diff --git a/docs/release-notes/index.md b/docs/release-notes/index.md
index 70245b837..539e9dca6 100644
--- a/docs/release-notes/index.md
+++ b/docs/release-notes/index.md
@@ -22,6 +22,11 @@ All notable changes to this project will be documented here. This project adhere
 
 % ### Fixes [elastic-apm-ruby-agent-versionext-fixes]
 
+## 4.8.0 [elastic-apm-ruby-agent-480-release-notes]
+
+### Features and enhancements [elastic-apm-ruby-agent-480-features-enhancements]
+* Support ruby 3.4 [#1510](https://github.com/elastic/apm-agent-ruby/pull/1510)
+
 ## 4.7.3 [elastic-apm-ruby-agent-473-release-notes]
 
 ### Fixes [elastic-apm-ruby-agent-473-fixes]
diff --git a/lib/elastic_apm/version.rb b/lib/elastic_apm/version.rb
index f6464048c..81f296b9a 100644
--- a/lib/elastic_apm/version.rb
+++ b/lib/elastic_apm/version.rb
@@ -18,5 +18,5 @@
 # frozen_string_literal: true
 
 module ElasticAPM
-  VERSION = '4.7.3'
+  VERSION = '4.8.0'
 end