diff --git a/package.json b/package.json
index 92226d10dd8..0b8415dab7e 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@opentelemetry/propagator-jaeger",
-  "version": "0.4.0",
+  "version": "0.5.0",
   "description": "OpenTelemetry Jaeger propagator provides HTTP header propagation for systems that are using Jaeger HTTP header format.",
   "main": "build/src/index.js",
   "types": "build/src/index.d.ts",
@@ -70,7 +70,7 @@
     "webpack": "^4.35.2"
   },
   "dependencies": {
-    "@opentelemetry/api": "^0.4.0",
-    "@opentelemetry/core": "^0.4.0"
+    "@opentelemetry/api": "^0.5.0",
+    "@opentelemetry/core": "^0.5.0"
   }
 }
diff --git a/src/version.ts b/src/version.ts
index 2c69dc0f79b..b25d5ac6c0d 100644
--- a/src/version.ts
+++ b/src/version.ts
@@ -15,4 +15,4 @@
  */
 
 // this is autogenerated file, see scripts/version-update.js
-export const VERSION = '0.4.0';
+export const VERSION = '0.5.0';