diff --git a/charts/opentelemetry-operator/Chart.yaml b/charts/opentelemetry-operator/Chart.yaml
index 9c0bee4d7..176a832d6 100644
--- a/charts/opentelemetry-operator/Chart.yaml
+++ b/charts/opentelemetry-operator/Chart.yaml
@@ -1,6 +1,6 @@
 apiVersion: v2
 name: opentelemetry-operator
-version: 0.39.2
+version: 0.40.0
 description: OpenTelemetry Operator Helm chart for Kubernetes
 type: application
 home: https://opentelemetry.io/
@@ -11,4 +11,4 @@ maintainers:
   - name: dmitryax
   - name: TylerHelmuth
 icon: https://raw.githubusercontent.com/cncf/artwork/a718fa97fffec1b9fd14147682e9e3ac0c8817cb/projects/opentelemetry/icon/color/opentelemetry-icon-color.png
-appVersion: 0.85.0
+appVersion: 0.86.0
diff --git a/charts/opentelemetry-operator/crds/crd-opentelemetrycollector.yaml b/charts/opentelemetry-operator/crds/crd-opentelemetrycollector.yaml
index 560496ee0..aa275206c 100644
--- a/charts/opentelemetry-operator/crds/crd-opentelemetrycollector.yaml
+++ b/charts/opentelemetry-operator/crds/crd-opentelemetrycollector.yaml
@@ -3716,6 +3716,27 @@ spec:
                 description: PodAnnotations is the set of annotations that will be
                   attached to Collector and Target Allocator pods.
                 type: object
+              podDisruptionBudget:
+                description: PodDisruptionBudget specifies the pod disruption budget
+                  configuration to use for the OpenTelemetryCollector workload.
+                properties:
+                  maxUnavailable:
+                    anyOf:
+                    - type: integer
+                    - type: string
+                    description: An eviction is allowed if at most "maxUnavailable"
+                      pods selected by "selector" are unavailable after the eviction,
+                      i.e. even in absence of the evicted pod.
+                    x-kubernetes-int-or-string: true
+                  minAvailable:
+                    anyOf:
+                    - type: integer
+                    - type: string
+                    description: An eviction is allowed if at least "minAvailable"
+                      pods selected by "selector" will still be available after the
+                      eviction, i.e. even in the absence of the evicted pod.
+                    x-kubernetes-int-or-string: true
+                type: object
               podSecurityContext:
                 description: PodSecurityContext configures the pod security context
                   for the opentelemetry-collector pod, when running as a deployment,
@@ -4302,6 +4323,43 @@ spec:
                       service account to use with this instance. When set, the operator
                       will not automatically create a ServiceAccount for the TargetAllocator.
                     type: string
+                  tolerations:
+                    description: Toleration embedded kubernetes pod configuration
+                      option, controls how pods can be scheduled with matching taints
+                    items:
+                      description: The pod this Toleration is attached to tolerates
+                        any taint that matches the triple <key,value,effect> using
+                        the matching operator <operator>.
+                      properties:
+                        effect:
+                          description: Effect indicates the taint effect to match.
+                            Empty means match all taint effects. When specified, allowed
+                            values are NoSchedule, PreferNoSchedule and NoExecute.
+                          type: string
+                        key:
+                          description: Key is the taint key that the toleration applies
+                            to. Empty means match all taint keys. If the key is empty,
+                            operator must be Exists; this combination means to match
+                            all values and all keys.
+                          type: string
+                        operator:
+                          description: Operator represents a key's relationship to
+                            the value. Valid operators are Exists and Equal. Defaults
+                            to Equal.
+                          type: string
+                        tolerationSeconds:
+                          description: TolerationSeconds represents the period of
+                            time the toleration (which must be of effect NoExecute,
+                            otherwise this field is ignored) tolerates the taint.
+                          format: int64
+                          type: integer
+                        value:
+                          description: Value is the taint value the toleration matches
+                            to. If the operator is Exists, the value should be empty,
+                            otherwise just a regular string.
