diff --git a/build.gradle b/build.gradle
index c604e2b5140..ad4c92d4337 100644
--- a/build.gradle
+++ b/build.gradle
@@ -18,7 +18,7 @@ subprojects {
     apply plugin: "net.ltgt.errorprone"
 
     group = "io.grpc"
-    version = "1.40.1" // CURRENT_GRPC_VERSION
+    version = "1.40.2-SNAPSHOT" // CURRENT_GRPC_VERSION
 
     repositories {
         maven { // The google mirror is less flaky than mavenCentral()
diff --git a/compiler/src/test/golden/TestDeprecatedService.java.txt b/compiler/src/test/golden/TestDeprecatedService.java.txt
index 120200510e7..e88e3b767cf 100644
--- a/compiler/src/test/golden/TestDeprecatedService.java.txt
+++ b/compiler/src/test/golden/TestDeprecatedService.java.txt
@@ -8,7 +8,7 @@ import static io.grpc.MethodDescriptor.generateFullMethodName;
  * </pre>
  */
 @javax.annotation.Generated(
-    value = "by gRPC proto compiler (version 1.40.1)",
+    value = "by gRPC proto compiler (version 1.40.2-SNAPSHOT)",
     comments = "Source: grpc/testing/compiler/test.proto")
 @io.grpc.stub.annotations.GrpcGenerated
 @java.lang.Deprecated
diff --git a/compiler/src/test/golden/TestService.java.txt b/compiler/src/test/golden/TestService.java.txt
index da1acfb6bcd..a4df1d50c5d 100644
--- a/compiler/src/test/golden/TestService.java.txt
+++ b/compiler/src/test/golden/TestService.java.txt
@@ -8,7 +8,7 @@ import static io.grpc.MethodDescriptor.generateFullMethodName;
  * </pre>
  */
 @javax.annotation.Generated(
-    value = "by gRPC proto compiler (version 1.40.1)",
+    value = "by gRPC proto compiler (version 1.40.2-SNAPSHOT)",
     comments = "Source: grpc/testing/compiler/test.proto")
 @io.grpc.stub.annotations.GrpcGenerated
 public final class TestServiceGrpc {
diff --git a/compiler/src/testLite/golden/TestDeprecatedService.java.txt b/compiler/src/testLite/golden/TestDeprecatedService.java.txt
index 95c68921d0f..ddf5265830c 100644
--- a/compiler/src/testLite/golden/TestDeprecatedService.java.txt
+++ b/compiler/src/testLite/golden/TestDeprecatedService.java.txt
@@ -8,7 +8,7 @@ import static io.grpc.MethodDescriptor.generateFullMethodName;
  * </pre>
  */
 @javax.annotation.Generated(
-    value = "by gRPC proto compiler (version 1.40.1)",
+    value = "by gRPC proto compiler (version 1.40.2-SNAPSHOT)",
     comments = "Source: grpc/testing/compiler/test.proto")
 @io.grpc.stub.annotations.GrpcGenerated
 @java.lang.Deprecated
diff --git a/compiler/src/testLite/golden/TestService.java.txt b/compiler/src/testLite/golden/TestService.java.txt
index 9050c8f96a6..0dda974e8ec 100644
--- a/compiler/src/testLite/golden/TestService.java.txt
+++ b/compiler/src/testLite/golden/TestService.java.txt
@@ -8,7 +8,7 @@ import static io.grpc.MethodDescriptor.generateFullMethodName;
  * </pre>
  */
 @javax.annotation.Generated(
-    value = "by gRPC proto compiler (version 1.40.1)",
+    value = "by gRPC proto compiler (version 1.40.2-SNAPSHOT)",
     comments = "Source: grpc/testing/compiler/test.proto")
 @io.grpc.stub.annotations.GrpcGenerated
 public final class TestServiceGrpc {
diff --git a/core/src/main/java/io/grpc/internal/GrpcUtil.java b/core/src/main/java/io/grpc/internal/GrpcUtil.java
index 081ad9c2719..ba359e0e07e 100644
--- a/core/src/main/java/io/grpc/internal/GrpcUtil.java
+++ b/core/src/main/java/io/grpc/internal/GrpcUtil.java
@@ -202,7 +202,7 @@ public byte[] parseAsciiString(byte[] serialized) {
 
   public static final Splitter ACCEPT_ENCODING_SPLITTER = Splitter.on(',').trimResults();
 
