diff --git a/.ci/bwcVersions b/.ci/bwcVersions
index 7aa58e1fef54c..955ee0651e71e 100644
--- a/.ci/bwcVersions
+++ b/.ci/bwcVersions
@@ -51,3 +51,4 @@ BWC_VERSION:
   - "2.2.0"
   - "2.2.1"
   - "2.2.2"
+  - "2.3.0"
diff --git a/CHANGELOG.md b/CHANGELOG.md
index 4520759fd9aa1..f9d389de51c87 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -38,7 +38,7 @@ Inspired from [Keep a Changelog](https://keepachangelog.com/en/1.0.0/)
 - Add timing data and more granular stages to SegmentReplicationState ([#4367](https://github.com/opensearch-project/OpenSearch/pull/4367))
 - BWC version 2.2.2 ([#4385](https://github.com/opensearch-project/OpenSearch/pull/4385))
 - BWC version 1.3.6 ([#4452](https://github.com/opensearch-project/OpenSearch/pull/4452))
-
+- Bump current version to 2.4.0 on 2.x branch ([#4454](https://github.com/opensearch-project/OpenSearch/pull/4454))
 
 ### Changed
 
diff --git a/buildSrc/version.properties b/buildSrc/version.properties
index 7c701828c79ca..9343f67cea222 100644
--- a/buildSrc/version.properties
+++ b/buildSrc/version.properties
@@ -1,4 +1,4 @@
-opensearch        = 2.3.0
+opensearch        = 2.4.0
 lucene            = 9.3.0
 
 bundled_jdk_vendor = adoptium
diff --git a/server/src/main/java/org/opensearch/Version.java b/server/src/main/java/org/opensearch/Version.java
index c6b0ecf5cbbf7..a666d152631e8 100644
--- a/server/src/main/java/org/opensearch/Version.java
+++ b/server/src/main/java/org/opensearch/Version.java
@@ -99,7 +99,8 @@ public class Version implements Comparable<Version>, ToXContentFragment {
     public static final Version V_2_2_1 = new Version(2020199, org.apache.lucene.util.Version.LUCENE_9_3_0);
     public static final Version V_2_2_2 = new Version(2020299, org.apache.lucene.util.Version.LUCENE_9_3_0);
     public static final Version V_2_3_0 = new Version(2030099, org.apache.lucene.util.Version.LUCENE_9_3_0);
-    public static final Version CURRENT = V_2_3_0;
+    public static final Version V_2_4_0 = new Version(2040099, org.apache.lucene.util.Version.LUCENE_9_3_0);
+    public static final Version CURRENT = V_2_4_0;
 
     public static Version readVersion(StreamInput in) throws IOException {
         return fromId(in.readVInt());