diff --git a/CHANGELOG.md b/CHANGELOG.md
index 02caa551f9c..bc291a49c24 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -34,6 +34,12 @@ Ref: https://keepachangelog.com/en/1.0.0/
 
 # Changelog
 
+## [Unreleased]
+
+### Dependencies
+
+* [\#851](https://github.com/cosmos/ibc-go/pull/851) Bump SDK version to v0.45.1
+
 ## [v2.1.0](https://github.com/cosmos/ibc-go/releases/tag/v2.1.0) - 2022-03-01
 
 ### Dependencies
diff --git a/go.mod b/go.mod
index 0c0e873987c..54f4ba44366 100644
--- a/go.mod
+++ b/go.mod
@@ -7,7 +7,7 @@ replace github.com/gogo/protobuf => github.com/regen-network/protobuf v1.3.3-alp
 require (
 	github.com/armon/go-metrics v0.3.10
 	github.com/confio/ics23/go v0.7.0
-	github.com/cosmos/cosmos-sdk v0.45.0
+	github.com/cosmos/cosmos-sdk v0.45.1
 	github.com/gogo/protobuf v1.3.3
 	github.com/golang/protobuf v1.5.2
 	github.com/gorilla/mux v1.8.0
diff --git a/go.sum b/go.sum
index db654ff7752..b9b1ee29056 100644
--- a/go.sum
+++ b/go.sum
@@ -189,8 +189,8 @@ github.com/coreos/pkg v0.0.0-20160727233714-3ac0863d7acf/go.mod h1:E3G3o1h8I7cfc
 github.com/coreos/pkg v0.0.0-20180928190104-399ea9e2e55f/go.mod h1:E3G3o1h8I7cfcXa63jLwjI0eiQQMgzzUDFVpN/nH/eA=
 github.com/cosmos/btcutil v1.0.4 h1:n7C2ngKXo7UC9gNyMNLbzqz7Asuf+7Qv4gnX/rOdQ44=
 github.com/cosmos/btcutil v1.0.4/go.mod h1:Ffqc8Hn6TJUdDgHBwIZLtrLQC1KdJ9jGJl/TvgUaxbU=
-github.com/cosmos/cosmos-sdk v0.45.0 h1:DHD+CIRZ+cYgiLXuTEUL/aprnfPsWSwaww/fIZEsZlk=
-github.com/cosmos/cosmos-sdk v0.45.0/go.mod h1:XXS/asyCqWNWkx2rW6pSuen+EVcpAFxq6khrhnZgHaQ=
+github.com/cosmos/cosmos-sdk v0.45.1 h1:PY79YxPea5qlRLExRnzg8/rT1Scc8GGgRs22p7DX99Q=
+github.com/cosmos/cosmos-sdk v0.45.1/go.mod h1:XXS/asyCqWNWkx2rW6pSuen+EVcpAFxq6khrhnZgHaQ=
 github.com/cosmos/go-bip39 v0.0.0-20180819234021-555e2067c45d/go.mod h1:tSxLoYXyBmiFeKpvmq4dzayMdCjCnu8uqmCysIGBT2Y=
 github.com/cosmos/go-bip39 v1.0.0 h1:pcomnQdrdH22njcAatO0yWojsUnCO3y2tNoV1cb6hHY=
 github.com/cosmos/go-bip39 v1.0.0/go.mod h1:RNJv0H/pOIVgxw6KS7QeX2a0Uo0aKUlfhZ4xuwvCdJw=