diff --git a/Makefile b/Makefile
index 405fc08b..c15fac19 100644
--- a/Makefile
+++ b/Makefile
@@ -3,7 +3,7 @@
 # To re-generate a bundle for another specific version without changing the standard setup, you can:
 # - use the VERSION as arg of the bundle target (e.g make bundle VERSION=0.0.2)
 # - use environment variables to overwrite this value (e.g export VERSION=0.0.2)
-VERSION ?= 2.1.0
+VERSION ?= 2.1.1
 
 # CHANNELS define the bundle channels used in the bundle.
 # Add a new line here if you would like to change its default config. (E.g CHANNELS = "candidate,fast,stable")
diff --git a/README.md b/README.md
index 733a934f..3c8e4f6b 100644
--- a/README.md
+++ b/README.md
@@ -17,7 +17,7 @@ The following table shows the relation between the versions of the two projects:
 
 | NGINX Ingress Controller | NGINX Ingress Operator |
 | ------------------------ | ---------------------- |
-| 3.4.x                    | 2.1.0                  |
+| 3.4.x                    | 2.1.1                  |
 | 3.3.x                    | 2.0.2                  |
 | 3.2.x                    | 1.5.2                  |
 | 3.1.x                    | 1.4.2                  |
@@ -73,7 +73,7 @@ See [upgrade docs](./docs/upgrades.md)
 
 We publish NGINX Ingress Operator releases on GitHub. See our [releases page](https://github.com/nginxinc/nginx-ingress-helm-operator/releases).
 
-The latest stable release is [2.1.0](https://github.com/nginxinc/nginx-ingress-helm-operator/releases/tag/v2.1.0). For production use, we recommend that you choose the latest stable release.
+The latest stable release is [2.1.1](https://github.com/nginxinc/nginx-ingress-helm-operator/releases/tag/v2.1.1). For production use, we recommend that you choose the latest stable release.
 
 ## Development
 
diff --git a/bundle/manifests/nginx-ingress-operator.clusterserviceversion.yaml b/bundle/manifests/nginx-ingress-operator.clusterserviceversion.yaml
index a24494ac..d640461a 100644
--- a/bundle/manifests/nginx-ingress-operator.clusterserviceversion.yaml
+++ b/bundle/manifests/nginx-ingress-operator.clusterserviceversion.yaml
@@ -220,8 +220,8 @@ metadata:
     capabilities: Basic Install
     categories: Monitoring, Networking
     certified: "true"
-    containerImage: quay.io/nginx/nginx-ingress-operator:2.1.0
-    createdAt: "2023-12-20T11:49:38Z"
+    containerImage: quay.io/nginx/nginx-ingress-operator:2.1.1
+    createdAt: "2024-01-18T10:33:22Z"
     description: The NGINX Ingress Operator is a Kubernetes/OpenShift component which
       deploys and manages one or more NGINX/NGINX Plus Ingress Controllers
     operatorframework.io/suggested-namespace: nginx-ingress
@@ -234,7 +234,7 @@ metadata:
     operatorframework.io/arch.arm64: supported
     operatorframework.io/arch.ppc64le: supported
     operatorframework.io/arch.s390x: supported
-  name: nginx-ingress-operator.v2.1.0
+  name: nginx-ingress-operator.v2.1.1
   namespace: placeholder
 spec:
   apiservicedefinitions: {}
@@ -438,7 +438,7 @@ spec:
                 - --metrics-bind-address=127.0.0.1:8080
                 - --leader-elect
                 - --leader-election-id=nginx-ingress-operator
-                image: quay.io/nginx/nginx-ingress-operator:2.1.0
+                image: quay.io/nginx/nginx-ingress-operator:2.1.1
                 livenessProbe:
                   httpGet:
                     path: /healthz
@@ -529,4 +529,4 @@ spec:
   minKubeVersion: 1.22.0
   provider:
     name: NGINX Inc
-  version: 2.1.0
+  version: 2.1.1
diff --git a/config/manager/kustomization.yaml b/config/manager/kustomization.yaml
index cdcfc75a..b526421a 100644
--- a/config/manager/kustomization.yaml
+++ b/config/manager/kustomization.yaml
@@ -5,4 +5,4 @@ kind: Kustomization
 images:
 - name: controller
   newName: quay.io/nginx/nginx-ingress-operator
-  newTag: 2.1.0
+  newTag: 2.1.1