diff --git a/Makefile b/Makefile
index aee6de758..9db99cb1c 100644
--- a/Makefile
+++ b/Makefile
@@ -1,7 +1,7 @@
 all: fmt check
 
 # Always keep the last released version here
-VERSION_REPLACES ?= v0.3.7
+VERSION_REPLACES ?= v0.4.0
 VERSION ?= v0.0.1
 export VERSION := $(VERSION)
 
diff --git a/README.md b/README.md
index 1a668a9ff..1bbfd1b5c 100644
--- a/README.md
+++ b/README.md
@@ -19,8 +19,8 @@ make gen-manifests
 
 Deploy vm-import-operator resources:
 ```bash
-kubectl apply -f https://github.com/kubevirt/vm-import-operator/releases/download/v0.3.7/operator.yaml
-kubectl apply -f https://github.com/kubevirt/vm-import-operator/releases/download/v0.3.7/vmimportconfig_cr.yaml
+kubectl apply -f https://github.com/kubevirt/vm-import-operator/releases/download/v0.4.0/operator.yaml
+kubectl apply -f https://github.com/kubevirt/vm-import-operator/releases/download/v0.4.0/vmimportconfig_cr.yaml
 ```
 
 In order to import you will be required to have:
diff --git a/hack/bump-version.sh b/hack/bump-version.sh
index 369563088..beb207ac5 100755
--- a/hack/bump-version.sh
+++ b/hack/bump-version.sh
@@ -16,7 +16,7 @@ bump_major() {
 }
 
 bump_minor() {
-    bump "s/^.*[.]\(.*\)[.].*$/\1/g" "s/^\(.*\)[.]\(.*\)[.]\(.*\)$/\1.version_part.\3/g"
+    bump "s/^.*[.]\(.*\)[.].*$/\1/g" "s/^\(.*\)[.]\(.*\)[.]\(.*\)$/\1.version_part.0/g"
 }
 
