diff --git a/CHANGELOG.md b/CHANGELOG.md
index e7b6e32831..2a2658f09d 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,6 +1,14 @@
 Changes by Version
 ==================
 
+0.41.0
+-------------------
+* Bumped OpenTelemetry Collector to v0.41.0
+* Support `OpenTelemetryCollector.Spec.UpgradeStrategy` with allowable values: automatic, none ([#620](https://github.com/open-telemetry/opentelemetry-operator/pull/620), [@adriankostrubiak-tomtom](https://github.com/adriankostrubiak-tomtom))
+* Limit names and labels to 63 characters ([#609](https://github.com/open-telemetry/opentelemetry-operator/pull/609), [@mmatache](https://github.com/mmatache))
+* Support `healthz` and `readyz` probes to controller manager ([#603](https://github.com/open-telemetry/opentelemetry-operator/pull/603), [@adriankostrubiak-tomtom](https://github.com/adriankostrubiak-tomtom))
+
+
 0.40.0
 -------------------
 * Bumped OpenTelemetry Collector to v0.40.0
diff --git a/README.md b/README.md
index 7aa9ec025c..35702decb4 100644
--- a/README.md
+++ b/README.md
@@ -246,6 +246,7 @@ The OpenTelemetry Operator *might* work on versions outside of the given range,
 
 | OpenTelemetry Operator | Kubernetes           | Cert-Manager         |
 |------------------------|----------------------|----------------------|
+| v0.41.0                | v1.20 to v1.22       | 1.6.1                |
 | v0.40.0                | v1.20 to v1.22       | 1.6.1                |
 | v0.39.0                | v1.20 to v1.22       | 1.6.1                |
 | v0.38.0                | v1.20 to v1.22       | 1.6.1                |
diff --git a/bundle/manifests/opentelemetry-operator.clusterserviceversion.yaml b/bundle/manifests/opentelemetry-operator.clusterserviceversion.yaml
index 9ec503968e..928489012f 100644
--- a/bundle/manifests/opentelemetry-operator.clusterserviceversion.yaml
+++ b/bundle/manifests/opentelemetry-operator.clusterserviceversion.yaml
@@ -37,7 +37,7 @@ metadata:
     operators.operatorframework.io/project_layout: go.kubebuilder.io/v3
     repository: github.com/open-telemetry/opentelemetry-operator
     support: OpenTelemetry Community
-  name: opentelemetry-operator.v0.40.0
+  name: opentelemetry-operator.v0.41.0
   namespace: placeholder
 spec:
   apiservicedefinitions: {}
@@ -265,7 +265,7 @@ spec:
               - args:
                 - --metrics-addr=127.0.0.1:8080
                 - --enable-leader-election
-                image: ghcr.io/open-telemetry/opentelemetry-operator/opentelemetry-operator:v0.40.0
+                image: ghcr.io/open-telemetry/opentelemetry-operator/opentelemetry-operator:v0.41.0
                 livenessProbe:
                   httpGet:
                     path: /healthz
@@ -369,7 +369,7 @@ spec:
   maturity: alpha
   provider:
     name: OpenTelemetry Community
-  version: 0.40.0
+  version: 0.41.0
   webhookdefinitions:
   - admissionReviewVersions:
     - v1
diff --git a/versions.txt b/versions.txt
index 89fbbe78fd..01515c0a43 100644
--- a/versions.txt
+++ b/versions.txt
@@ -2,10 +2,10 @@
 # by default with the OpenTelemetry Operator. This would usually be the latest
 # stable OpenTelemetry version. When you update this file, make sure to update the
 # the docs as well.
-opentelemetry-collector=0.40.0
+opentelemetry-collector=0.41.0
 
 # Represents the current release of the OpenTelemetry Operator.
-operator=0.40.0
+operator=0.41.0
 
 # Represents the current release of the Target Allocator.
 targetallocator=0.1.0