diff --git a/README.md b/README.md
index 5bf3f384e..d4a8fb602 100644
--- a/README.md
+++ b/README.md
@@ -18,7 +18,7 @@
 [travis]: https://travis-ci.org/mcu-tools/mcuboot
 [license]: https://github.com/mcu-tools/mcuboot/blob/main/LICENSE
 
-This is MCUboot version 1.11.0-dev
+This is MCUboot version 2.0.0-rc1
 
 MCUboot is a secure bootloader for 32-bits microcontrollers. It defines a
 common infrastructure for the bootloader and the system flash layout on
diff --git a/boot/zephyr/VERSION b/boot/zephyr/VERSION
index 465a40304..c359e4c0f 100644
--- a/boot/zephyr/VERSION
+++ b/boot/zephyr/VERSION
@@ -1,5 +1,5 @@
-VERSION_MAJOR = 1
-VERSION_MINOR = 11
-PATCHLEVEL = 99
+VERSION_MAJOR = 2
+VERSION_MINOR = 0
+PATCHLEVEL = 0
 VERSION_TWEAK = 0
-EXTRAVERSION = dev
+EXTRAVERSION = rc1