
+# in the root of the repo at build time or copied to the moudle at
+# installation. VERSION is a separate file that allows CI build-time scripts
+# to update version info (including commit hashes) without modifying
+# source files.
+__version__ = (
+    importlib.resources.files("cugraph_service_client")
+    .joinpath("VERSION")
+    .read_text()
+    .strip()
+)
+__git_commit__ = ""
diff --git a/python/cugraph-service/client/pyproject.toml b/python/cugraph-service/client/pyproject.toml
index 7f702252f02..59539693877 100644
--- a/python/cugraph-service/client/pyproject.toml
+++ b/python/cugraph-service/client/pyproject.toml
@@ -10,7 +10,7 @@ build-backend = "setuptools.build_meta"
 
 [project]
 name = "cugraph-service-client"
-version = "23.12.00"
+dynamic = ["version"]
 description = "cuGraph Service client"
 readme = { file = "README.md", content-type = "text/markdown" }
 authors = [
@@ -35,6 +35,9 @@ Documentation = "https://docs.rapids.ai/api/cugraph/stable/"
 [tool.setuptools]
 license-files = ["LICENSE"]
 
+[tool.setuptools.dynamic]
+version = {file = "cugraph_service_client/VERSION"}
+
 [tool.setuptools.packages.find]
 include = [
     "cugraph_service_client",
diff --git a/python/cugraph-service/client/setup.py b/python/cugraph-service/client/setup.py
index 811a12c50b7..61c758cef4a 100644
--- a/python/cugraph-service/client/setup.py
+++ b/python/cugraph-service/client/setup.py
@@ -11,6 +11,9 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 
-from setuptools import setup
+from setuptools import find_packages, setup
 
-setup()
+packages = find_packages(include=["cugraph_service_client*"])
+setup(
+    package_data={key: ["VERSION"] for key in packages},
+)
diff --git a/python/cugraph-service/server/cugraph_service_server/VERSION b/python/cugraph-service/server/cugraph_service_server/VERSION
new file mode 120000
index 00000000000..a4e948506b8
--- /dev/null
+++ b/python/cugraph-service/server/cugraph_service_server/VERSION
@@ -0,0 +1 @@
+../../../../VERSION
\ No newline at end of file
diff --git a/python/cugraph-service/server/cugraph_service_server/__init__.py b/python/cugraph-service/server/cugraph_service_server/__init__.py
index 87d35005195..02473f0ea47 100644
--- a/python/cugraph-service/server/cugraph_service_server/__init__.py
+++ b/python/cugraph-service/server/cugraph_service_server/__init__.py
@@ -61,4 +61,4 @@ def start_server_blocking(
     server.serve()  # blocks until Ctrl-C (kill -2)
 
 
-__version__ = "23.12.00"
+from cugraph_service_server._version import __git_commit__, __version__
diff --git a/python/cugraph-service/server/cugraph_service_server/_version.py b/python/cugraph-service/server/cugraph_service_server/_version.py
new file mode 100644
index 00000000000..7da31f78767
--- /dev/null
+++ b/python/cugraph-service/server/cugraph_service_server/_version.py
@@ -0,0 +1,29 @@
+# Copyright (c) 2023, NVIDIA CORPORATION.
+#
+# Licensed under the Apache License, Version 2.0 (the "License");
+# you may not use this file except in compliance with the License.
+# You may obtain a copy of the License at
+#
+#     http://www.apache.org/licenses/LICENSE-2.0
+#
+# Unless required by applicable law or agreed to in writing, software
+# distributed under the License is distributed on an "AS IS" BASIS,
+# WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+# See the License for the specific language governing permissions and
+# limitations under the License.
+#
+
+import importlib.resources
+
+# Read VERSION file from the module that is symlinked to VERSION file
+# in the root of the repo at build time or copied to the moudle at
+# installation. VERSION is a separate file that allows CI build-time scripts
+# to update version info (including commit hashes) without modifying
+# source files.
+__version__ = (
+    importlib.resources.files("cugraph_service_server")
+    .joinpath("VERSION")
+    .read_text()
+    .strip()
+)
+__git_commit__ = ""
diff --git a/python/cugraph-service/server/pyproject.toml b/python/cugraph-service/server/pyproject.toml
index 3c77cf01c2c..f50b33b3f15 100644
--- a/python/cugraph-service/server/pyproject.toml
+++ b/python/cugraph-service/server/pyproject.toml
@@ -10,7 +10,7 @@ build-backend = "setuptools.build_meta"
 
