diff --git a/VERSION b/VERSION
new file mode 100644
index 00000000..15f305fb
--- /dev/null
+++ b/VERSION
@@ -0,0 +1 @@
+0.35.00
diff --git a/ci/build_python.sh b/ci/build_python.sh
index de97365a..e658a857 100755
--- a/ci/build_python.sh
+++ b/ci/build_python.sh
@@ -7,9 +7,15 @@ source rapids-env-update
 
 rapids-print-env
 
+version=$(rapids-generate-version)
+commit=$(git rev-parse HEAD)
+
+echo "${version}" > VERSION
+sed -i "/^__git_commit__/ s/= .*/= \"${commit}\"/g" ucp/_version.py
+
 rapids-logger "Begin py build"
 
-rapids-conda-retry mambabuild \
+RAPIDS_PACKAGE_VERSION=${version} rapids-conda-retry mambabuild \
   conda/recipes/ucx-py
 
 rapids-upload-conda-to-s3 python
diff --git a/ci/build_wheel.sh b/ci/build_wheel.sh
index 51644bfd..f6bf9aeb 100755
--- a/ci/build_wheel.sh
+++ b/ci/build_wheel.sh
@@ -9,9 +9,8 @@ underscore_package_name=$(echo "${package_name}" | tr "-" "_")
 source rapids-configure-sccache
 source rapids-date-string
 
-# Use gha-tools rapids-pip-wheel-version to generate wheel version then
-# update the necessary files
-version_override="$(rapids-pip-wheel-version ${RAPIDS_DATE_STRING})"
+version=$(rapids-generate-version)
+commit=$(git rev-parse HEAD)
 
 RAPIDS_PY_CUDA_SUFFIX="$(rapids-wheel-ctk-name-gen ${RAPIDS_CUDA_VERSION})"
 
@@ -22,8 +21,9 @@ PACKAGE_CUDA_SUFFIX="-${RAPIDS_PY_CUDA_SUFFIX}"
 # Patch project metadata files to include the CUDA version suffix and version override.
 pyproject_file="pyproject.toml"
 
-sed -i "s/^version = .*/version = \"${version_override}\"/g" ${pyproject_file}
 sed -i "s/name = \"${package_name}\"/name = \"${package_name}${PACKAGE_CUDA_SUFFIX}\"/g" ${pyproject_file}
+echo "${version}" > VERSION
+sed -i "/^__git_commit__/ s/= .*/= \"${commit}\"/g" ucp/_version.py
 
 # For nightlies we want to ensure that we're pulling in alphas as well. The
 # easiest way to do so is to augment the spec with a constraint containing a
diff --git a/ci/release/update-version.sh b/ci/release/update-version.sh
index 70e21b19..c28efe79 100755
--- a/ci/release/update-version.sh
+++ b/ci/release/update-version.sh
@@ -50,5 +50,4 @@ for FILE in .github/workflows/*.yaml; do
   sed_runner "/shared-workflows/ s/@.*/@branch-${NEXT_RAPIDS_SHORT_TAG}/g" "${FILE}"
 done
 
-sed_runner "s/^version = .*/version = \"${NEXT_RAPIDS_FULL_TAG_PEP440}\"/g" pyproject.toml
-sed_runner "s/^__version__ = .*/__version__ = \"${NEXT_RAPIDS_FULL_TAG_PEP440}\"/g" ucp/__init__.py
+echo "${NEXT_RAPIDS_FULL_TAG_PEP440}" > VERSION
diff --git a/conda/recipes/ucx-py/meta.yaml b/conda/recipes/ucx-py/meta.yaml
index f87feff3..d2186fa1 100644
--- a/conda/recipes/ucx-py/meta.yaml
+++ b/conda/recipes/ucx-py/meta.yaml
@@ -2,7 +2,7 @@
 
 {% set data = load_file_data("pyproject.toml") %}
 
-{% set version = environ.get('GIT_DESCRIBE_TAG', '0.0.0.dev').lstrip('v') %}
+{% set version = environ['RAPIDS_PACKAGE_VERSION'].lstrip('v') %}
 {% set py_version = environ['CONDA_PY'] %}
 {% set cuda_version = '.'.join(environ['RAPIDS_CUDA_VERSION'].split('.')[:2]) %}
 {% set date_string = environ['RAPIDS_DATE_STRING'] %}
@@ -12,7 +12,7 @@ package:
   version: {{ version }}
 
 source:
-  git_url: ../../..
+  path: ../../..
 
 build:
   number: {{ GIT_DESCRIBE_NUMBER }}
diff --git a/pyproject.toml b/pyproject.toml
index 1109cd8f..fe37b67d 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -22,7 +22,7 @@ requires = [
 
 [project]
 name = "ucx-py"
-version = "0.35.0"
+dynamic = ["version"]
 description = "Python Bindings for the Unified Communication X library (UCX)"
 readme = { file = "README.md", content-type = "text/markdown" }
 authors = [
@@ -117,3 +117,6 @@ zip-safe = false
 
 [tool.setuptools.packages.find]
 exclude=["tests*"]
+
+[tool.setuptools.dynamic]
+version = {file = "ucp/VERSION"}
diff --git a/setup.py b/setup.py
index f09911e1..9a52b30c 100644
--- a/setup.py
+++ b/setup.py
@@ -41,4 +41,5 @@
 setup(
     ext_modules=ext_modules,
     cmdclass={"build_ext": new_build_ext},
+    package_data={"ucp": ["VERSION"]},
 )
diff --git a/ucp/VERSION b/ucp/VERSION
new file mode 120000
index 00000000..6ff19de4
--- /dev/null
+++ b/ucp/VERSION
@@ -0,0 +1 @@
+../VERSION
\ No newline at end of file
diff --git a/ucp/__init__.py b/ucp/__init__.py
index 89ac836e..791860b1 100644
--- a/ucp/__init__.py
+++ b/ucp/__init__.py
@@ -20,6 +20,7 @@
 from .core import get_ucx_version  # noqa
 from .utils import get_ucxpy_logger  # noqa
 from ._libs.utils import get_address  # noqa
+from ._version import __git_commit__, __version__
 
 try:
     import pynvml
@@ -90,7 +91,6 @@ def _is_mig_device(handle):
     os.environ["UCX_MAX_RNDV_RAILS"] = "1"
 
 
-__version__ = "0.35.0"
 __ucx_version__ = "%d.%d.%d" % get_ucx_version()
 
 if get_ucx_version() < (1, 11, 1):
diff --git a/ucp/_version.py b/ucp/_version.py
new file mode 100644
index 00000000..ab2f6e9f
--- /dev/null
+++ b/ucp/_version.py
@@ -0,0 +1,18 @@
+# Copyright (c) 2023, NVIDIA CORPORATION.
+#
+# Licensed under the Apache License, Version 2.0 (the "License");
+# you may not use this file except in compliance with the License.
+# You may obtain a copy of the License at
+#
+#     http://www.apache.org/licenses/LICENSE-2.0
+#
+# Unless required by applicable law or agreed to in writing, software
+# distributed under the License is distributed on an "AS IS" BASIS,
+# WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+# See the License for the specific language governing permissions and
+# limitations under the License.
+
+import importlib.resources
+
+__version__ = importlib.resources.files("ucp").joinpath("VERSION").read_text().strip()
+__git_commit__ = ""