diff --git a/setup.py b/setup.py
index f7d41065e7e18f..ae10844021b2ea 100644
--- a/setup.py
+++ b/setup.py
@@ -429,7 +429,7 @@ def run(self):
 
 setup(
     name="transformers",
-    version="4.40.0",  # expected format is one of x.y.z.dev0, or x.y.z.rc1 or x.y.z (no to dashes, yes to dots)
+    version="4.40.1",  # expected format is one of x.y.z.dev0, or x.y.z.rc1 or x.y.z (no to dashes, yes to dots)
     author="The Hugging Face team (past and future) with the help of all our contributors (https://github.com/huggingface/transformers/graphs/contributors)",
     author_email="transformers@huggingface.co",
     description="State-of-the-art Machine Learning for JAX, PyTorch and TensorFlow",
diff --git a/src/transformers/__init__.py b/src/transformers/__init__.py
index 3d14c37e1f3126..a545244278db2d 100644
--- a/src/transformers/__init__.py
+++ b/src/transformers/__init__.py
@@ -18,7 +18,7 @@
 # to defer the actual importing for when the objects are requested. This way `import transformers` provides the names
 # in the namespace without actually importing anything (and especially none of the backends).
 
-__version__ = "4.40.0"
+__version__ = "4.40.1"
 
 from typing import TYPE_CHECKING