+                          type: string
+                      type: object
+                    type: array
                   topologySpreadConstraints:
                     description: TopologySpreadConstraints embedded kubernetes pod
                       configuration option, controls how pods are spread across your
diff --git a/charts/opentelemetry-operator/examples/default/rendered/admission-webhooks/operator-webhook-with-cert-manager.yaml b/charts/opentelemetry-operator/examples/default/rendered/admission-webhooks/operator-webhook-with-cert-manager.yaml
index 8b107f2ad..df5cd3b99 100644
--- a/charts/opentelemetry-operator/examples/default/rendered/admission-webhooks/operator-webhook-with-cert-manager.yaml
+++ b/charts/opentelemetry-operator/examples/default/rendered/admission-webhooks/operator-webhook-with-cert-manager.yaml
@@ -6,9 +6,9 @@ metadata:
   annotations:
     cert-manager.io/inject-ca-from: default/example-opentelemetry-operator-serving-cert
   labels:
-    helm.sh/chart: opentelemetry-operator-0.39.2
+    helm.sh/chart: opentelemetry-operator-0.40.0
     app.kubernetes.io/name: opentelemetry-operator
-    app.kubernetes.io/version: "0.85.0"
+    app.kubernetes.io/version: "0.86.0"
     app.kubernetes.io/managed-by: Helm
     app.kubernetes.io/instance: example
     app.kubernetes.io/component: webhook
@@ -85,9 +85,9 @@ metadata:
   annotations:
     cert-manager.io/inject-ca-from: default/example-opentelemetry-operator-serving-cert
   labels:
-    helm.sh/chart: opentelemetry-operator-0.39.2
+    helm.sh/chart: opentelemetry-operator-0.40.0
     app.kubernetes.io/name: opentelemetry-operator
-    app.kubernetes.io/version: "0.85.0"
+    app.kubernetes.io/version: "0.86.0"
     app.kubernetes.io/managed-by: Helm
     app.kubernetes.io/instance: example
     app.kubernetes.io/component: webhook
diff --git a/charts/opentelemetry-operator/examples/default/rendered/certmanager.yaml b/charts/opentelemetry-operator/examples/default/rendered/certmanager.yaml
index bc2758f4c..c0ffacc21 100644
--- a/charts/opentelemetry-operator/examples/default/rendered/certmanager.yaml
+++ b/charts/opentelemetry-operator/examples/default/rendered/certmanager.yaml
@@ -4,9 +4,9 @@ apiVersion: cert-manager.io/v1
 kind: Certificate
 metadata:
   labels:
-    helm.sh/chart: opentelemetry-operator-0.39.2
+    helm.sh/chart: opentelemetry-operator-0.40.0
     app.kubernetes.io/name: opentelemetry-operator
-    app.kubernetes.io/version: "0.85.0"
+    app.kubernetes.io/version: "0.86.0"
     app.kubernetes.io/managed-by: Helm
     app.kubernetes.io/instance: example
     app.kubernetes.io/component: webhook
@@ -29,9 +29,9 @@ apiVersion: cert-manager.io/v1
 kind: Issuer
 metadata:
   labels:
-    helm.sh/chart: opentelemetry-operator-0.39.2
+    helm.sh/chart: opentelemetry-operator-0.40.0
     app.kubernetes.io/name: opentelemetry-operator
-    app.kubernetes.io/version: "0.85.0"
+    app.kubernetes.io/version: "0.86.0"
     app.kubernetes.io/managed-by: Helm
     app.kubernetes.io/instance: example
     app.kubernetes.io/component: webhook
diff --git a/charts/opentelemetry-operator/examples/default/rendered/clusterrole.yaml b/charts/opentelemetry-operator/examples/default/rendered/clusterrole.yaml
index 7e1666d84..3f6988d1c 100644
--- a/charts/opentelemetry-operator/examples/default/rendered/clusterrole.yaml
+++ b/charts/opentelemetry-operator/examples/default/rendered/clusterrole.yaml
@@ -4,9 +4,9 @@ apiVersion: rbac.authorization.k8s.io/v1
 kind: ClusterRole
 metadata:
   labels:
-    helm.sh/chart: opentelemetry-operator-0.39.2
+    helm.sh/chart: opentelemetry-operator-0.40.0
     app.kubernetes.io/name: opentelemetry-operator
-    app.kubernetes.io/version: "0.85.0"
+    app.kubernetes.io/version: "0.86.0"
     app.kubernetes.io/managed-by: Helm
     app.kubernetes.io/instance: example
     app.kubernetes.io/component: controller-manager
@@ -208,15 +208,27 @@ rules:
     - get
     - list
     - watch
+  - apiGroups:
+      - policy
+    resources:
+      - poddisruptionbudgets
+    verbs:
+      - create
+      - delete
+      - get
+      - list
+      - patch
+      - update
+      - watch
 ---
 # Source: opentelemetry-operator/templates/clusterrole.yaml
 apiVersion: rbac.authorization.k8s.io/v1
 kind: ClusterRole
 metadata:
   labels:
-    helm.sh/chart: opentelemetry-operator-0.39.2
+    helm.sh/chart: opentelemetry-operator-0.40.0
     app.kubernetes.io/name: opentelemetry-operator
-    app.kubernetes.io/version: "0.85.0"
+    app.kubernetes.io/version: "0.86.0"
     app.kubernetes.io/managed-by: Helm
     app.kubernetes.io/instance: example
     app.kubernetes.io/component: controller-manager
@@ -232,9 +244,9 @@ apiVersion: rbac.authorization.k8s.io/v1
 kind: ClusterRole
 metadata:
   labels:
-    helm.sh/chart: opentelemetry-operator-0.39.2
+    helm.sh/chart: opentelemetry-operator-0.40.0
     app.kubernetes.io/name: opentelemetry-operator
-    app.kubernetes.io/version: "0.85.0"
+    app.kubernetes.io/version: "0.86.0"
     app.kubernetes.io/managed-by: Helm
     app.kubernetes.io/instance: example
     app.kubernetes.io/component: controller-manager
diff --git a/charts/opentelemetry-operator/examples/default/rendered/clusterrolebinding.yaml b/charts/opentelemetry-operator/examples/default/rendered/clusterrolebinding.yaml
index ba987efd3..1645fced0 100644
--- a/charts/opentelemetry-operator/examples/default/rendered/clusterrolebinding.yaml
+++ b/charts/opentelemetry-operator/examples/default/rendered/clusterrolebinding.yaml
@@ -4,9 +4,9 @@ apiVersion: rbac.authorization.k8s.io/v1
 kind: ClusterRoleBinding
 metadata:
   labels:
-    helm.sh/chart: opentelemetry-operator-0.39.2
+    helm.sh/chart: opentelemetry-operator-0.40.0
     app.kubernetes.io/name: opentelemetry-operator
-    app.kubernetes.io/version: "0.85.0"
+    app.kubernetes.io/version: "0.86.0"
     app.kubernetes.io/managed-by: Helm
     app.kubernetes.io/instance: example
     app.kubernetes.io/component: controller-manager
@@ -25,9 +25,9 @@ apiVersion: rbac.authorization.k8s.io/v1
 kind: ClusterRoleBinding
 metadata:
   labels:
-    helm.sh/chart: opentelemetry-operator-0.39.2
+    helm.sh/chart: opentelemetry-operator-0.40.0
     app.kubernetes.io/name: opentelemetry-operator
-    app.kubernetes.io/version: "0.85.0"
+    app.kubernetes.io/version: "0.86.0"
     app.kubernetes.io/managed-by: Helm
     app.kubernetes.io/instance: example
     app.kubernetes.io/component: controller-manager
diff --git a/charts/opentelemetry-operator/examples/default/rendered/deployment.yaml b/charts/opentelemetry-operator/examples/default/rendered/deployment.yaml
index b1bae29db..19b960296 100644
--- a/charts/opentelemetry-operator/examples/default/rendered/deployment.yaml
+++ b/charts/opentelemetry-operator/examples/default/rendered/deployment.yaml
@@ -4,9 +4,9 @@ apiVersion: apps/v1
 kind: Deployment
 metadata:
   labels:
-    helm.sh/chart: opentelemetry-operator-0.39.2
+    helm.sh/chart: opentelemetry-operator-0.40.0
     app.kubernetes.io/name: opentelemetry-operator
-    app.kubernetes.io/version: "0.85.0"
+    app.kubernetes.io/version: "0.86.0"
     app.kubernetes.io/managed-by: Helm
     app.kubernetes.io/instance: example
     app.kubernetes.io/component: controller-manager
@@ -33,13 +33,13 @@ spec:
             - --enable-leader-election
             - --health-probe-addr=:8081
             - --webhook-port=9443
-            - --collector-image=otel/opentelemetry-collector-contrib:0.85.0
