diff --git a/build/dependencies.props b/build/dependencies.props
index b200439f9..3e33ab832 100644
--- a/build/dependencies.props
+++ b/build/dependencies.props
@@ -3,7 +3,7 @@
     <BenchmarkDotNetPackageVersion>0.12.1</BenchmarkDotNetPackageVersion>
     <GoogleProtobufPackageVersion>3.15.8</GoogleProtobufPackageVersion>
     <GrpcDotNetPackageVersion>2.39.0-pre1</GrpcDotNetPackageVersion>  <!-- Used by example projects -->
-    <GrpcPackageVersion>2.39.1</GrpcPackageVersion>
+    <GrpcPackageVersion>2.40.0</GrpcPackageVersion>
     <MicrosoftAspNetCoreAppPackageVersion>6.0.0-rc.1.21367.4</MicrosoftAspNetCoreAppPackageVersion>
     <MicrosoftAspNetCoreApp5PackageVersion>5.0.3</MicrosoftAspNetCoreApp5PackageVersion>
     <MicrosoftAspNetCoreApp31PackageVersion>3.1.3</MicrosoftAspNetCoreApp31PackageVersion>
diff --git a/build/version.props b/build/version.props
index 300de7af6..74d26c79c 100644
--- a/build/version.props
+++ b/build/version.props
@@ -2,13 +2,13 @@
   <PropertyGroup>
 
     <!-- package version of grpc-dotnet -->
-    <GrpcDotnetVersion>2.38.0-dev</GrpcDotnetVersion>
+    <GrpcDotnetVersion>2.40.0-pre1</GrpcDotnetVersion>
     
     <!-- assembly version of grpc-dotnet -->
     <GrpcDotnetAssemblyVersion>2.0.0.0</GrpcDotnetAssemblyVersion>
 
     <!-- file version of all grpc-dotnet -->
-    <GrpcDotnetAssemblyFileVersion>2.38.0.0</GrpcDotnetAssemblyFileVersion>
+    <GrpcDotnetAssemblyFileVersion>2.40.0.0</GrpcDotnetAssemblyFileVersion>
 
   </PropertyGroup>
 </Project>