diff --git a/constraints.txt b/constraints.txt
index 82b7f068756..297fed7c170 100644
--- a/constraints.txt
+++ b/constraints.txt
@@ -1,5 +1,5 @@
 # Openvino
-openvino==2024.1.0
+openvino==2024.2.0
 
 # Pytorch
 torch==2.3.0
diff --git a/docs/Installation.md b/docs/Installation.md
index 9361f09b4cd..c6f8512fee8 100644
--- a/docs/Installation.md
+++ b/docs/Installation.md
@@ -43,7 +43,8 @@ as well as the supported versions of Python:
 
 | NNCF      | OpenVINO   | PyTorch  | ONNX     | TensorFlow | Python |
 |-----------|------------|----------|----------|------------|--------|
-| `develop` | `2024.1.0` | `2.3.0`  | `1.16.0` | `2.12.0`   | `3.8`  |
+| `develop` | `2024.2.0` | `2.3.0`  | `1.16.0` | `2.12.0`   | `3.8`  |
+| `2.11.0`  | `2024.2.0` | `2.3.0`  | `1.16.0` | `2.12.0`   | `3.8`  |
 | `2.10.0`  | `2024.1.0` | `2.2.1`  | `1.16.0` | `2.12.0`   | `3.8`  |
 | `2.9.0`   | `2024.0.0` | `2.1.2`  | `1.13.1` | `2.12.0`   | `3.8`  |
 | `2.8.1`   | `2023.3.0` | `2.1.2`  | `1.13.1` | `2.12.0`   | `3.8`  |
diff --git a/examples/llm_compression/openvino/tiny_llama_find_hyperparams/requirements.txt b/examples/llm_compression/openvino/tiny_llama_find_hyperparams/requirements.txt
index 84b863b7b72..4fdb09a42fc 100644
--- a/examples/llm_compression/openvino/tiny_llama_find_hyperparams/requirements.txt
+++ b/examples/llm_compression/openvino/tiny_llama_find_hyperparams/requirements.txt
@@ -1,6 +1,6 @@
 datasets
 whowhatbench @ git+https://github.com/andreyanufr/who_what_benchmark.git
 numpy>=1.23.5
-openvino==2024.1
+openvino==2024.2
 optimum-intel[openvino]>=1.13.0
 transformers>=4.35.2
diff --git a/examples/post_training_quantization/onnx/mobilenet_v2/requirements.txt b/examples/post_training_quantization/onnx/mobilenet_v2/requirements.txt
index 63f3800bd93..0d496a7f91d 100644
--- a/examples/post_training_quantization/onnx/mobilenet_v2/requirements.txt
+++ b/examples/post_training_quantization/onnx/mobilenet_v2/requirements.txt
@@ -4,4 +4,4 @@ scikit-learn
 fastdownload
 onnx==1.16.0
 onnxruntime==1.17.1
-openvino==2024.1
+openvino==2024.2
diff --git a/examples/post_training_quantization/onnx/yolov8_quantize_with_accuracy_control/requirements.txt b/examples/post_training_quantization/onnx/yolov8_quantize_with_accuracy_control/requirements.txt
index 72ee8b04602..a342f7ddd4b 100644
--- a/examples/post_training_quantization/onnx/yolov8_quantize_with_accuracy_control/requirements.txt
+++ b/examples/post_training_quantization/onnx/yolov8_quantize_with_accuracy_control/requirements.txt
@@ -1,3 +1,3 @@
 ultralytics==8.0.170
 onnx==1.16.0
-openvino==2024.1
+openvino==2024.2
diff --git a/examples/post_training_quantization/openvino/anomaly_stfpm_quantize_with_accuracy_control/requirements.txt b/examples/post_training_quantization/openvino/anomaly_stfpm_quantize_with_accuracy_control/requirements.txt
index 7960d6c483d..86fc11fa2e5 100644
--- a/examples/post_training_quantization/openvino/anomaly_stfpm_quantize_with_accuracy_control/requirements.txt
+++ b/examples/post_training_quantization/openvino/anomaly_stfpm_quantize_with_accuracy_control/requirements.txt
@@ -1,2 +1,2 @@
 anomalib==0.6.0
-openvino==2024.1
+openvino==2024.2
diff --git a/examples/post_training_quantization/openvino/mobilenet_v2/requirements.txt b/examples/post_training_quantization/openvino/mobilenet_v2/requirements.txt
index c90ace966dc..db31dc135f7 100644
--- a/examples/post_training_quantization/openvino/mobilenet_v2/requirements.txt
+++ b/examples/post_training_quantization/openvino/mobilenet_v2/requirements.txt
@@ -2,4 +2,4 @@ torchvision
 tqdm
 scikit-learn
 fastdownload
-openvino==2024.1
+openvino==2024.2
diff --git a/examples/post_training_quantization/openvino/yolov8/requirements.txt b/examples/post_training_quantization/openvino/yolov8/requirements.txt
index 2786736f1fc..5e8e6563b35 100644
--- a/examples/post_training_quantization/openvino/yolov8/requirements.txt
