diff --git a/Directory.Packages.props b/Directory.Packages.props
index 155842462b..34171c7390 100644
--- a/Directory.Packages.props
+++ b/Directory.Packages.props
@@ -34,7 +34,7 @@
         3) The .NET runtime team provides extra backward compatibility guarantee to System.Diagnostics.DiagnosticSource
           even during major version bumps, so compatibility is not a concern here.
     -->
-    <PackageVersion Include="System.Diagnostics.DiagnosticSource" Version="7.0.0" />
+    <PackageVersion Include="System.Diagnostics.DiagnosticSource" Version="7.0.2" />
 
     <!-- A conservative version of System.Reflection.Emit.Lightweight must be used here since there is no backward compatibility guarantee during major version bumps. -->
     <PackageVersion Include="System.Reflection.Emit.Lightweight" Version="4.7.0" />
diff --git a/src/OpenTelemetry.Api/CHANGELOG.md b/src/OpenTelemetry.Api/CHANGELOG.md
index 01b0805d30..f8512a9b95 100644
--- a/src/OpenTelemetry.Api/CHANGELOG.md
+++ b/src/OpenTelemetry.Api/CHANGELOG.md
@@ -2,6 +2,9 @@
 
 ## Unreleased
 
+* Updated `System.Diagnostics.DiagnosticSource` package version to `7.0.2`.
+  ([#4576](https://github.com/open-telemetry/opentelemetry-dotnet/pull/4576))
+
 * **Breaking change** In order to make `RuntimeContext` compatible with
   ahead-of-time compilation (AOT),
   `RuntimeContext.ContextSlotType` can only be assigned one