diff --git a/instrumentation/faraday/CHANGELOG.md b/instrumentation/faraday/CHANGELOG.md
index 328cf497f..a3e04733d 100644
--- a/instrumentation/faraday/CHANGELOG.md
+++ b/instrumentation/faraday/CHANGELOG.md
@@ -1,5 +1,9 @@
 # Release History: opentelemetry-instrumentation-faraday
 
+### v0.24.5 / 2024-06-20
+
+* FIXED: Compatibility with Faraday v1
+
 ### v0.24.4 / 2024-06-18
 
 * FIXED: Relax otel common gem constraints
diff --git a/instrumentation/faraday/lib/opentelemetry/instrumentation/faraday/version.rb b/instrumentation/faraday/lib/opentelemetry/instrumentation/faraday/version.rb
index 951b0939e..f049c317f 100644
--- a/instrumentation/faraday/lib/opentelemetry/instrumentation/faraday/version.rb
+++ b/instrumentation/faraday/lib/opentelemetry/instrumentation/faraday/version.rb
@@ -7,7 +7,7 @@
 module OpenTelemetry
   module Instrumentation
     module Faraday
-      VERSION = '0.24.4'
+      VERSION = '0.24.5'
     end
   end
 end