+            - --collector-image=otel/opentelemetry-collector-contrib:0.87.0
           command:
             - /manager
           env:
             - name: ENABLE_WEBHOOKS
               value: "true"
-          image: "ghcr.io/open-telemetry/opentelemetry-operator/opentelemetry-operator:v0.85.0"
+          image: "ghcr.io/open-telemetry/opentelemetry-operator/opentelemetry-operator:v0.86.0"
           name: manager
           ports:
             - containerPort: 8080
diff --git a/charts/opentelemetry-operator/examples/default/rendered/role.yaml b/charts/opentelemetry-operator/examples/default/rendered/role.yaml
index dd9656a94..6053edf21 100644
--- a/charts/opentelemetry-operator/examples/default/rendered/role.yaml
+++ b/charts/opentelemetry-operator/examples/default/rendered/role.yaml
@@ -4,9 +4,9 @@ apiVersion: rbac.authorization.k8s.io/v1
 kind: Role
 metadata:
   labels:
-    helm.sh/chart: opentelemetry-operator-0.39.2
+    helm.sh/chart: opentelemetry-operator-0.40.0
     app.kubernetes.io/name: opentelemetry-operator
-    app.kubernetes.io/version: "0.85.0"
+    app.kubernetes.io/version: "0.86.0"
     app.kubernetes.io/managed-by: Helm
     app.kubernetes.io/instance: example
     app.kubernetes.io/component: controller-manager
diff --git a/charts/opentelemetry-operator/examples/default/rendered/rolebinding.yaml b/charts/opentelemetry-operator/examples/default/rendered/rolebinding.yaml
index 4d3d22d21..581f0936c 100644
--- a/charts/opentelemetry-operator/examples/default/rendered/rolebinding.yaml
+++ b/charts/opentelemetry-operator/examples/default/rendered/rolebinding.yaml
@@ -4,9 +4,9 @@ apiVersion: rbac.authorization.k8s.io/v1
 kind: RoleBinding
 metadata:
   labels:
-    helm.sh/chart: opentelemetry-operator-0.39.2
+    helm.sh/chart: opentelemetry-operator-0.40.0
     app.kubernetes.io/name: opentelemetry-operator
-    app.kubernetes.io/version: "0.85.0"
+    app.kubernetes.io/version: "0.86.0"
     app.kubernetes.io/managed-by: Helm
     app.kubernetes.io/instance: example
     app.kubernetes.io/component: controller-manager
diff --git a/charts/opentelemetry-operator/examples/default/rendered/service.yaml b/charts/opentelemetry-operator/examples/default/rendered/service.yaml
index ea6cd98c1..35fddd845 100644
--- a/charts/opentelemetry-operator/examples/default/rendered/service.yaml
+++ b/charts/opentelemetry-operator/examples/default/rendered/service.yaml
@@ -4,9 +4,9 @@ apiVersion: v1
 kind: Service
 metadata:
   labels:
-    helm.sh/chart: opentelemetry-operator-0.39.2
+    helm.sh/chart: opentelemetry-operator-0.40.0
     app.kubernetes.io/name: opentelemetry-operator
-    app.kubernetes.io/version: "0.85.0"
+    app.kubernetes.io/version: "0.86.0"
     app.kubernetes.io/managed-by: Helm
     app.kubernetes.io/instance: example
     app.kubernetes.io/component: controller-manager
@@ -31,9 +31,9 @@ apiVersion: v1
 kind: Service
 metadata:
   labels:
-    helm.sh/chart: opentelemetry-operator-0.39.2
+    helm.sh/chart: opentelemetry-operator-0.40.0
     app.kubernetes.io/name: opentelemetry-operator
-    app.kubernetes.io/version: "0.85.0"
+    app.kubernetes.io/version: "0.86.0"
     app.kubernetes.io/managed-by: Helm
     app.kubernetes.io/instance: example
     app.kubernetes.io/component: controller-manager
diff --git a/charts/opentelemetry-operator/examples/default/rendered/serviceaccount.yaml b/charts/opentelemetry-operator/examples/default/rendered/serviceaccount.yaml
index 74871d41a..d12594edc 100644
--- a/charts/opentelemetry-operator/examples/default/rendered/serviceaccount.yaml
+++ b/charts/opentelemetry-operator/examples/default/rendered/serviceaccount.yaml
@@ -6,9 +6,9 @@ metadata:
   name: opentelemetry-operator
   namespace: default
   labels:
-    helm.sh/chart: opentelemetry-operator-0.39.2