 [project]
 name = "cugraph-service-server"
-version = "23.12.00"
+dynamic = ["version", "entry-points"]
 description = "cuGraph Service server"
 readme = { file = "README.md", content-type = "text/markdown" }
 authors = [
@@ -39,7 +39,6 @@ classifiers = [
     "Programming Language :: Python :: 3.9",
     "Programming Language :: Python :: 3.10",
 ]
-dynamic = ["entry-points"]
 
 [project.optional-dependencies]
 test = [
@@ -62,6 +61,9 @@ Documentation = "https://docs.rapids.ai/api/cugraph/stable/"
 [tool.setuptools]
 license-files = ["LICENSE"]
 
+[tool.setuptools.dynamic]
+version = {file = "cugraph_service_server/VERSION"}
+
 [tool.setuptools.packages.find]
 include = [
     "cugraph_service_server",
diff --git a/python/cugraph-service/server/setup.py b/python/cugraph-service/server/setup.py
index 5203b76c659..91864168e2c 100644
--- a/python/cugraph-service/server/setup.py
+++ b/python/cugraph-service/server/setup.py
@@ -11,12 +11,14 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 
-from setuptools import setup
+from setuptools import find_packages, setup
 
+packages = find_packages(include=["cugraph_service_server*"])
 setup(
     entry_points={
         "console_scripts": [
             "cugraph-service-server=cugraph_service_server.__main__:main"
         ],
     },
+    package_data={key: ["VERSION"] for key in packages},
 )
diff --git a/python/cugraph/cugraph/VERSION b/python/cugraph/cugraph/VERSION
new file mode 120000
index 00000000000..d62dc733efd
--- /dev/null
+++ b/python/cugraph/cugraph/VERSION
@@ -0,0 +1 @@
+../../../VERSION
\ No newline at end of file
diff --git a/python/cugraph/cugraph/__init__.py b/python/cugraph/cugraph/__init__.py
index f3a335183f3..f635d215696 100644
--- a/python/cugraph/cugraph/__init__.py
+++ b/python/cugraph/cugraph/__init__.py
@@ -120,4 +120,4 @@
 
 from cugraph import exceptions
 
-__version__ = "23.12.00"
+from cugraph._version import __git_commit__, __version__
diff --git a/python/cugraph/cugraph/_version.py b/python/cugraph/cugraph/_version.py
new file mode 100644
index 00000000000..710afb87e29
--- /dev/null
+++ b/python/cugraph/cugraph/_version.py
@@ -0,0 +1,26 @@
+# Copyright (c) 2023, NVIDIA CORPORATION.
+#
+# Licensed under the Apache License, Version 2.0 (the "License");
+# you may not use this file except in compliance with the License.
+# You may obtain a copy of the License at
+#
+#     http://www.apache.org/licenses/LICENSE-2.0
+#
+# Unless required by applicable law or agreed to in writing, software
+# distributed under the License is distributed on an "AS IS" BASIS,
+# WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+# See the License for the specific language governing permissions and
+# limitations under the License.
+#
+
+import importlib.resources
+
+# Read VERSION file from the module that is symlinked to VERSION file
+# in the root of the repo at build time or copied to the moudle at
+# installation. VERSION is a separate file that allows CI build-time scripts
+# to update version info (including commit hashes) without modifying
+# source files.
+__version__ = (
+    importlib.resources.files("cugraph").joinpath("VERSION").read_text().strip()
+)
+__git_commit__ = ""
diff --git a/python/cugraph/pyproject.toml b/python/cugraph/pyproject.toml
index 5e17be40e7b..aaa301fa05f 100644
--- a/python/cugraph/pyproject.toml
+++ b/python/cugraph/pyproject.toml
@@ -20,7 +20,7 @@ testpaths = ["cugraph/tests"]
 