-  private static final String IMPLEMENTATION_VERSION = "1.40.1"; // CURRENT_GRPC_VERSION
+  private static final String IMPLEMENTATION_VERSION = "1.40.2-SNAPSHOT"; // CURRENT_GRPC_VERSION
 
   /**
    * The default timeout in nanos for a keepalive ping request.
diff --git a/examples/android/clientcache/app/build.gradle b/examples/android/clientcache/app/build.gradle
index 5116e8da418..f4ce23c30a4 100644
--- a/examples/android/clientcache/app/build.gradle
+++ b/examples/android/clientcache/app/build.gradle
@@ -34,7 +34,7 @@ android {
 protobuf {
     protoc { artifact = 'com.google.protobuf:protoc:3.17.2' }
     plugins {
-        grpc { artifact = 'io.grpc:protoc-gen-grpc-java:1.40.1' // CURRENT_GRPC_VERSION
+        grpc { artifact = 'io.grpc:protoc-gen-grpc-java:1.40.2-SNAPSHOT' // CURRENT_GRPC_VERSION
         }
     }
     generateProtoTasks {
@@ -54,12 +54,12 @@ dependencies {
     implementation 'com.android.support:appcompat-v7:27.0.2'
 
     // You need to build grpc-java to obtain these libraries below.
-    implementation 'io.grpc:grpc-okhttp:1.40.1' // CURRENT_GRPC_VERSION
-    implementation 'io.grpc:grpc-protobuf-lite:1.40.1' // CURRENT_GRPC_VERSION
-    implementation 'io.grpc:grpc-stub:1.40.1' // CURRENT_GRPC_VERSION
+    implementation 'io.grpc:grpc-okhttp:1.40.2-SNAPSHOT' // CURRENT_GRPC_VERSION
+    implementation 'io.grpc:grpc-protobuf-lite:1.40.2-SNAPSHOT' // CURRENT_GRPC_VERSION
+    implementation 'io.grpc:grpc-stub:1.40.2-SNAPSHOT' // CURRENT_GRPC_VERSION
     implementation 'org.apache.tomcat:annotations-api:6.0.53'
 
     testImplementation 'junit:junit:4.12'
     testImplementation 'com.google.truth:truth:1.0.1'
-    testImplementation 'io.grpc:grpc-testing:1.40.1' // CURRENT_GRPC_VERSION
+    testImplementation 'io.grpc:grpc-testing:1.40.2-SNAPSHOT' // CURRENT_GRPC_VERSION
 }
diff --git a/examples/android/helloworld/app/build.gradle b/examples/android/helloworld/app/build.gradle
index 6a86159fc69..8664567d7dc 100644
--- a/examples/android/helloworld/app/build.gradle
+++ b/examples/android/helloworld/app/build.gradle
@@ -32,7 +32,7 @@ android {
 protobuf {
     protoc { artifact = 'com.google.protobuf:protoc:3.17.2' }
     plugins {
-        grpc { artifact = 'io.grpc:protoc-gen-grpc-java:1.40.1' // CURRENT_GRPC_VERSION
+        grpc { artifact = 'io.grpc:protoc-gen-grpc-java:1.40.2-SNAPSHOT' // CURRENT_GRPC_VERSION
         }
     }
     generateProtoTasks {
@@ -52,8 +52,8 @@ dependencies {
     implementation 'com.android.support:appcompat-v7:27.0.2'
 
