diff --git a/setup.py b/setup.py
index a838364c94..8f85c79650 100644
--- a/setup.py
+++ b/setup.py
@@ -43,9 +43,9 @@
         "neural-compressor>=2.2.0",
         "onnx",
         "onnxruntime<1.15.0",
-        "transformers>=4.33.0",
+        "transformers>=4.34.0",
     ],
-    "openvino": ["openvino>=2023.2", "onnx", "onnxruntime", "transformers>=4.33.0"],
+    "openvino": ["openvino>=2023.2", "onnx", "onnxruntime", "transformers>=4.34.0"],
     "nncf": ["nncf>=2.7.0"],
     "ipex": ["transformers<4.32.0", "intel-extension-for-pytorch", "onnx"],
     "diffusers": ["diffusers"],