 [project]
 name = "cugraph"
-version = "23.12.00"
+dynamic = ["version"]
 description = "cuGraph - RAPIDS GPU Graph Analytics"
 readme = { file = "README.md", content-type = "text/markdown" }
 authors = [
@@ -69,3 +69,6 @@ Documentation = "https://docs.rapids.ai/api/cugraph/stable/"
 
 [tool.setuptools]
 license-files = ["LICENSE"]
+
+[tool.setuptools.dynamic]
+version = {file = "cugraph/VERSION"}
diff --git a/python/cugraph/setup.py b/python/cugraph/setup.py
index aa3a5fb56a7..81916444cfd 100644
--- a/python/cugraph/setup.py
+++ b/python/cugraph/setup.py
@@ -46,7 +46,7 @@ def run(self):
 packages = find_packages(include=["cugraph*"])
 setup(
     packages=packages,
-    package_data={key: ["*.pxd", "*.yaml"] for key in packages},
+    package_data={key: ["VERSION", "*.pxd", "*.yaml"] for key in packages},
     cmdclass={"clean": CleanCommand},
     zip_safe=False,
 )
diff --git a/python/nx-cugraph/nx_cugraph/VERSION b/python/nx-cugraph/nx_cugraph/VERSION
new file mode 120000
index 00000000000..d62dc733efd
--- /dev/null
+++ b/python/nx-cugraph/nx_cugraph/VERSION
@@ -0,0 +1 @@
+../../../VERSION
\ No newline at end of file
diff --git a/python/nx-cugraph/nx_cugraph/__init__.py b/python/nx-cugraph/nx_cugraph/__init__.py
index 25d44212264..3a8f0996e9c 100644
--- a/python/nx-cugraph/nx_cugraph/__init__.py
+++ b/python/nx-cugraph/nx_cugraph/__init__.py
@@ -29,4 +29,4 @@
 from . import algorithms
 from .algorithms import *
 
-__version__ = "23.12.00"
+from nx_cugraph._version import __git_commit__, __version__
diff --git a/python/nx-cugraph/nx_cugraph/_version.py b/python/nx-cugraph/nx_cugraph/_version.py
new file mode 100644
index 00000000000..868a2e19475
--- /dev/null
+++ b/python/nx-cugraph/nx_cugraph/_version.py
@@ -0,0 +1,26 @@
+# Copyright (c) 2023, NVIDIA CORPORATION.
+#
+# Licensed under the Apache License, Version 2.0 (the "License");
+# you may not use this file except in compliance with the License.
+# You may obtain a copy of the License at
+#
+#     http://www.apache.org/licenses/LICENSE-2.0
+#
+# Unless required by applicable law or agreed to in writing, software
+# distributed under the License is distributed on an "AS IS" BASIS,
+# WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+# See the License for the specific language governing permissions and
+# limitations under the License.
+#
+
+import importlib.resources
+
+# Read VERSION file from the module that is symlinked to VERSION file
+# in the root of the repo at build time or copied to the moudle at
+# installation. VERSION is a separate file that allows CI build-time scripts
+# to update version info (including commit hashes) without modifying
+# source files.
+__version__ = (
+    importlib.resources.files("nx_cugraph").joinpath("VERSION").read_text().strip()
+)
+__git_commit__ = ""
diff --git a/python/nx-cugraph/pyproject.toml b/python/nx-cugraph/pyproject.toml
index 7e51efd4fe4..f309f4797a7 100644
--- a/python/nx-cugraph/pyproject.toml
+++ b/python/nx-cugraph/pyproject.toml
@@ -10,7 +10,7 @@ build-backend = "setuptools.build_meta"
 
 [project]
 name = "nx-cugraph"
-version = "23.12.00"
+dynamic = ["version"]
 description = "cugraph backend for NetworkX"
 readme = { file = "README.md", content-type = "text/markdown" }
 authors = [
@@ -61,6 +61,9 @@ cugraph = "_nx_cugraph:get_info"
 [tool.setuptools]
 license-files = ["LICENSE"]
 
+[tool.setuptools.dynamic]
+version = {file = "nx_cugraph/VERSION"}
+
 [tool.setuptools.packages.find]
 include = [
     "nx_cugraph*",
diff --git a/python/nx-cugraph/setup.py b/python/nx-cugraph/setup.py
index 87c0e10646d..c4ab535923b 100644
--- a/python/nx-cugraph/setup.py
+++ b/python/nx-cugraph/setup.py
@@ -10,6 +10,9 @@
 # WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
 # See the License for the specific language governing permissions and
 # limitations under the License.
-from setuptools import setup
+from setuptools import find_packages, setup
 
