diff --git a/Makefile b/Makefile
index 51d5a4f..d410a43 100644
--- a/Makefile
+++ b/Makefile
@@ -48,7 +48,7 @@ endif
 OPERATOR_SDK_VERSION ?= v1.41.1
 
 # NOTE: This is a source of truth for some of the workflows. Don't change the format!
-TAG ?= devel
+TAG ?= 0.4.0
 
 # Image URL to use all building/pushing image targets
 IMG ?= ghcr.io/intel/intel-gpu-base-operator:$(TAG)
diff --git a/charts/gpu-base-operator-policy/Chart.yaml b/charts/gpu-base-operator-policy/Chart.yaml
index 02c70e7..13bff87 100644
--- a/charts/gpu-base-operator-policy/Chart.yaml
+++ b/charts/gpu-base-operator-policy/Chart.yaml
@@ -2,5 +2,5 @@ apiVersion: v2
 name: intel-gpu-base-operator-policy-chart
 description: A Helm chart for Intel GPU Base Operator deployments
 type: application
-version: 0.0.1
-appVersion: "0.0.1"
+version: 0.4.0
+appVersion: "0.4.0"
diff --git a/charts/gpu-base-operator/Chart.yaml b/charts/gpu-base-operator/Chart.yaml
index d885036..18ab1c0 100644
--- a/charts/gpu-base-operator/Chart.yaml
+++ b/charts/gpu-base-operator/Chart.yaml
@@ -2,8 +2,8 @@ apiVersion: v2
 name: intel-gpu-base-operator-chart
 description: A Helm chart for Intel GPU Base Operator
 type: application
-version: 0.0.1
-appVersion: "0.0.1"
+version: 0.4.0
+appVersion: "0.4.0"
 
 dependencies:
   - name: node-feature-discovery
diff --git a/charts/gpu-base-operator/values.yaml b/charts/gpu-base-operator/values.yaml
index 42536ac..60feb34 100644
--- a/charts/gpu-base-operator/values.yaml
+++ b/charts/gpu-base-operator/values.yaml
@@ -8,7 +8,7 @@ nfd:
 
 operator:
   image:
-    repository: ghcr.io/intel/intel-gpu-base-operator:devel
+    repository: ghcr.io/intel/intel-gpu-base-operator:0.4.0
     pullPolicy: IfNotPresent
   verbosity: 2
   resources:
diff --git a/config/manager/manager.yaml b/config/manager/manager.yaml
index 5646195..7fa73a7 100644
--- a/config/manager/manager.yaml
+++ b/config/manager/manager.yaml
@@ -89,7 +89,7 @@ spec:
             # kustomize prepends the namePrefix (intel-gpu-base-operator-) to the
             # ServiceAccount, but not to this literal, so set the resolved name here.
             value: intel-gpu-base-operator-module-loader
-        image: ghcr.io/intel/intel-gpu-base-operator:devel
+        image: ghcr.io/intel/intel-gpu-base-operator:0.4.0
         imagePullPolicy: IfNotPresent
         name: manager
         ports: []