diff --git a/gradle/libs.versions.toml b/gradle/libs.versions.toml
index f416ff43a..e5f891331 100644
--- a/gradle/libs.versions.toml
+++ b/gradle/libs.versions.toml
@@ -8,8 +8,8 @@ groovy = "4.0.13"
 spock = "2.3-groovy-4.0"
 
 managed-brave-instrumentation = '5.16.0'
-managed-opentelemetry = '1.30.1'
-managed-opentelemetry-alpha = '1.30.1-alpha'
+managed-opentelemetry = '1.31.0'
+managed-opentelemetry-alpha = '1.31.0-alpha'
 managed-opentelemetry-instrumentation = '1.30.0'
 managed-opentelemetry-instrumentation-alpha = '1.30.0-alpha'
 managed-opentelemetry-contrib-aws-xray = '1.30.0'
diff --git a/tracing-bom/build.gradle b/tracing-bom/build.gradle
index 71bf691f0..15bc9669a 100644
--- a/tracing-bom/build.gradle
+++ b/tracing-bom/build.gradle
@@ -4,6 +4,7 @@ plugins {
 
 micronautBom {
     extraExcludedProjects.add 'kotlin-tests'
+
     suppressions {
         bomAuthorizedGroupIds.put(
                 "io.opentelemetry.instrumentation:opentelemetry-instrumentation-bom",
@@ -43,8 +44,12 @@ micronautBom {
                         "io.zipkin.proto3"
                 ] as Set
         )
+        // opentelemetry-instrumentation-bom and opentelemetry-instrumentation-bom-alpha still use 1.30.1
         dependencies.add("io.opentelemetry:opentelemetry-bom:1.30.1")
         dependencies.add("io.opentelemetry:opentelemetry-bom-alpha:1.30.1-alpha")
+
+        dependencies.add("io.opentelemetry:opentelemetry-bom:1.31.0")
+        dependencies.add("io.opentelemetry:opentelemetry-bom-alpha:1.31.0-alpha")
         dependencies.add("io.zipkin.brave:brave-bom:5.16.0")
         dependencies.add("io.zipkin.reporter2:zipkin-reporter-bom:2.16.3")
         dependencies.add("io.opentelemetry.instrumentation:opentelemetry-instrumentation-bom:1.30.0")