diff --git a/gutenberg.php b/gutenberg.php
index abe3df633cd5c4..7b5d63fbef6e41 100644
--- a/gutenberg.php
+++ b/gutenberg.php
@@ -5,7 +5,7 @@
  * Description: Printing since 1440. This is the development plugin for the new block editor in core.
  * Requires at least: 5.6
  * Requires PHP: 5.6
- * Version: 10.6.2
+ * Version: 10.7.0-rc.1
  * Author: Gutenberg Team
  * Text Domain: gutenberg
  *
diff --git a/package-lock.json b/package-lock.json
index fe8e1e90acc4a9..c718b7d7b960b5 100644
--- a/package-lock.json
+++ b/package-lock.json
@@ -1,6 +1,6 @@
 {
 	"name": "gutenberg",
-	"version": "10.6.2",
+	"version": "10.7.0-rc.1",
 	"lockfileVersion": 1,
 	"requires": true,
 	"dependencies": {
diff --git a/package.json b/package.json
index dac32299f10f5e..92068be56b557b 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
 	"name": "gutenberg",
-	"version": "10.6.2",
+	"version": "10.7.0-rc.1",
 	"private": true,
 	"description": "A new WordPress editor experience.",
 	"author": "The WordPress Contributors",
diff --git a/readme.txt b/readme.txt
index b17eae2e860c0b..a9b533f51de27c 100644
--- a/readme.txt
+++ b/readme.txt
@@ -55,4 +55,4 @@ View <a href="https://developer.wordpress.org/block-editor/principles/versions-i
 
 == Changelog ==
 
-To read the changelog for Gutenberg 10.6.2, please navigate to the <a href="https://github.com/WordPress/gutenberg/releases/tag/v10.6.2">release page</a>.
+To read the changelog for Gutenberg 10.7.0-rc.1, please navigate to the <a href="https://github.com/WordPress/gutenberg/releases/tag/v10.7.0-rc.1">release page</a>.