diff --git a/build/generate_bundle.sh b/build/generate_bundle.sh
index d146386..99d3699 100755
--- a/build/generate_bundle.sh
+++ b/build/generate_bundle.sh
@@ -33,6 +33,15 @@ generate_bundle() {
     ${OPERATOR_SDK} generate bundle --channels ${BUNDLE_CHANNELS} --default-channel ${BUNDLE_DEFAULT_CHANNEL} --manifests --metadata --version "${OPERATOR_BUNDLE_VERSION}" --output-dir "${WORKING_DIR}" >> ${LOGFILE} 2>&1
     popd > /dev/null 2>&1
 
+    # CSVs without a spec.replaces field are valid, so fall back to those if
+    # latest released version is unknown.
+    # Placeholder value is validated by operator-sdk during local bundle
+    # generation and so needs to conform to RFC1123.
+    if [[ -n "$BUNDLE_LATEST_RELEASED_VERSION" ]]; then
+        REPLACE_REGEX="$REPLACE_REGEX;s#---bundle-latest-released-version#${BUNDLE_LATEST_RELEASED_VERSION}#g"
+    else sed -i '/---bundle-latest-released-version/d' "${WORKING_DIR}/manifests/${OPERATOR_NAME}.clusterserviceversion.yaml"
+    fi
+
     sed -i -E "${REPLACE_REGEX}" "${WORKING_DIR}/manifests/${OPERATOR_NAME}.clusterserviceversion.yaml"
 }
 
diff --git a/deploy/olm-catalog/smart-gateway-operator/manifests/smart-gateway-operator.clusterserviceversion.yaml b/deploy/olm-catalog/smart-gateway-operator/manifests/smart-gateway-operator.clusterserviceversion.yaml
index 10e2f0b..08a8254 100644
--- a/deploy/olm-catalog/smart-gateway-operator/manifests/smart-gateway-operator.clusterserviceversion.yaml
+++ b/deploy/olm-catalog/smart-gateway-operator/manifests/smart-gateway-operator.clusterserviceversion.yaml
@@ -389,4 +389,5 @@ spec:
   selector:
     matchLabels:
       name: smart-gateway-operator
+  replaces: smart-gateway-operator.v---bundle-latest-released-version
   version: 1.99.0