diff --git a/docs/source/conf.py b/docs/source/conf.py
index 147434e4a6..ab420b4342 100755
--- a/docs/source/conf.py
+++ b/docs/source/conf.py
@@ -79,9 +79,9 @@
 # built documents.
 #
 # The short X.Y version.
-version = '3.3'
+version = '3.4'
 # The full version, including alpha/beta/rc tags.
-release = '3.3'
+release = '3.4rc1'
 
 # The language for content autogenerated by Sphinx. Refer to documentation
 # for a list of supported languages.
diff --git a/pymc3/__init__.py b/pymc3/__init__.py
index b8297f073e..2f78aa3fac 100644
--- a/pymc3/__init__.py
+++ b/pymc3/__init__.py
@@ -1,5 +1,5 @@
 # pylint: disable=wildcard-import
-__version__ = "3.3"
+__version__ = "3.4"
 
 from .blocking import *
 from .distributions import *
diff --git a/setup.py b/setup.py
index aa23f5c379..d440057fef 100755
--- a/setup.py
+++ b/setup.py
@@ -11,7 +11,7 @@
 AUTHOR_EMAIL = 'pymc.devs@gmail.com'
 URL = "http://github.com/pymc-devs/pymc3"
 LICENSE = "Apache License, Version 2.0"
-VERSION = "3.3"
+VERSION = "3.4"
 
 classifiers = ['Development Status :: 5 - Production/Stable',
                'Programming Language :: Python',