diff --git a/ci/release/update-version.sh b/ci/release/update-version.sh
index c028a8eaf..05218e811 100755
--- a/ci/release/update-version.sh
+++ b/ci/release/update-version.sh
@@ -37,7 +37,7 @@ sed_runner 's/'"branch-.*\/RAPIDS.cmake"'/'"branch-${NEXT_SHORT_TAG}\/RAPIDS.cma
 sed_runner 's/'"rmm_version .*)"'/'"rmm_version ${NEXT_FULL_TAG})"'/g' python/CMakeLists.txt
 sed_runner 's/'"branch-.*\/RAPIDS.cmake"'/'"branch-${NEXT_SHORT_TAG}\/RAPIDS.cmake"'/g' python/CMakeLists.txt
 sed_runner "s/__version__ = .*/__version__ = \"${NEXT_FULL_TAG}\"/g" python/rmm/__init__.py
-sed_runner "s/version=.*,/version=\"${NEXT_FULL_TAG}\",/g" python/setup.py
+sed_runner "s/^version = .*/version = \"${NEXT_FULL_TAG}\"/g" python/pyproject.toml
 
 # cmake-format rapids-cmake definitions
 sed_runner 's/'"branch-.*\/cmake-format-rapids-cmake.json"'/'"branch-${NEXT_SHORT_TAG}\/cmake-format-rapids-cmake.json"'/g' ci/check_style.sh