 bump_patch() {
diff --git a/manifests/vm-import-operator/v0.4.0/namespace.yaml b/manifests/vm-import-operator/v0.4.0/namespace.yaml
new file mode 100644
index 000000000..fd9fad633
--- /dev/null
+++ b/manifests/vm-import-operator/v0.4.0/namespace.yaml
@@ -0,0 +1,5 @@
+---
+apiVersion: v1
+kind: Namespace
+metadata:
+  name: kubevirt-hyperconverged
diff --git a/manifests/vm-import-operator/v0.4.0/operator.yaml b/manifests/vm-import-operator/v0.4.0/operator.yaml
new file mode 100644
index 000000000..000f0bc38
--- /dev/null
+++ b/manifests/vm-import-operator/v0.4.0/operator.yaml
@@ -0,0 +1,209 @@
+---
+apiVersion: apiextensions.k8s.io/v1
+kind: CustomResourceDefinition
+metadata:
+  labels:
+    operator.v2v.kubevirt.io: ""
+  name: vmimportconfigs.v2v.kubevirt.io
+spec:
+  group: v2v.kubevirt.io
+  names:
+    categories:
+    - all
+    kind: VMImportConfig
+    listKind: VMImportConfigList
+    plural: vmimportconfigs
+    singular: vmimportconfig
+  scope: Cluster
+  versions:
+  - name: v1beta1
+    served: true
+    storage: true
+    subresources:
+      status: {}
+    schema:
+      openAPIV3Schema:
+        description: VMImportConfig is the Schema for the vmimportconfigs API
+        properties:
+          apiVersion:
+            description: APIVersion defines the versioned schema of this representation
+              of an object
+            type: string
+          kind:
+            description: Kind is a string value representing the REST resource this
+              object represents
+            type: string
+          metadata:
+            type: object
+          spec:
+            description: VMImportConfigSpec defines the desired state of VMImportConfig
+            properties:
+              imagePullPolicy:
+                description: "Image pull policy. One of Always, Never, IfNotPresent. Defaults to Always if :latest tag is specified, or IfNotPresent otherwise. Cannot be updated. More info: https://kubernetes.io/docs/concepts/containers/images#updating-images"
+                enum:
+                - Always
+                - IfNotPresent
+                - Never
+                type: string
+            type: object
+          status:
+            description: VMImportConfigStatus defines the observed state of VMImportConfig
+            properties:
+              conditions:
+                description: A list of current conditions of the VMImportConfig resource
+                items:
+                  properties:
+                    lastHeartbeatTime:
+                      description: Last time the state of the condition was checked
+                      format: date-time
+                      type: string
+                    lastTransitionTime:
+                      description: Last time the state of the condition changed
+                      format: date-time
+                      type: string
+                    message:
+                      description: Message related to the last condition change
+                      type: string
+                    reason:
+                      description: Reason the last condition changed
+                      type: string
+                    status:
+                      description: Current status of the condition, True, False, Unknown
+                      type: string
+                    type:
+                      description: ConditionType is the state of the operator's reconciliation functionality.
+                      type: string
+                  type: object
+                type: array
+              observedVersion:
+                description: The observed version of the VMImportConfig resource
+                type: string
+              operatorVersion:
+                description: The version of the VMImportConfig resource as defined by
+                  the operator
+                type: string
+              targetVersion:
+                description: The desired version of the VMImportConfig resource
+                type: string
+              phase:
+                description: Phase is the current phase of the VMImportConfig deployment
+                type: string
+            type: object
+        type: object
+---
+apiVersion: v1
+kind: ServiceAccount
+metadata:
+  name: vm-import-operator
+  namespace: kubevirt-hyperconverged
+
+---
+apiVersion: rbac.authorization.k8s.io/v1
+kind: ClusterRole
+metadata:
+  creationTimestamp: null
+  name: vm-import-operator
+rules:
+- apiGroups:
+  - ""
+  resources:
+  - pods
+  - events
+  - configmaps
+  - secrets
+  - serviceaccounts
+  - services
+  verbs:
+  - '*'
+- apiGroups:
+  - apps
+  resources:
+  - deployments
+  - deployments/finalizers
+  verbs:
+  - '*'
+- apiGroups:
+  - v2v.kubevirt.io
+  resources:
+  - vmimportconfigs
+  - vmimportconfigs/finalizers
