diff --git a/CHANGELOG.md b/CHANGELOG.md
index 2790ab7ef..6b9b3865f 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,29 @@
 
 All notable changes to this project are documented in this file.
 
+## 1.40.0
+
+**Release date:** 2024-12-17
+
+This release comes with support for Splunk Observability (formerly SignalFx) as a metrics provider.
+For more information on how to write `MetricTemplates` for Splunk, please see the
+[Splunk metrics tutorial](https://docs.flagger.app/usage/metrics#s#splunk).
+
+Starting with this version, Flagger is compatible with the
+[AWS Gateway API Controller](https://www.gateway-api-controller.eks.aws.dev/latest/).
+
+Both Flagger and the load tester Go dependencies have been updated to fix various CVEs.
+
+#### Improvements
+- Add Splunk as a metrics provider
+  [#1733](https://github.com/fluxcd/flagger/pull/1733)
+- Preserve HTTPRoute annotations injected by AWS Gateway API
+  [#1746](https://github.com/fluxcd/flagger/pull/1746)
+- Automate `zz_generated.deepcopy.go` updates with make codegen
+  [#1735](https://github.com/fluxcd/flagger/pull/1735)
+- Update dependencies
+  [#1744](https://github.com/fluxcd/flagger/pull/1744)
+
 ## 1.39.0
 
 **Release date:** 2024-11-26
@@ -9,7 +32,7 @@ All notable changes to this project are documented in this file.
 This release comes with fixes and improvements. There is a new
 `.spec.analysis.webhooks[].disableTLS` field which disables TLS verification
 for that webhook request.
-A bug in the Gateway API provider was fixed which could lead to unecessary restarts.
+A bug in the Gateway API provider was fixed which could lead to necessary restarts.
 
 This release is built with Go 1.23. Lastly, all Go dependencies, Alpine and
 Kubernetes libraries were updated.
@@ -503,7 +526,7 @@ routed to the canary workload pods.
 
 **Release date:** 2022-12-15
 
-This release comes with support for Apachae APISIX. For more details see the
+This release comes with support for Apache APISIX. For more details see the
 [tutorial](https://fluxcd.io/flagger/tutorials/apisix-progressive-delivery).
 
 #### Improvements
diff --git a/artifacts/flagger/deployment.yaml b/artifacts/flagger/deployment.yaml
index 2fef04374..cd7daba77 100644
--- a/artifacts/flagger/deployment.yaml
+++ b/artifacts/flagger/deployment.yaml
@@ -22,7 +22,7 @@ spec:
       serviceAccountName: flagger
       containers:
       - name: flagger
-        image: ghcr.io/fluxcd/flagger:1.39.0
+        image: ghcr.io/fluxcd/flagger:1.40.0
         imagePullPolicy: IfNotPresent
         ports:
         - name: http
diff --git a/charts/flagger/Chart.yaml b/charts/flagger/Chart.yaml
index 87f396b38..3ee5aee21 100644
--- a/charts/flagger/Chart.yaml
+++ b/charts/flagger/Chart.yaml
@@ -1,7 +1,7 @@
 apiVersion: v1
 name: flagger
-version: 1.39.0
-appVersion: 1.39.0
+version: 1.40.0
+appVersion: 1.40.0
 kubeVersion: ">=1.19.0-0"
 engine: gotpl
 description: Flagger is a progressive delivery operator for Kubernetes
diff --git a/charts/flagger/values.yaml b/charts/flagger/values.yaml
index 6f3b4975c..f632c12c5 100644
--- a/charts/flagger/values.yaml
+++ b/charts/flagger/values.yaml
@@ -5,7 +5,7 @@
 
 image:
   repository: ghcr.io/fluxcd/flagger
-  tag: 1.39.0
+  tag: 1.40.0
   pullPolicy: IfNotPresent
   pullSecret:
 
diff --git a/kustomize/base/flagger/kustomization.yaml b/kustomize/base/flagger/kustomization.yaml
index 6579a10d5..00ac38b99 100644
--- a/kustomize/base/flagger/kustomization.yaml
+++ b/kustomize/base/flagger/kustomization.yaml
@@ -9,4 +9,4 @@ resources:
 images:
   - name: ghcr.io/fluxcd/flagger
     newName: ghcr.io/fluxcd/flagger
-    newTag: 1.39.0
+    newTag: 1.40.0
diff --git a/pkg/version/version.go b/pkg/version/version.go
index c6d8f5b76..3877ee1e2 100644
--- a/pkg/version/version.go
+++ b/pkg/version/version.go
@@ -16,5 +16,5 @@ limitations under the License.
 
 package version
 
-var VERSION = "1.39.0"
+var VERSION = "1.40.0"
 var REVISION = "unknown"