+    helm.sh/chart: opentelemetry-operator-0.40.0
     app.kubernetes.io/name: opentelemetry-operator
-    app.kubernetes.io/version: "0.85.0"
+    app.kubernetes.io/version: "0.86.0"
     app.kubernetes.io/managed-by: Helm
     app.kubernetes.io/instance: example
     app.kubernetes.io/component: controller-manager
diff --git a/charts/opentelemetry-operator/examples/default/rendered/tests/test-certmanager-connection.yaml b/charts/opentelemetry-operator/examples/default/rendered/tests/test-certmanager-connection.yaml
index aaba4141c..5aa4ba41b 100644
--- a/charts/opentelemetry-operator/examples/default/rendered/tests/test-certmanager-connection.yaml
+++ b/charts/opentelemetry-operator/examples/default/rendered/tests/test-certmanager-connection.yaml
@@ -6,9 +6,9 @@ metadata:
   name: "example-opentelemetry-operator-cert-manager"
   namespace: default
   labels:
-    helm.sh/chart: opentelemetry-operator-0.39.2
+    helm.sh/chart: opentelemetry-operator-0.40.0
     app.kubernetes.io/name: opentelemetry-operator
-    app.kubernetes.io/version: "0.85.0"
+    app.kubernetes.io/version: "0.86.0"
     app.kubernetes.io/managed-by: Helm
     app.kubernetes.io/instance: example
     app.kubernetes.io/component: webhook
diff --git a/charts/opentelemetry-operator/examples/default/rendered/tests/test-service-connection.yaml b/charts/opentelemetry-operator/examples/default/rendered/tests/test-service-connection.yaml
index 1c8b41cff..28040a480 100644
--- a/charts/opentelemetry-operator/examples/default/rendered/tests/test-service-connection.yaml
+++ b/charts/opentelemetry-operator/examples/default/rendered/tests/test-service-connection.yaml
@@ -6,9 +6,9 @@ metadata:
   name: "example-opentelemetry-operator-metrics"
   namespace: default
   labels:
-    helm.sh/chart: opentelemetry-operator-0.39.2
+    helm.sh/chart: opentelemetry-operator-0.40.0
     app.kubernetes.io/name: opentelemetry-operator
-    app.kubernetes.io/version: "0.85.0"
+    app.kubernetes.io/version: "0.86.0"
     app.kubernetes.io/managed-by: Helm
     app.kubernetes.io/instance: example
     app.kubernetes.io/component: controller-manager
@@ -43,9 +43,9 @@ metadata:
   name: "example-opentelemetry-operator-webhook"
   namespace: default
   labels:
-    helm.sh/chart: opentelemetry-operator-0.39.2
+    helm.sh/chart: opentelemetry-operator-0.40.0
     app.kubernetes.io/name: opentelemetry-operator
-    app.kubernetes.io/version: "0.85.0"
+    app.kubernetes.io/version: "0.86.0"
     app.kubernetes.io/managed-by: Helm
     app.kubernetes.io/instance: example
     app.kubernetes.io/component: controller-manager
diff --git a/charts/opentelemetry-operator/templates/clusterrole.yaml b/charts/opentelemetry-operator/templates/clusterrole.yaml
index 5dab078cb..1c78b583f 100644
--- a/charts/opentelemetry-operator/templates/clusterrole.yaml
+++ b/charts/opentelemetry-operator/templates/clusterrole.yaml
@@ -203,6 +203,18 @@ rules:
     - get
     - list
     - watch
+  - apiGroups:
+      - policy
+    resources:
+      - poddisruptionbudgets
+    verbs:
+      - create
+      - delete
+      - get
+      - list
+      - patch
+      - update
+      - watch
 
 {{ if .Values.kubeRBACProxy.enabled }}
 ---
diff --git a/charts/opentelemetry-operator/values.yaml b/charts/opentelemetry-operator/values.yaml
index dfb8039e2..db11f1926 100644
--- a/charts/opentelemetry-operator/values.yaml
+++ b/charts/opentelemetry-operator/values.yaml
@@ -29,10 +29,10 @@ pdb:
 manager:
   image:
     repository: ghcr.io/open-telemetry/opentelemetry-operator/opentelemetry-operator
-    tag: v0.85.0
+    tag: v0.86.0
   collectorImage:
     repository: otel/opentelemetry-collector-contrib
-    tag: 0.85.0
+    tag: 0.87.0
   targetAllocatorImage:
     repository: ""
     tag: ""