+  - vmimportconfigs/status
+  verbs:
+  - '*'
+- apiGroups:
+  - apiextensions.k8s.io
+  resources:
+  - customresourcedefinitions
+  verbs:
+  - '*'
+- apiGroups:
+  - rbac.authorization.k8s.io
+  resources:
+  - clusterrolebindings
+  - clusterroles
+  verbs:
+  - '*'
+- apiGroups:
+  - monitoring.coreos.com
+  resources:
+  - servicemonitors
+  verbs:
+  - '*'
+---
+kind: ClusterRoleBinding
+apiVersion: rbac.authorization.k8s.io/v1
+metadata:
+  name: vm-import-operator
+roleRef:
+  kind: ClusterRole
+  name: vm-import-operator
+  apiGroup: rbac.authorization.k8s.io
+subjects:
+- kind: ServiceAccount
+  name: vm-import-operator
+  namespace: kubevirt-hyperconverged
+
+---
+apiVersion: apps/v1
+kind: Deployment
+metadata:
+  name: vm-import-operator
+  namespace: kubevirt-hyperconverged
+spec:
+  replicas: 1
+  selector:
+    matchLabels:
+      name: vm-import-operator
+  template:
+    metadata:
+      labels:
+        name: vm-import-operator
+    spec:
+      serviceAccountName: vm-import-operator
+      containers:
+        - name: vm-import-operator
+          # Replace this with the built image name
+          image: quay.io/kubevirt/vm-import-operator:v0.4.0
+          command:
+          - vm-import-operator
+          imagePullPolicy: Always
+          env:
+            - name: WATCH_NAMESPACE
+            - name: POD_NAME
+              valueFrom:
+                fieldRef:
+                  fieldPath: metadata.name
+            - name: OPERATOR_NAME
+              value: "vm-import-operator"
+            - name: DEPLOY_CLUSTER_RESOURCES
+              value: "true"
+            - name: OPERATOR_VERSION
+              value: v0.4.0
+            - name: CONTROLLER_IMAGE
+              value: quay.io/kubevirt/vm-import-controller:v0.4.0
+            - name: VIRTV2V_IMAGE
+              value: quay.io/kubevirt/vm-import-virtv2v:v0.4.0
+            - name: PULL_POLICY
+              value: Always
+            - name: MONITORING_NAMESPACE
+              value: openshift-monitoring
diff --git a/manifests/vm-import-operator/v0.4.0/vm-import-operator.0.4.0.clusterserviceversion.yaml b/manifests/vm-import-operator/v0.4.0/vm-import-operator.0.4.0.clusterserviceversion.yaml
new file mode 100644
index 000000000..1355ac056
--- /dev/null
+++ b/manifests/vm-import-operator/v0.4.0/vm-import-operator.0.4.0.clusterserviceversion.yaml
@@ -0,0 +1,199 @@
+---
+apiVersion: operators.coreos.com/v1alpha1
+kind: ClusterServiceVersion
+metadata:
+  annotations:
+    alm-examples: |2-
+
+            [
+              {
+                "apiVersion":"v2v.kubevirt.io/v1beta1",
+                "kind":"VMImportConfig",
+                "metadata": {
+                  "name":"vm-import-operator-config"
+                },
+                "spec": {
+                  "imagePullPolicy":"IfNotPresent"
+                }
+              }
+            ]
+    capabilities: Virtual Machine Import
+    categories: Import,Virtualization, RHV
+  name: vm-import-operator.0.4.0
+  namespace: kubevirt-hyperconverged
+spec:
+  apiservicedefinitions: {}
+  customresourcedefinitions:
+    owned:
+    - description: Represents a virtual machine import config
+      displayName: Virtual Machine import config
+      kind: VMImportConfig
+      name: vmimportconfigs.v2v.kubevirt.io
+      specDescriptors:
+      - description: The ImageRegistry to use for vm import.
+        displayName: ImageRegistry
+        path: imageRegistry
+        x-descriptors:
+        - urn:alm:descriptor:text
+      - description: The ImageTag to use for vm import.
+        displayName: ImageTag
+        path: imageTag
+        x-descriptors:
+        - urn:alm:descriptor:text
+      - description: The ImagePullPolicy to use for vm import.
+        displayName: ImagePullPolicy
+        path: imagePullPolicy
+        x-descriptors:
+        - urn:alm:descriptor:io.kubernetes:imagePullPolicy
+      statusDescriptors:
+      - description: The deployment phase.
+        displayName: Phase
+        path: phase
+        x-descriptors:
+        - urn:alm:descriptor:io.kubernetes.phase
+      - description: Explanation for the current status of the vm import deployment.
+        displayName: Conditions
+        path: conditions
+        x-descriptors:
+        - urn:alm:descriptor:io.kubernetes.conditions
+      - description: The observed version of the vm import deployment.
+        displayName: Observed vm import Version
+        path: observedVersion
+        x-descriptors:
+        - urn:alm:descriptor:text
+      - description: The targeted version of the vm import deployment.
+        displayName: Target vm import Version
+        path: targetVersion
+        x-descriptors:
+        - urn:alm:descriptor:text
+      - description: The version of the vm import Operator
