diff --git a/.mergify.yml b/.mergify.yml
index 6c94a306b..6476289ed 100644
--- a/.mergify.yml
+++ b/.mergify.yml
@@ -20,4 +20,4 @@ pull_request_rules:
     actions:
       backport:
         branches:
-          - stable/0.5
+          - stable/0.6
diff --git a/qiskit_optimization/VERSION.txt b/qiskit_optimization/VERSION.txt
index a918a2aa1..faef31a43 100644
--- a/qiskit_optimization/VERSION.txt
+++ b/qiskit_optimization/VERSION.txt
@@ -1 +1 @@
-0.6.0
+0.7.0