     // You need to build grpc-java to obtain these libraries below.
-    implementation 'io.grpc:grpc-okhttp:1.40.1' // CURRENT_GRPC_VERSION
-    implementation 'io.grpc:grpc-protobuf-lite:1.40.1' // CURRENT_GRPC_VERSION
-    implementation 'io.grpc:grpc-stub:1.40.1' // CURRENT_GRPC_VERSION
+    implementation 'io.grpc:grpc-okhttp:1.40.2-SNAPSHOT' // CURRENT_GRPC_VERSION
+    implementation 'io.grpc:grpc-protobuf-lite:1.40.2-SNAPSHOT' // CURRENT_GRPC_VERSION
+    implementation 'io.grpc:grpc-stub:1.40.2-SNAPSHOT' // CURRENT_GRPC_VERSION
     implementation 'org.apache.tomcat:annotations-api:6.0.53'
 }
diff --git a/examples/android/routeguide/app/build.gradle b/examples/android/routeguide/app/build.gradle
index 7404d6efddf..6c0c6bc0bbc 100644
--- a/examples/android/routeguide/app/build.gradle
+++ b/examples/android/routeguide/app/build.gradle
@@ -32,7 +32,7 @@ android {
 protobuf {
     protoc { artifact = 'com.google.protobuf:protoc:3.17.2' }
     plugins {
-        grpc { artifact = 'io.grpc:protoc-gen-grpc-java:1.40.1' // CURRENT_GRPC_VERSION
+        grpc { artifact = 'io.grpc:protoc-gen-grpc-java:1.40.2-SNAPSHOT' // CURRENT_GRPC_VERSION
         }
     }
     generateProtoTasks {
@@ -52,8 +52,8 @@ dependencies {
     implementation 'com.android.support:appcompat-v7:27.0.2'
 
     // You need to build grpc-java to obtain these libraries below.
-    implementation 'io.grpc:grpc-okhttp:1.40.1' // CURRENT_GRPC_VERSION
-    implementation 'io.grpc:grpc-protobuf-lite:1.40.1' // CURRENT_GRPC_VERSION
-    implementation 'io.grpc:grpc-stub:1.40.1' // CURRENT_GRPC_VERSION
+    implementation 'io.grpc:grpc-okhttp:1.40.2-SNAPSHOT' // CURRENT_GRPC_VERSION
+    implementation 'io.grpc:grpc-protobuf-lite:1.40.2-SNAPSHOT' // CURRENT_GRPC_VERSION
+    implementation 'io.grpc:grpc-stub:1.40.2-SNAPSHOT' // CURRENT_GRPC_VERSION
     implementation 'org.apache.tomcat:annotations-api:6.0.53'
 }
diff --git a/examples/android/strictmode/app/build.gradle b/examples/android/strictmode/app/build.gradle
index ef8ce5c678f..2feff1f1808 100644
--- a/examples/android/strictmode/app/build.gradle
+++ b/examples/android/strictmode/app/build.gradle
@@ -33,7 +33,7 @@ android {
 protobuf {
     protoc { artifact = 'com.google.protobuf:protoc:3.17.2' }
     plugins {
-        grpc { artifact = 'io.grpc:protoc-gen-grpc-java:1.40.1' // CURRENT_GRPC_VERSION
+        grpc { artifact = 'io.grpc:protoc-gen-grpc-java:1.40.2-SNAPSHOT' // CURRENT_GRPC_VERSION
         }
     }
     generateProtoTasks {
@@ -53,8 +53,8 @@ dependencies {
     implementation 'com.android.support:appcompat-v7:28.0.0'
 
     // You need to build grpc-java to obtain these libraries below.
-    implementation 'io.grpc:grpc-okhttp:1.40.1' // CURRENT_GRPC_VERSION
-    implementation 'io.grpc:grpc-protobuf-lite:1.40.1' // CURRENT_GRPC_VERSION
-    implementation 'io.grpc:grpc-stub:1.40.1' // CURRENT_GRPC_VERSION
+    implementation 'io.grpc:grpc-okhttp:1.40.2-SNAPSHOT' // CURRENT_GRPC_VERSION
+    implementation 'io.grpc:grpc-protobuf-lite:1.40.2-SNAPSHOT' // CURRENT_GRPC_VERSION
+    implementation 'io.grpc:grpc-stub:1.40.2-SNAPSHOT' // CURRENT_GRPC_VERSION
     implementation 'org.apache.tomcat:annotations-api:6.0.53'
 }
diff --git a/examples/build.gradle b/examples/build.gradle
index 0d7d47e4436..cc80ada45d1 100644
--- a/examples/build.gradle
+++ b/examples/build.gradle
@@ -22,7 +22,7 @@ targetCompatibility = 1.7
 
