diff --git a/CHANGELOG.md b/CHANGELOG.md
index 50992bfb..9881bf94 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,18 @@
 
 All notable changes to this project will be documented in this file. See [standard-version](https://github.com/conventional-changelog/standard-version) for commit guidelines.
 
+### [0.3.2](https://github.com/rhobs/monitoring-stack-operator/commit/) (2024-06-17)
+
+
+### Features
+
+* bump Prometheus operator to v0.74.0 ([#518](https://github.com/rhobs/monitoring-stack-operator/issues/518)) ([abd2f03](https://github.com/rhobs/monitoring-stack-operator/commit/abd2f03741eb2d1de696136f0161557c09d5a7e7))
+
+
+### Bug Fixes
+
+* add korrel8r proxy configuration to logging view plugin ([#515](https://github.com/rhobs/monitoring-stack-operator/issues/515)) ([a1f0de3](https://github.com/rhobs/monitoring-stack-operator/commit/a1f0de357c38e45849f0ce33fdff3b0ef71917a2))
+
 ### [0.3.1](https://github.com/rhobs/monitoring-stack-operator/commit/) (2024-06-13)
 
 
diff --git a/VERSION b/VERSION
index a2268e2d..9fc80f93 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-0.3.1
\ No newline at end of file
+0.3.2
\ No newline at end of file
diff --git a/bundle/manifests/observability-operator.clusterserviceversion.yaml b/bundle/manifests/observability-operator.clusterserviceversion.yaml
index 7fb5c432..71e9ad09 100644
--- a/bundle/manifests/observability-operator.clusterserviceversion.yaml
+++ b/bundle/manifests/observability-operator.clusterserviceversion.yaml
@@ -41,8 +41,8 @@ metadata:
     capabilities: Basic Install
     categories: Monitoring
     certified: "false"
-    containerImage: observability-operator:0.3.1
-    createdAt: "2024-06-14T08:32:30Z"
+    containerImage: observability-operator:0.3.2
+    createdAt: "2024-06-17T09:34:48Z"
     description: A Go based Kubernetes operator to setup and manage highly available
       Monitoring Stack using Prometheus, Alertmanager and Thanos Querier.
     operators.operatorframework.io/builder: operator-sdk-v1.34.1
@@ -53,7 +53,7 @@ metadata:
       ]
     operators.operatorframework.io/project_layout: unknown
     repository: https://github.com/rhobs/observability-operator
-  name: observability-operator.v0.3.1
+  name: observability-operator.v0.3.2
   namespace: placeholder
 spec:
   apiservicedefinitions: {}
@@ -709,7 +709,7 @@ spec:
                   valueFrom:
                     fieldRef:
                       fieldPath: metadata.namespace
-                image: observability-operator:0.3.1
+                image: observability-operator:0.3.2
                 imagePullPolicy: Always
                 livenessProbe:
                   httpGet:
@@ -770,7 +770,7 @@ spec:
   maturity: alpha
   provider:
     name: Red Hat
-  version: 0.3.1
+  version: 0.3.2
   webhookdefinitions:
   - admissionReviewVersions:
     - v1
diff --git a/deploy/olm/kustomization.yaml b/deploy/olm/kustomization.yaml
index 588f50a8..c69abda9 100644
--- a/deploy/olm/kustomization.yaml
+++ b/deploy/olm/kustomization.yaml
@@ -12,7 +12,7 @@ resources:
 images:
 - name: observability-operator
   newName: observability-operator
-  newTag: 0.3.1
+  newTag: 0.3.2
 
 patches:
 - patch: |-
diff --git a/deploy/package-operator/operator/kustomization.yaml b/deploy/package-operator/operator/kustomization.yaml
index 4829abd8..b35bd483 100644
--- a/deploy/package-operator/operator/kustomization.yaml
+++ b/deploy/package-operator/operator/kustomization.yaml
@@ -4,7 +4,7 @@ namespace: observability-operator
 images:
 - name: observability-operator
   newName: observability-operator
-  newTag: 0.3.1
+  newTag: 0.3.2
 commonAnnotations:
   package-operator.run/phase: operator
 resources: