diff --git a/clients/python-wrapper/CHANGELOG.md b/clients/python-wrapper/CHANGELOG.md
index 56f228b3140..e2960a4406f 100644
--- a/clients/python-wrapper/CHANGELOG.md
+++ b/clients/python-wrapper/CHANGELOG.md
@@ -2,6 +2,16 @@
 
 ## Unreleased
 
+## v0.5.0
+
+:new: What's new:
+
+- Short-lived Token Authentication: Initiate lakeFS Python client sessions securely using external IdPs with the new federated "Assume Role with Web Identity" feature. (#7620)
+
+:bug: Bugs fixed:
+
+- Fix import manager run race #7607
+
 ## v0.4.1
 
 :new: What's new:
diff --git a/clients/python-wrapper/setup.py b/clients/python-wrapper/setup.py
index 5db14064732..59025a8011e 100644
--- a/clients/python-wrapper/setup.py
+++ b/clients/python-wrapper/setup.py
@@ -1,7 +1,7 @@
 from setuptools import setup, find_packages
 
 NAME = "lakefs"
-VERSION = "0.4.1"
+VERSION = "0.5.0"
 # To install the library, run the following
 #
 # python setup.py install