diff --git a/README.md b/README.md
index a141072f31..fdb6bd9b98 100644
--- a/README.md
+++ b/README.md
@@ -82,7 +82,7 @@ You can check the status of the CSVs using the following command:
 $ oc get csv -n openshift-storage
 NAME                      DISPLAY                       VERSION   REPLACES   PHASE
 noobaa-operator.v5.14.0   NooBaa Operator               5.14.0               Succeeded
-ocs-operator.v4.15.0      OpenShift Container Storage   4.15.0               Succeeded
+ocs-operator.v4.16.0      OpenShift Container Storage   4.16.0               Succeeded
 ```
 
 This can take a few minutes. Once PHASE says `Succeeded` you can create a StorageCluster.
diff --git a/catalog/index.yaml b/catalog/index.yaml
index dd857f155d..eebf257fbe 100644
--- a/catalog/index.yaml
+++ b/catalog/index.yaml
@@ -7,7 +7,7 @@ schema: olm.channel
 package: ocs-operator
 name: alpha
 entries:
-  - name: ocs-operator.v4.15.0
+  - name: ocs-operator.v4.16.0
 
 ---
 defaultChannel: alpha
diff --git a/deploy/csv-templates/ocs-operator.csv.yaml.in b/deploy/csv-templates/ocs-operator.csv.yaml.in
index 6c86bcedad..3eb6920383 100644
--- a/deploy/csv-templates/ocs-operator.csv.yaml.in
+++ b/deploy/csv-templates/ocs-operator.csv.yaml.in
@@ -84,7 +84,7 @@ metadata:
     operators.operatorframework.io/project_layout: go.kubebuilder.io/v3
     repository: https://github.com/red-hat-storage/ocs-operator
     support: Red Hat
-  name: ocs-operator.v4.15.0
+  name: ocs-operator.v4.16.0
   namespace: placeholder
 spec:
   apiservicedefinitions: {}
@@ -638,4 +638,4 @@ spec:
   minKubeVersion: 1.16.0
   provider:
     name: Red Hat
-  version: 4.15.0
+  version: 4.16.0
diff --git a/deploy/ocs-operator/manifests/ocs-operator.clusterserviceversion.yaml b/deploy/ocs-operator/manifests/ocs-operator.clusterserviceversion.yaml
index 68ee699aed..5938e5c010 100644
--- a/deploy/ocs-operator/manifests/ocs-operator.clusterserviceversion.yaml
+++ b/deploy/ocs-operator/manifests/ocs-operator.clusterserviceversion.yaml
@@ -70,7 +70,7 @@ metadata:
     features.ocs.openshift.io/enabled: '["kms", "arbiter", "flexible-scaling", "multus",
       "pool-management", "namespace-store", "mcg-standalone", "taint-nodes", "vault-sa-kms",
       "hpcs-kms"]'
-    olm.skipRange: '>=0.0.1 <4.15.0'
+    olm.skipRange: '>=0.0.1 <4.16.0'
     operatorframework.io/initialization-resource: "\n    {\n        \"apiVersion\":
       \"ocs.openshift.io/v1\",\n        \"kind\": \"StorageCluster\",\n        \"metadata\":
       {\n            \"name\": \"example-storagecluster\",\n            \"namespace\":
@@ -103,7 +103,7 @@ metadata:
     operatorframework.io/arch.amd64: supported
     operatorframework.io/arch.ppc64le: supported
     operatorframework.io/arch.s390x: supported
-  name: ocs-operator.v4.15.0
+  name: ocs-operator.v4.16.0
   namespace: placeholder
 spec:
   apiservicedefinitions: {}
@@ -706,7 +706,7 @@ spec:
                 - -openshift-service-account=ux-backend-server
                 - -openshift-delegate-urls={"/":{"group":"ocs.openshift.io","resource":"storageclusters","namespace":"openshift-storage","verb":"create"}}
                 - -openshift-ca=/var/run/secrets/kubernetes.io/serviceaccount/ca.crt
-                image: quay.io/openshift/origin-oauth-proxy:4.15.0
+                image: quay.io/openshift/origin-oauth-proxy:4.16.0
                 imagePullPolicy: IfNotPresent
                 name: oauth-proxy
                 ports:
@@ -770,6 +770,6 @@ spec:
     name: ocs-must-gather
   - image: quay.io/ocs-dev/ocs-metrics-exporter:latest
     name: ocs-metrics-exporter
-  - image: quay.io/openshift/origin-oauth-proxy:4.15.0
+  - image: quay.io/openshift/origin-oauth-proxy:4.16.0
     name: ux-backend-oauth-image
-  version: 4.15.0
+  version: 4.16.0
diff --git a/hack/common.sh b/hack/common.sh
index 05d472050d..220121f956 100644
--- a/hack/common.sh
+++ b/hack/common.sh
@@ -13,7 +13,7 @@ GO_LINT_IMG_TAG="${GO_LINT_IMG_TAG:-v1.49.0}"
 GO_LINT_IMG="${GO_LINT_IMG:-${GO_LINT_IMG_LOCATION}:${GO_LINT_IMG_TAG}}"
 
 # Current DEV version of the CSV
-DEFAULT_CSV_VERSION="4.15.0"
+DEFAULT_CSV_VERSION="4.16.0"
 CSV_VERSION="${CSV_VERSION:-${DEFAULT_CSV_VERSION}}"
 VERSION="${VERSION:-${CSV_VERSION}}"
 LDFLAGS="-X github.com/red-hat-storage/ocs-operator/v4/version.Version=${CSV_VERSION}"
@@ -64,7 +64,7 @@ DEFAULT_OPERATOR_BUNDLE_NAME="ocs-operator-bundle"
 DEFAULT_FILE_BASED_CATALOG_NAME="ocs-operator-catalog"
 DEFAULT_METRICS_EXPORTER_IMAGE_NAME="ocs-metrics-exporter"
 DEFAULT_UX_BACKEND_OAUTH_IMAGE_NAME="openshift/origin-oauth-proxy"
-DEFAULT_UX_BACKEND_OAUTH_IMAGE_TAG="4.15.0"
+DEFAULT_UX_BACKEND_OAUTH_IMAGE_TAG="4.16.0"
 
 IMAGE_REGISTRY="${IMAGE_REGISTRY:-${DEFAULT_IMAGE_REGISTRY}}"
 REGISTRY_NAMESPACE="${REGISTRY_NAMESPACE:-${DEFAULT_REGISTRY_NAMESPACE}}"
diff --git a/version/version.go b/version/version.go
index 718a627229..df7ac4bd4e 100644
--- a/version/version.go
+++ b/version/version.go
@@ -2,5 +2,5 @@ package version
 
 var (
 	// Version of the operator
-	Version = "4.15.0"
+	Version = "4.16.0"
 )