diff --git a/CHANGELOG.md b/CHANGELOG.md
index 7b3bb46d0..527374c71 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -6,6 +6,17 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ## [Unreleased]
 
+## [3.2.0]
+
+This release allows building contracts with recent (> 1.69) Rust toolchains which can emit
+`signext` Wasm instructions. An extra pass is added to `wasm-opt` which "lowers" `signext`
+instructions to MVP compatible instructions. The resulting binaries can therefore be 
+deployed to chains with an older version of `pallet-contracts` which does not yet support
+those instructions.
+
+### Changed
+-  Backport SignextLowering #1189 + #1280 - [#1286](https://github.com/paritytech/cargo-contract/pull/1286)
+
 ## [3.0.1]
 
 ### Fixed
diff --git a/crates/build/Cargo.toml b/crates/build/Cargo.toml
index 57ade501b..1076a1fe0 100644
--- a/crates/build/Cargo.toml
+++ b/crates/build/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "contract-build"
-version = "3.0.1"
+version = "3.2.0"
 authors = ["Parity Technologies <admin@parity.io>"]
 edition = "2021"
 
@@ -39,7 +39,7 @@ which = "4.4.0"
 zip = { version = "0.6.6", default-features = false }
 strum = { version = "0.24", features = ["derive"] }
 
-contract-metadata = { version = "3.0.1", path = "../metadata" }
+contract-metadata = { version = "3.2.0", path = "../metadata" }
 
 [build-dependencies]
 anyhow = "1.0.71"
diff --git a/crates/cargo-contract/Cargo.toml b/crates/cargo-contract/Cargo.toml
index 1354941b3..7fdd34db6 100644
--- a/crates/cargo-contract/Cargo.toml
+++ b/crates/cargo-contract/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "cargo-contract"
-version = "3.0.1"
+version = "3.2.0"
 authors = ["Parity Technologies <admin@parity.io>"]
 build = "build.rs"
 edition = "2021"
@@ -18,9 +18,9 @@ include = [
 ]
 
 [dependencies]
-contract-build = { version = "3.0.1", path = "../build" }
-contract-metadata = { version = "3.0.1", path = "../metadata" }
-contract-transcode = { version = "3.0.1", path = "../transcode" }
+contract-build = { version = "3.2.0", path = "../build" }
+contract-metadata = { version = "3.2.0", path = "../metadata" }
+contract-transcode = { version = "3.2.0", path = "../transcode" }
 
 anyhow = "1.0.71"
 clap = { version = "4.2.7", features = ["derive", "env"] }
diff --git a/crates/metadata/Cargo.toml b/crates/metadata/Cargo.toml
index fa07e6cd8..02b2d5ca5 100644
--- a/crates/metadata/Cargo.toml
+++ b/crates/metadata/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "contract-metadata"
-version = "3.0.1"
+version = "3.2.0"
 authors = ["Parity Technologies <admin@parity.io>"]
 edition = "2021"
 
diff --git a/crates/transcode/Cargo.toml b/crates/transcode/Cargo.toml
index f4aa59257..a8489c245 100644
--- a/crates/transcode/Cargo.toml
+++ b/crates/transcode/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name = "contract-transcode"
-version = "3.0.1"
+version = "3.2.0"
 authors = ["Parity Technologies <admin@parity.io>"]
 edition = "2021"
 
@@ -20,7 +20,7 @@ path = "src/lib.rs"
 anyhow = "1.0.71"
 base58 = { version = "0.2.0" }
 blake2 = { version = "0.10.4", default-features = false }
-contract-metadata = { version = "3.0.1", path = "../metadata" }
+contract-metadata = { version = "3.2.0", path = "../metadata" }
 escape8259 = "0.5.2"
 hex = "0.4.3"
 indexmap = "1.9.3"