diff --git a/.github/workflows/prepare-release.yml b/.github/workflows/prepare-release.yml
new file mode 100644
index 000000000..73ac620b9
--- /dev/null
+++ b/.github/workflows/prepare-release.yml
@@ -0,0 +1,30 @@
+name: Update version on new release branch
+
+on:
+  create:
+
+jobs:
+  update_version:
+    if: github.ref_type == 'branch' && startsWith(github.ref, 'refs/heads/release-v')
+    runs-on: ubuntu-latest
+
+    steps:
+    - name: Checkout Repository
+      uses: actions/checkout@v3
+
+    - name: Extract current version
+      id: current-version
+      run: |
+        CURRENT_VERSION=$(grep 'version = ' Scarb.toml | sed 's/version = "\(.*\)"/\1/')
+        echo "CURRENT_VERSION=$CURRENT_VERSION" >> $GITHUB_ENV
+
+    - name: Extract new version number
+      id: new-version
+      run: echo "NEW_VERSION=${GITHUB_REF#refs/heads/release-v}" >> $GITHUB_ENV
+
+    - name: Replace version in files
+      run: |
+        echo "Current version: ${{ env.CURRENT_VERSION }}"
+        echo "New version: ${{ env.NEW_VERSION }}"
+        find . -type f -not -path '*/\.*' -exec sed -i "s/${{ env.CURRENT_VERSION }}/${{ env.NEW_VERSION }}/g" {} +
+        find . -type f -not -path '*/\.*' -not -name 'CHANGELOG.md' -exec sed -i "s/${{ env.CURRENT_VERSION }}/${{ env.NEW_VERSION }}/g" {} +
diff --git a/RELEASING.md b/RELEASING.md
index 03c503d9c..dc9876401 100644
--- a/RELEASING.md
+++ b/RELEASING.md
@@ -8,22 +8,20 @@
 git checkout -b release-v0.8.0
 ```
 
-(3) Search and replace the current release version with the one to be released (e.g. `0.7.0` to `0.8.0`, or `0.8.0-beta.0` to `0.8.0-beta.1`).
+(3) Create the release entry in [the changelog](CHANGELOG.md) with the contents of the _Unreleased_ section, which should be left empty.
 
-(4) Create the release entry in [the changelog](CHANGELOG.md) with the contents of the _Unreleased_ section, which should be left empty.
-
-(5) Push and open a PR targeting `main` to carefully review the release changes.
+(4) Push and open a PR targeting `main` to carefully review the release changes. This will trigger a Github workflow that automatically bumps the version number throughout the project.
 
 ```sh
 git push release-v0.8.0
 ```
 
-(6) Once merged, create a tag on the release branch and push it to the main repository.
+(5) Once merged, create a tag on the release branch and push it to the main repository.
 
 ```sh
 git tag v0.8.0
 git push origin v0.8.0
 ```
 
-(7) Finally, go to the repo's [releases page](https://github.com/OpenZeppelin/cairo-contracts/releases/) and [create a new one](https://github.com/OpenZeppelin/cairo-contracts/releases/new) with the new tag and the base branch as target (`main` except in the event of a hotfix).
+(6) Finally, go to the repo's [releases page](https://github.com/OpenZeppelin/cairo-contracts/releases/) and [create a new one](https://github.com/OpenZeppelin/cairo-contracts/releases/new) with the new tag and the base branch as target (`main` except in the event of a hotfix).
 Make sure to write a detailed release description and a short changelog.