diff --git a/ci/release/update-version.sh b/ci/release/update-version.sh
new file mode 100755
index 000000000..4d170d44b
--- /dev/null
+++ b/ci/release/update-version.sh
@@ -0,0 +1,58 @@
+#!/bin/bash
+# Copyright (c) 2024, NVIDIA CORPORATION.
+
+## Usage
+# bash update-version.sh <new_version>
+
+set -euo pipefail
+
+# Format is YY.MM.PP - no leading 'v' or trailing 'a'
+NEXT_FULL_TAG=$1
+
+# Get current version
+CURRENT_TAG=$(git tag --merged HEAD | grep -xE '^v.*' | sort --version-sort | tail -n 1 | tr -d 'v')
+CURRENT_MAJOR=$(echo $CURRENT_TAG | awk '{split($0, a, "."); print a[1]}')
+CURRENT_MINOR=$(echo $CURRENT_TAG | awk '{split($0, a, "."); print a[2]}')
+CURRENT_PATCH=$(echo $CURRENT_TAG | awk '{split($0, a, "."); print a[3]}')
+CURRENT_SHORT_TAG=${CURRENT_MAJOR}.${CURRENT_MINOR}
+
+# Get <major>.<minor> for next version
+NEXT_MAJOR=$(echo $NEXT_FULL_TAG | awk '{split($0, a, "."); print a[1]}')
+NEXT_MINOR=$(echo $NEXT_FULL_TAG | awk '{split($0, a, "."); print a[2]}')
+NEXT_PATCH=$(echo $NEXT_FULL_TAG | awk '{split($0, a, "."); print a[3]}')
+NEXT_SHORT_TAG=${NEXT_MAJOR}.${NEXT_MINOR}
+NEXT_FULL_TAG=${NEXT_MAJOR}.${NEXT_MINOR}.${NEXT_PATCH}
+NEXT_UCX_PY_VERSION="$(curl -sL https://version.gpuci.io/rapids/${NEXT_SHORT_TAG})"
+
+# Need to distutils-normalize the versions for some use cases
+CURRENT_SHORT_TAG_PEP440=$(python -c "from setuptools.extern import packaging; print(packaging.version.Version('${CURRENT_SHORT_TAG}'))")
+NEXT_SHORT_TAG_PEP440=$(python -c "from setuptools.extern import packaging; print(packaging.version.Version('${NEXT_SHORT_TAG}'))")
+NEXT_FULL_TAG_PEP440=$(python -c "from setuptools.extern import packaging; print(packaging.version.Version('${NEXT_FULL_TAG}'))")
+echo "current is ${CURRENT_SHORT_TAG_PEP440}, next is ${NEXT_SHORT_TAG_PEP440}"
+
+echo "Preparing release $CURRENT_TAG => $NEXT_FULL_TAG"
+
+# Inplace sed replace; workaround for Linux and Mac
+function sed_runner() {
+    sed -i.bak ''"$1"'' $2 && rm -f ${2}.bak
+}
+
+sed_runner "s/devcontainers:.*-cpp/devcontainers:${NEXT_SHORT_TAG}-cpp/g" USAGE.md
+sed_runner "s|features/\([[:alnum:]]\+\):[[:digit:]]\+\.[[:digit:]]\+\"|features/\1:${NEXT_SHORT_TAG}\"|g" USAGE.md
+
+for file in $(find .devcontainer -name devcontainer.json); do
+  sed_runner "s|rapidsai/devcontainers:.*-cpp|rapidsai/devcontainers:${NEXT_SHORT_TAG}-cpp|g" "$file"
+done
+
+sed_runner "s/branch-[[:digit:]]\{2\}\.[[:digit:]]\+/branch-${NEXT_SHORT_TAG}/g" ./features/src/rapids-build-utils/opt/rapids-build-utils/manifest.yaml
+sed_runner "s/branch-0.[[:digit:]]\+.*/branch-${NEXT_UCX_PY_VERSION}/g" ./features/src/rapids-build-utils/opt/rapids-build-utils/manifest.yaml
+
+for file in $(find features -name devcontainer-feature.json); do
+  tmp=$(mktemp)
+  jq --arg ver "$NEXT_FULL_TAG_PEP440" '.version = $ver' "$file" > "$tmp" && mv "$tmp" "$file"
+done
+
+# CI files
+for FILE in .github/workflows/*.yml; do
+  sed_runner "/shared-workflows/ s/@.*/@branch-${NEXT_SHORT_TAG}/g" "${FILE}"
+done