diff --git a/CHANGELOG.md b/CHANGELOG.md
index b409157d44..881ecd65cc 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -85,9 +85,9 @@
   and `metalk8s-keepalived` image to `alpine:3.19.1`
   (PR[#4293](https://github.com/scality/metalk8s/pull/4293))
 
-- Bump keepalived version to [2.2.8](https://www.keepalived.org/release-notes/Release-2.2.8.html)
+- Bump keepalived version to [2.3.1](https://www.keepalived.org/release-notes/Release-2.3.1.html)
   in `metalk8s-keepalived` image
-  (PR[#4296](https://github.com/scality/metalk8s/pull/4296))
+  (PR[#4396](https://github.com/scality/metalk8s/pull/4396))
 
 - Bump the rocky base image used by `salt-master` and `metalk8s-utils`
   images to `rockylinux:8.9.20231119`
diff --git a/buildchain/buildchain/versions.py b/buildchain/buildchain/versions.py
index d3d94077ae..2848cc0669 100644
--- a/buildchain/buildchain/versions.py
+++ b/buildchain/buildchain/versions.py
@@ -80,7 +80,7 @@ def load_version_information() -> None:
 ETCD_IMAGE_VERSION: str = f"{ETCD_VERSION}-0"
 NGINX_IMAGE_VERSION: str = "1.25.4-alpine"
 NODEJS_IMAGE_VERSION: str = "16.14.0"
-KEEPALIVED_VERSION: str = "2.2.8"
+KEEPALIVED_VERSION: str = "2.3.1"
 
 # Current build IDs, to be augmented whenever we rebuild the corresponding
 # image, e.g. because the `Dockerfile` is changed, or one of the dependencies