+++ b/examples/post_training_quantization/openvino/yolov8/requirements.txt
@@ -1,3 +1,3 @@
 ultralytics==8.0.170
 onnx>=1.12.0
-openvino==2024.1
+openvino==2024.2
diff --git a/examples/post_training_quantization/openvino/yolov8_quantize_with_accuracy_control/requirements.txt b/examples/post_training_quantization/openvino/yolov8_quantize_with_accuracy_control/requirements.txt
index 2786736f1fc..5e8e6563b35 100644
--- a/examples/post_training_quantization/openvino/yolov8_quantize_with_accuracy_control/requirements.txt
+++ b/examples/post_training_quantization/openvino/yolov8_quantize_with_accuracy_control/requirements.txt
@@ -1,3 +1,3 @@
 ultralytics==8.0.170
 onnx>=1.12.0
-openvino==2024.1
+openvino==2024.2
diff --git a/examples/post_training_quantization/tensorflow/mobilenet_v2/requirements.txt b/examples/post_training_quantization/tensorflow/mobilenet_v2/requirements.txt
index 536bb9e0143..e9753580fb3 100644
--- a/examples/post_training_quantization/tensorflow/mobilenet_v2/requirements.txt
+++ b/examples/post_training_quantization/tensorflow/mobilenet_v2/requirements.txt
@@ -1,4 +1,4 @@
 tensorflow~=2.12.0
 tensorflow-datasets
 tqdm
-openvino==2024.1
+openvino==2024.2
diff --git a/examples/post_training_quantization/torch/mobilenet_v2/requirements.txt b/examples/post_training_quantization/torch/mobilenet_v2/requirements.txt
index 8abb75cd2e2..a2ab8d3499a 100644
--- a/examples/post_training_quantization/torch/mobilenet_v2/requirements.txt
+++ b/examples/post_training_quantization/torch/mobilenet_v2/requirements.txt
@@ -1,5 +1,5 @@
 fastdownload==0.0.7
-openvino==2024.1
+openvino==2024.2
 scikit-learn
 torch==2.3.0
 torchvision==0.18.0
diff --git a/examples/post_training_quantization/torch/ssd300_vgg16/requirements.txt b/examples/post_training_quantization/torch/ssd300_vgg16/requirements.txt
index 18cec810d8f..a1f730a5f17 100644
--- a/examples/post_training_quantization/torch/ssd300_vgg16/requirements.txt
+++ b/examples/post_training_quantization/torch/ssd300_vgg16/requirements.txt
@@ -1,6 +1,6 @@
 fastdownload==0.0.7
 onnx==1.16.0
-openvino==2024.1
+openvino==2024.2
 pycocotools==2.0.7
 torch==2.3.0
 torchmetrics==1.0.1
diff --git a/examples/quantization_aware_training/torch/resnet18/requirements.txt b/examples/quantization_aware_training/torch/resnet18/requirements.txt
index 499d81e90fd..ad52e98de83 100644
--- a/examples/quantization_aware_training/torch/resnet18/requirements.txt
+++ b/examples/quantization_aware_training/torch/resnet18/requirements.txt
@@ -1,4 +1,4 @@
 fastdownload==0.0.7
-openvino==2024.1
+openvino==2024.2
 torch==2.3.0
 torchvision==0.18.0
diff --git a/nncf/version.py b/nncf/version.py
index a175d2aea1e..4c17a984b6d 100644
--- a/nncf/version.py
+++ b/nncf/version.py
@@ -9,7 +9,7 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 
-__version__ = "2.11.0"
+__version__ = "2.12.0"
 
 BKC_TORCH_SPEC = "==2.3.*"
 BKC_TF_SPEC = "==2.12.*"
diff --git a/tests/torch/sparsity/movement/test_model_saving.py b/tests/torch/sparsity/movement/test_model_saving.py
index 901104fcd7e..3eade01181b 100644
--- a/tests/torch/sparsity/movement/test_model_saving.py
+++ b/tests/torch/sparsity/movement/test_model_saving.py
@@ -15,6 +15,7 @@
 import numpy as np
 import onnx
 import onnxruntime
+import openvino as ov
 import pytest
 import torch
 from addict import Dict
@@ -183,7 +184,9 @@ def test_same_outputs_in_torch_and_exported_onnx(self, tmp_path: Path, recipe: B
             ),
             Dict(
                 nncf_weight_ratio=0.43,
-                ov_weight_ratio=0.29,
+                ov_weight_ratio=(
+                    0.29 if version.parse(ov.runtime.__version__.split("-")[0]) < version.parse("2024.2.0") else 0.33
+                ),
                 recipe=SwinRunRecipe().model_config_(
                     num_heads=[4],
                     num_labels=1,