-setup()
+packages = find_packages(include=["nx_cugraph*"])
+setup(
+    package_data={key: ["VERSION"] for key in packages},
+)
diff --git a/python/pylibcugraph/pylibcugraph/VERSION b/python/pylibcugraph/pylibcugraph/VERSION
new file mode 120000
index 00000000000..d62dc733efd
--- /dev/null
+++ b/python/pylibcugraph/pylibcugraph/VERSION
@@ -0,0 +1 @@
+../../../VERSION
\ No newline at end of file
diff --git a/python/pylibcugraph/pylibcugraph/__init__.py b/python/pylibcugraph/pylibcugraph/__init__.py
index 2aec0b98a25..30f1c2d0fb1 100644
--- a/python/pylibcugraph/pylibcugraph/__init__.py
+++ b/python/pylibcugraph/pylibcugraph/__init__.py
@@ -98,4 +98,4 @@
 
 from pylibcugraph import exceptions
 
-__version__ = "23.12.00"
+from pylibcugraph._version import __git_commit__, __version__
diff --git a/python/pylibcugraph/pylibcugraph/_version.py b/python/pylibcugraph/pylibcugraph/_version.py
new file mode 100644
index 00000000000..5dca7e48b3f
--- /dev/null
+++ b/python/pylibcugraph/pylibcugraph/_version.py
@@ -0,0 +1,26 @@
+# Copyright (c) 2023, NVIDIA CORPORATION.
+#
+# Licensed under the Apache License, Version 2.0 (the "License");
+# you may not use this file except in compliance with the License.
+# You may obtain a copy of the License at
+#
+#     http://www.apache.org/licenses/LICENSE-2.0
+#
+# Unless required by applicable law or agreed to in writing, software
+# distributed under the License is distributed on an "AS IS" BASIS,
+# WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+# See the License for the specific language governing permissions and
+# limitations under the License.
+#
+
+import importlib.resources
+
+# Read VERSION file from the module that is symlinked to VERSION file
+# in the root of the repo at build time or copied to the moudle at
+# installation. VERSION is a separate file that allows CI build-time scripts
+# to update version info (including commit hashes) without modifying
+# source files.
+__version__ = (
+    importlib.resources.files("pylibcugraph").joinpath("VERSION").read_text().strip()
+)
+__git_commit__ = ""
diff --git a/python/pylibcugraph/pyproject.toml b/python/pylibcugraph/pyproject.toml
index f1b439debd2..96f5ec84efb 100644
--- a/python/pylibcugraph/pyproject.toml
+++ b/python/pylibcugraph/pyproject.toml
@@ -19,7 +19,7 @@ testpaths = ["pylibcugraph/tests"]
 
 [project]
 name = "pylibcugraph"
-version = "23.12.00"
+dynamic = ["version"]
 description = "pylibcugraph - Python bindings for the libcugraph cuGraph C/C++/CUDA library"
 readme = { file = "README.md", content-type = "text/markdown" }
 authors = [
@@ -56,3 +56,6 @@ Documentation = "https://docs.rapids.ai/api/cugraph/stable/"
 
 [tool.setuptools]
 license-files = ["LICENSE"]
+
+[tool.setuptools.dynamic]
+version = {file = "pylibcugraph/VERSION"}
diff --git a/python/pylibcugraph/setup.py b/python/pylibcugraph/setup.py
index f1a419f31bb..a6c1bda3b5b 100644
--- a/python/pylibcugraph/setup.py
+++ b/python/pylibcugraph/setup.py
@@ -54,7 +54,7 @@ def exclude_libcxx_symlink(cmake_manifest):
 packages = find_packages(include=["pylibcugraph*"])
 setup(
     packages=packages,
-    package_data={key: ["*.pxd"] for key in packages},
+    package_data={key: ["VERSION", "*.pxd"] for key in packages},
     cmake_process_manifest_hook=exclude_libcxx_symlink,
     cmdclass={"clean": CleanCommand},
     zip_safe=False,