diff --git a/CHANGELOG.md b/CHANGELOG.md
index 6ab0f51c6f..377a8f9a02 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,22 @@
+# 0.7.5-rc0
+
+## October 11, 2022
+
+0.7.5 is a patch release to deal primarily to add [PR #1881 DID Exchange in
+ACA-Py 0.7.4 with explicit invitations and without auto-accept
+broken](https://github.com/hyperledger/aries-cloudagent-python/pull/1881). A
+couple of other PRs were added to the release, as listed below, and in
+[Milestone 0.7.5](https://github.com/hyperledger/aries-cloudagent-python/milestone/6).
+
+### List of Pull Requests
+
+- fix: didx request cannot be accepted [\#1881](https://github.com/hyperledger/aries-cloudagent-python/pull/1881) ([rmnre](https://github.com/rmnre))
+- Fix: OOB - Handling of minor versions [\#1940](https://github.com/hyperledger/aries-cloudagent-python/pull/1940) ([shaangill025](https://github.com/shaangill025))
+- fix: Safely shutdown when root_profile uninitialized [\#1960](https://github.com/hyperledger/aries-cloudagent-python/pull/1960) ([frostyfrog](https://github.com/frostyfrog))
+- feat: 00B v1.1 support [\#1962](https://github.com/hyperledger/aries-cloudagent-python/pull/1962) ([shaangill025](https://github.com/shaangill025))
+- 0.7.5 Cherry Picks [\#1967](https://github.com/hyperledger/aries-cloudagent-python/pull/1967) ([frostyfrog](https://github.com/frostyfrog))
+- Changelog and version updates for version 0.7.5-rc0 [\#1969](https://github.com/hyperledger/aries-cloudagent-python/pull/1967) ([swcurran](https://github.com/swcurran))
+
 # 0.7.4
 
 ## June 30, 2022
diff --git a/aries_cloudagent/version.py b/aries_cloudagent/version.py
index 302f20a3ad..fe55c511b8 100644
--- a/aries_cloudagent/version.py
+++ b/aries_cloudagent/version.py
@@ -1,4 +1,4 @@
 """Library version information."""
 
-__version__ = "0.7.4"
+__version__ = "0.7.5-rc0"
 RECORD_TYPE_ACAPY_VERSION = "acapy_version"
diff --git a/open-api/openapi.json b/open-api/openapi.json
index a4eb84e6a4..c584527ebd 100644
--- a/open-api/openapi.json
+++ b/open-api/openapi.json
@@ -1,7 +1,7 @@
 {
   "swagger" : "2.0",
   "info" : {
-    "version" : "v0.7.4",
+    "version" : "v0.7.5-rc0",
     "title" : "Aries Cloud Agent"
   },
   "tags" : [ {