diff --git a/Makefile b/Makefile
index 93161df58..ed3a58a06 100644
--- a/Makefile
+++ b/Makefile
@@ -1,4 +1,4 @@
-VERSION := v1.1.1
+VERSION := v1.2.0-rc0
 
 # Name of this service/application
 SERVICE_NAME := redis-operator