+        displayName: Vm import Operator Version
+        path: operatorVersion
+        x-descriptors:
+        - urn:alm:descriptor:text
+      version: v1beta1
+  description: VM import operator provides ability to import virtual machines from other infrastructure like oVirt/RHV
+  displayName: VM import operator
+  install:
+    spec:
+      clusterPermissions:
+      - rules:
+        - apiGroups:
+          - ""
+          resources:
+          - pods
+          - events
+          - configmaps
+          - secrets
+          - serviceaccounts
+          - services
+          - services/finalizers
+          verbs:
+          - '*'
+        - apiGroups:
+          - apps
+          resources:
+          - deployments
+          - deployments/finalizers
+          verbs:
+          - '*'
+        - apiGroups:
+          - v2v.kubevirt.io
+          resources:
+          - vmimportconfigs
+          - vmimportconfigs/finalizers
+          - vmimportconfigs/status
+          verbs:
+          - '*'
+        - apiGroups:
+          - apiextensions.k8s.io
+          resources:
+          - customresourcedefinitions
+          verbs:
+          - '*'
+        - apiGroups:
+          - rbac.authorization.k8s.io
+          resources:
+          - clusterrolebindings
+          - clusterroles
+          verbs:
+          - '*'
+        - apiGroups:
+          - monitoring.coreos.com
+          resources:
+          - servicemonitors
+          verbs:
+          - '*'
+        serviceAccountName: vm-import-operator
+      deployments:
+      - name: vm-import-operator
+        spec:
+          replicas: 1
+          selector:
+            matchLabels:
+              name: vm-import-operator
+              operator.v2v.kubevirt.io: ""
+          strategy: {}
+          template:
+            metadata:
+              labels:
+                name: vm-import-operator
+                operator.v2v.kubevirt.io: ""
+            spec:
+              containers:
+              - env:
+                - name: DEPLOY_CLUSTER_RESOURCES
+                  value: "true"
+                - name: OPERATOR_VERSION
+                  value: v0.4.0
+                - name: CONTROLLER_IMAGE
+                  value: quay.io/kubevirt/vm-import-controller:v0.4.0
+                - name: PULL_POLICY
+                  value: Always
+                - name: WATCH_NAMESPACE
+                - name: POD_NAME
+                  valueFrom:
+                    fieldRef:
+                      fieldPath: metadata.name
+                - name: MONITORING_NAMESPACE
+                  value: openshift-monitoring
+                - name: VIRTV2V_IMAGE
+                  value: quay.io/kubevirt/vm-import-virtv2v:v0.4.0
+                image: quay.io/kubevirt/vm-import-operator:v0.4.0
+                imagePullPolicy: Always
+                name: vm-import-operator
+                resources: {}
+              securityContext:
+                runAsNonRoot: true
+              serviceAccountName: vm-import-operator
+    strategy: deployment
+  installModes:
+  - supported: true
+    type: OwnNamespace
+  - supported: true
+    type: SingleNamespace
+  - supported: true
+    type: AllNamespaces
+  keywords:
+  - Import
+  - Virtualization
+  - oVirt
+  - RHV
+  labels:
+    operated-by: vm-import-operator
+  links:
+  - name: VM import operator
+    url: https://github.com/kubevirt/vm-import-operator/blob/master/README.md
+  - name: Source Code
+    url: https://github.com/kubevirt/vm-import-operator
+  maintainers:
+  - email: kubevirt-dev@googlegroups.com
+    name: KubeVirt project
+  maturity: alpha
+  provider:
+    name: KubeVirt project
+  replaces: 0.3.7
+  selector:
+    matchLabels:
+      operated-by: vm-import-operator
+  version: 0.4.0
diff --git a/manifests/vm-import-operator/v0.4.0/vmimportconfig_cr.yaml b/manifests/vm-import-operator/v0.4.0/vmimportconfig_cr.yaml
new file mode 100644
index 000000000..317f7fd65
--- /dev/null
+++ b/manifests/vm-import-operator/v0.4.0/vmimportconfig_cr.yaml
@@ -0,0 +1,7 @@
+---
+apiVersion: v2v.kubevirt.io/v1beta1
+kind: VMImportConfig
+metadata:
+  name: vm-import-operator-config
+spec:
+  imagePullPolicy: IfNotPresent
diff --git a/version/description b/version/description
index b86dc542a..ea292d571 100644
--- a/version/description
+++ b/version/description
@@ -1,5 +1,7 @@
-v0.3.7
+v0.4.0
 
-Bugs:
-* Force gogo/protobuf to 1.3.2
-* Update Kubevirt client-go, update go-toolkit
+Features:
+* Remove dependency on obsolete Kubevirt config map
+
+Docs:
+* Improve the README
diff --git a/version/version.go b/version/version.go
index aa198f858..8c8635bcf 100644
--- a/version/version.go
+++ b/version/version.go
@@ -2,5 +2,5 @@ package version
 
 var (
 	// Version represents the version of the operator
-	Version = "v0.3.7"
+	Version = "v0.4.0"
 )