diff --git a/Dockerfile b/Dockerfile
index eaff70e7d..7cf42f198 100644
--- a/Dockerfile
+++ b/Dockerfile
@@ -15,8 +15,8 @@
 ARG BASE_IMAGE=nvcr.io/nvidia/tritonserver:24.02-py3
 ARG TRITONSDK_BASE_IMAGE=nvcr.io/nvidia/tritonserver:24.02-py3-sdk
 
-ARG MODEL_ANALYZER_VERSION=1.38.0dev
-ARG MODEL_ANALYZER_CONTAINER_VERSION=24.03dev
+ARG MODEL_ANALYZER_VERSION=1.39.0dev
+ARG MODEL_ANALYZER_CONTAINER_VERSION=24.04dev
 
 FROM ${TRITONSDK_BASE_IMAGE} as sdk
 
diff --git a/VERSION b/VERSION
index 631b20fbc..01ac5db94 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-1.38.0dev
+1.39.0dev