diff --git a/CMakeLists.txt b/CMakeLists.txt
index 477410ba8..a9e121d02 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -2,7 +2,7 @@
 cmake_minimum_required(VERSION 3.4)
 
 set(CMAKE_USER_MAKE_RULES_OVERRIDE_CXX "${CMAKE_CURRENT_SOURCE_DIR}/cmake/cxx_compiler_flags_overrides.cmake")
-project(Z3 VERSION 4.8.15.0 LANGUAGES CXX)
+project(Z3 VERSION 4.8.16.0 LANGUAGES CXX)
 
 ################################################################################
 # Project version
diff --git a/scripts/mk_project.py b/scripts/mk_project.py
index 147e310a7..a19ce613f 100644
--- a/scripts/mk_project.py
+++ b/scripts/mk_project.py
@@ -8,7 +8,7 @@
 from mk_util import *
 
 def init_version():
-    set_version(4, 8, 15, 0)
+    set_version(4, 8, 16, 0)
     
 # Z3 Project definition
 def init_project_def():
diff --git a/scripts/nightly.yaml b/scripts/nightly.yaml
index cccf55a31..04e0a8e04 100644
--- a/scripts/nightly.yaml
+++ b/scripts/nightly.yaml
@@ -1,5 +1,5 @@
 variables:
-  ReleaseVersion: '4.8.15'
+  ReleaseVersion: '4.8.16'
   MacFlags: 'CXXFLAGS="-arch arm64 -arch x86_64" LINK_EXTRA_FLAGS="-arch arm64 -arch x86_64" SLINK_EXTRA_FLAGS="-arch arm64 -arch x86_64" FPMATH_ENABLED=False'
 
 stages:
diff --git a/scripts/release.yml b/scripts/release.yml
index d82c9f919..cd860d177 100644
--- a/scripts/release.yml
+++ b/scripts/release.yml
@@ -6,7 +6,7 @@
 trigger: none
 
 variables:
-  ReleaseVersion: '4.8.15'
+  ReleaseVersion: '4.8.16'
 
 stages: