diff --git a/VERSION b/VERSION
index d90dff7ad..765098dc4 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-v0.37.1
+v0.38.0
diff --git a/docs/releases/v0.38.0.md b/docs/releases/v0.38.0.md
new file mode 100644
index 000000000..0159353ef
--- /dev/null
+++ b/docs/releases/v0.38.0.md
@@ -0,0 +1,17 @@
+# Changelog
+
+## [v0.38.0](https://github.com/aws-observability/aws-otel-collector/tree/v0.38.0) (2024-02-21)
+
+[Full Changelog](https://github.com/aws-observability/aws-otel-collector/compare/v0.37.1...v0.38.0)
+
+**Closed issues:**
+
+- Add release to fix CVE-2024-21626 [\#2643](https://github.com/aws-observability/aws-otel-collector/issues/2643)
+
+**Merged pull requests:**
+
+- Update go dependencies [\#2638](https://github.com/aws-observability/aws-otel-collector/pull/2638) ([bryan-aguilar](https://github.com/bryan-aguilar))
+
+
+
+\* *This Changelog was automatically generated by [github_changelog_generator](https://github.com/github-changelog-generator/github-changelog-generator)*
diff --git a/go.mod b/go.mod
index 227ac07dc..dbfeb9456 100644
--- a/go.mod
+++ b/go.mod
@@ -429,12 +429,6 @@ exclude github.com/ionos-cloud/sdk-go/v6 v6.0.5851
 // https://github.com/go-openapi/spec/issues/156
 replace github.com/go-openapi/spec v0.20.5 => github.com/go-openapi/spec v0.20.6
 
-// This replace can be removed once it is patched to v0.3.2 upstream
-// see https://github.com/open-telemetry/opentelemetry-collector-contrib/blob/main/exporter/datadogexporter/go.mod#L116
-// Also see the source version from the datadog agent
-// https://github.com/DataDog/datadog-agent/blob/main/go.mod#L26
-replace github.com/theupdateframework/go-tuf v0.3.1 => github.com/DataDog/go-tuf v0.3.0--fix-localmeta
-
 // excluded as DataDog/agent-payload/v5 v5.0.59 has been removed from source directory but is still present in proxy package
 exclude github.com/DataDog/agent-payload/v5 v5.0.59 // indirect
 
diff --git a/tools/packaging/windows/aws-otel-collector.wxs b/tools/packaging/windows/aws-otel-collector.wxs
index 296247ed3..931c72814 100644
--- a/tools/packaging/windows/aws-otel-collector.wxs
+++ b/tools/packaging/windows/aws-otel-collector.wxs
@@ -3,7 +3,7 @@
     <Product Id="EBBD8548-75D1-41D3-A402-ABE189F0C167"
 UpgradeCode="B7C263DD-95A5-436A-A025-DCA5200C2BE3"
 Name="ADOT Collector"
-Version="0.37.1"
+Version="0.38.0"
 Codepage='1252'
 Manufacturer="Amazon.com, Inc."
 Language="1033">