diff --git a/CHANGELOG.md b/CHANGELOG.md
index 2790ab7ef..b95af3561 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,29 @@
 
 All notable changes to this project are documented in this file.
 
+## 1.40.0
+
+**Release date:** 2024-12-17
+
+This release comes with support for Splunk Observability (formerly SignalFx) as a metrics provider.
+For more information on how to write `MetricTemplates` for Splunk, please see the
+[Splunk metrics tutorial](https://docs.flagger.app/usage/metrics#s#splunk).
+
+Starting with this version, Flagger is compatible with the
+[AWS Gateway API Controller](https://www.gateway-api-controller.eks.aws.dev/latest/).
+
+Both Flagger and the load tester Go dependencies have been updated to fix various CVEs.
+
+#### Improvements
+- Add Splunk as a metrics provider
+  [#1733](https://github.com/fluxcd/flagger/pull/1733)
+- Preserve HTTPRoute annotations injected by AWS Gateway API
+  [#1746](https://github.com/fluxcd/flagger/pull/1746)
+- Automate `zz_generated.deepcopy.go` updates with make codegen
+  [#1735](https://github.com/fluxcd/flagger/pull/1735)
+- Update dependencies
+  [#1744](https://github.com/fluxcd/flagger/pull/1744)
+
 ## 1.39.0
 
 **Release date:** 2024-11-26
@@ -503,7 +526,7 @@ routed to the canary workload pods.
 
 **Release date:** 2022-12-15
 
-This release comes with support for Apachae APISIX. For more details see the
+This release comes with support for Apache APISIX. For more details see the
 [tutorial](https://fluxcd.io/flagger/tutorials/apisix-progressive-delivery).
 
 #### Improvements
diff --git a/artifacts/flagger/deployment.yaml b/artifacts/flagger/deployment.yaml
index 2fef04374..cd7daba77 100644
--- a/artifacts/flagger/deployment.yaml
+++ b/artifacts/flagger/deployment.yaml
@@ -22,7 +22,7 @@ spec:
       serviceAccountName: flagger
       containers:
       - name: flagger
-        image: ghcr.io/fluxcd/flagger:1.39.0
+        image: ghcr.io/fluxcd/flagger:1.40.0
         imagePullPolicy: IfNotPresent
         ports:
         - name: http
diff --git a/charts/flagger/Chart.yaml b/charts/flagger/Chart.yaml
index 87f396b38..3ee5aee21 100644
--- a/charts/flagger/Chart.yaml
+++ b/charts/flagger/Chart.yaml
@@ -1,7 +1,7 @@
 apiVersion: v1
 name: flagger
-version: 1.39.0
-appVersion: 1.39.0
+version: 1.40.0
+appVersion: 1.40.0
 kubeVersion: ">=1.19.0-0"
 engine: gotpl
 description: Flagger is a progressive delivery operator for Kubernetes
diff --git a/charts/flagger/values.yaml b/charts/flagger/values.yaml
index 6f3b4975c..f632c12c5 100644
--- a/charts/flagger/values.yaml
+++ b/charts/flagger/values.yaml
@@ -5,7 +5,7 @@
 
 image:
   repository: ghcr.io/fluxcd/flagger
-  tag: 1.39.0
+  tag: 1.40.0
   pullPolicy: IfNotPresent
   pullSecret:
 
diff --git a/kustomize/base/flagger/kustomization.yaml b/kustomize/base/flagger/kustomization.yaml
index 6579a10d5..00ac38b99 100644
--- a/kustomize/base/flagger/kustomization.yaml
+++ b/kustomize/base/flagger/kustomization.yaml
@@ -9,4 +9,4 @@ resources:
 images:
   - name: ghcr.io/fluxcd/flagger
     newName: ghcr.io/fluxcd/flagger
-    newTag: 1.39.0
+    newTag: 1.40.0
diff --git a/pkg/version/version.go b/pkg/version/version.go
index c6d8f5b76..3877ee1e2 100644
--- a/pkg/version/version.go
+++ b/pkg/version/version.go
@@ -16,5 +16,5 @@ limitations under the License.
 
 package version
 
-var VERSION = "1.39.0"
+var VERSION = "1.40.0"
 var REVISION = "unknown"