diff --git a/setup.py b/setup.py
index e1381c5505..14576934f7 100644
--- a/setup.py
+++ b/setup.py
@@ -22,7 +22,7 @@
 
 setup(
     name="peft",
-    version="0.4.0.dev0",
+    version="0.5.0.dev0",
     description="Parameter-Efficient Fine-Tuning (PEFT)",
     license_files=["LICENSE"],
     long_description=open("README.md", "r", encoding="utf-8").read(),
diff --git a/src/peft/__init__.py b/src/peft/__init__.py
index 996adb1689..59d5024946 100644
--- a/src/peft/__init__.py
+++ b/src/peft/__init__.py
@@ -17,7 +17,7 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 
-__version__ = "0.4.0.dev0"
+__version__ = "0.5.0.dev0"
 
 from .auto import (
     AutoPeftModel,