diff --git a/CHANGELOG.md b/CHANGELOG.md
index 0476bc52e..36ce4e799 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,29 @@
 # Changelog
 
+## 0.31.2
+
+**Release date:** 2023-03-20
+
+This prerelease extends the drift detection feature introduced in `v0.31.0`
+with support for disabling the correction of drift using the `CorrectDrift`
+feature gate.
+
+When disabled while `DetectDrift` is enabled (using `--feature-gates=DetectDrift=true,CorrectDrift=false`),
+the controller will only emit events and log messages when drift is detected,
+but will not attempt to correct it. This allows to transition to drift
+detection and correction in a controlled manner.
+
+In addition, the controller dependencies have been updated to their latest
+versions.
+
+Fixes:
+- Allow opt-out of drift correction
+  [#647](https://github.com/fluxcd/helm-controller/pull/647)
+
+Improvements:
+- Update dependencies
+  [#649](https://github.com/fluxcd/helm-controller/pull/649)
+
 ## 0.31.1
 
 **Release date:** 2023-03-10
diff --git a/config/manager/kustomization.yaml b/config/manager/kustomization.yaml
index 25a4498a2..d5725fac9 100644
--- a/config/manager/kustomization.yaml
+++ b/config/manager/kustomization.yaml
@@ -5,4 +5,4 @@ resources:
 images:
   - name: fluxcd/helm-controller
     newName: fluxcd/helm-controller
-    newTag: v0.31.1
+    newTag: v0.31.2
diff --git a/go.mod b/go.mod
index d777b00e2..b01d41ccf 100644
--- a/go.mod
+++ b/go.mod
@@ -5,7 +5,7 @@ go 1.18
 replace github.com/fluxcd/helm-controller/api => ./api
 
 require (
-	github.com/fluxcd/helm-controller/api v0.31.1
+	github.com/fluxcd/helm-controller/api v0.31.2
 	github.com/fluxcd/pkg/apis/acl v0.1.0
 	github.com/fluxcd/pkg/apis/event v0.4.1
 	github.com/fluxcd/pkg/apis/kustomize v0.8.1