diff --git a/Cargo.lock b/Cargo.lock
index 270f3abe43..4cb0825313 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -2064,7 +2064,7 @@ dependencies = [
  "linkerd-tracing",
  "opentelemetry",
  "opentelemetry-proto",
- "opentelemetry-semantic-conventions",
+ "opentelemetry-semantic-conventions 0.32.0",
  "opentelemetry_sdk",
  "tokio",
  "tonic",
@@ -2590,7 +2590,7 @@ dependencies = [
  "linkerd-http-box",
  "linkerd-stack",
  "linkerd-tracing",
- "opentelemetry-semantic-conventions",
+ "opentelemetry-semantic-conventions 0.31.0",
  "rand 0.9.3",
  "thiserror",
  "tokio",
@@ -2917,9 +2917,9 @@ dependencies = [
 
 [[package]]
 name = "opentelemetry"
-version = "0.31.0"
+version = "0.32.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "b84bcd6ae87133e903af7ef497404dda70c60d0ea14895fc8a5e6722754fc2a0"
+checksum = "b0142c63252a9e054e68a4c61a5778f7b14f576274d593f8ce883d191a099682"
 dependencies = [
  "futures-core",
  "futures-sink",
@@ -2931,9 +2931,9 @@ dependencies = [
 
 [[package]]
 name = "opentelemetry-proto"
-version = "0.31.0"
+version = "0.32.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "a7175df06de5eaee9909d4805a3d07e28bb752c34cab57fa9cff549da596b30f"
+checksum = "56d658ba1faf63f7b9c492cfbe6e0ec365440a16132d3270c1065f7b33f1b638"
 dependencies = [
  "base64",
  "const-hex",
@@ -2941,7 +2941,6 @@ dependencies = [
  "opentelemetry_sdk",
  "prost 0.14.3",
  "serde",
- "serde_json",
  "tonic",
  "tonic-prost",
 ]
@@ -2952,17 +2951,24 @@ version = "0.31.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "e62e29dfe041afb8ed2a6c9737ab57db4907285d999ef8ad3a59092a36bdc846"
 
+[[package]]
+name = "opentelemetry-semantic-conventions"
+version = "0.32.0"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "6ca2f98a0437b427b4b08f19f1caa3c44db885a202bc12cfea13d6c702243d68"
+
 [[package]]
 name = "opentelemetry_sdk"
-version = "0.31.0"
+version = "0.32.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "e14ae4f5991976fd48df6d843de219ca6d31b01daaab2dad5af2badeded372bd"
+checksum = "368afaed344110f40b179bb8fbe54bc52d98f9bd2b281799ef32487c2650c956"
 dependencies = [
  "futures-channel",
  "futures-executor",
  "futures-util",
  "opentelemetry",
  "percent-encoding",
+ "portable-atomic",
  "rand 0.9.3",
  "thiserror",
 ]
diff --git a/linkerd/opentelemetry/Cargo.toml b/linkerd/opentelemetry/Cargo.toml
index b2e0c81cf9..56364e9920 100644
--- a/linkerd/opentelemetry/Cargo.toml
+++ b/linkerd/opentelemetry/Cargo.toml
@@ -12,10 +12,10 @@ http-body = { workspace = true }
 linkerd-error = { path = "../error" }
 linkerd-metrics = { path = "../metrics" }
 linkerd-trace-context = { path = "../trace-context" }
-opentelemetry = { version = "0.31", default-features = false, features = ["trace"] }
-opentelemetry_sdk = { version = "0.31", default-features = false, features = ["trace"] }
-opentelemetry-proto = { version = "0.31" }
-opentelemetry-semantic-conventions = { version = "0.31", default-features = false, features = ["semconv_experimental"] }
+opentelemetry = { version = "0.32", default-features = false, features = ["trace"] }
+opentelemetry_sdk = { version = "0.32", default-features = false, features = ["trace"] }
+opentelemetry-proto = { version = "0.32" }
+opentelemetry-semantic-conventions = { version = "0.32", default-features = false, features = ["semconv_experimental"] }
 tonic = { workspace = true, default-features = false, features = [
     "codegen",
 ] }