 // Feel free to delete the comment at the next line. It is just for safely
 // updating the version in our release process.
-def grpcVersion = '1.40.1' // CURRENT_GRPC_VERSION
+def grpcVersion = '1.40.2-SNAPSHOT' // CURRENT_GRPC_VERSION
 def protobufVersion = '3.17.2'
 def protocVersion = protobufVersion
 
diff --git a/examples/example-alts/build.gradle b/examples/example-alts/build.gradle
index a0b232fec09..8b3e3c9c6ec 100644
--- a/examples/example-alts/build.gradle
+++ b/examples/example-alts/build.gradle
@@ -23,7 +23,7 @@ targetCompatibility = 1.7
 
 // Feel free to delete the comment at the next line. It is just for safely
 // updating the version in our release process.
-def grpcVersion = '1.40.1' // CURRENT_GRPC_VERSION
+def grpcVersion = '1.40.2-SNAPSHOT' // CURRENT_GRPC_VERSION
 def protocVersion = '3.17.2'
 
 dependencies {
diff --git a/examples/example-gauth/build.gradle b/examples/example-gauth/build.gradle
index b4007ec4893..06dea947cc2 100644
--- a/examples/example-gauth/build.gradle
+++ b/examples/example-gauth/build.gradle
@@ -23,7 +23,7 @@ targetCompatibility = 1.7
 
 // Feel free to delete the comment at the next line. It is just for safely
 // updating the version in our release process.
-def grpcVersion = '1.40.1' // CURRENT_GRPC_VERSION
+def grpcVersion = '1.40.2-SNAPSHOT' // CURRENT_GRPC_VERSION
 def protobufVersion = '3.17.2'
 def protocVersion = protobufVersion
 
diff --git a/examples/example-gauth/pom.xml b/examples/example-gauth/pom.xml
index 3d789090109..61e1e0e09bf 100644
--- a/examples/example-gauth/pom.xml
+++ b/examples/example-gauth/pom.xml
@@ -6,13 +6,13 @@
   <packaging>jar</packaging>
   <!-- Feel free to delete the comment at the end of these lines. It is just
        for safely updating the version in our release process. -->
-  <version>1.40.1</version><!-- CURRENT_GRPC_VERSION -->
+  <version>1.40.2-SNAPSHOT</version><!-- CURRENT_GRPC_VERSION -->
   <name>example-gauth</name>
   <url>https://github.com/grpc/grpc-java</url>
 
   <properties>
     <project.build.sourceEncoding>UTF-8</project.build.sourceEncoding>
-    <grpc.version>1.40.1</grpc.version><!-- CURRENT_GRPC_VERSION -->
+    <grpc.version>1.40.2-SNAPSHOT</grpc.version><!-- CURRENT_GRPC_VERSION -->
     <protobuf.version>3.17.2</protobuf.version>
     <!-- required for jdk9 -->
     <maven.compiler.source>1.7</maven.compiler.source>
diff --git a/examples/example-hostname/build.gradle b/examples/example-hostname/build.gradle
index 3e3851c64d0..956bde097c0 100644
--- a/examples/example-hostname/build.gradle
+++ b/examples/example-hostname/build.gradle
@@ -21,7 +21,7 @@ targetCompatibility = 1.7
 
 // Feel free to delete the comment at the next line. It is just for safely
 // updating the version in our release process.
-def grpcVersion = '1.40.1' // CURRENT_GRPC_VERSION
+def grpcVersion = '1.40.2-SNAPSHOT' // CURRENT_GRPC_VERSION
 def protobufVersion = '3.17.2'
 
 dependencies {
diff --git a/examples/example-hostname/pom.xml b/examples/example-hostname/pom.xml
index a1826de5f36..a95720923de 100644
--- a/examples/example-hostname/pom.xml
+++ b/examples/example-hostname/pom.xml
@@ -6,13 +6,13 @@
   <packaging>jar</packaging>
   <!-- Feel free to delete the comment at the end of these lines. It is just
        for safely updating the version in our release process. -->
-  <version>1.40.1</version><!-- CURRENT_GRPC_VERSION -->
+  <version>1.40.2-SNAPSHOT</version><!-- CURRENT_GRPC_VERSION -->
   <name>example-hostname</name>
   <url>https://github.com/grpc/grpc-java</url>
 
   <properties>
     <project.build.sourceEncoding>UTF-8</project.build.sourceEncoding>
-    <grpc.version>1.40.1</grpc.version><!-- CURRENT_GRPC_VERSION -->
+    <grpc.version>1.40.2-SNAPSHOT</grpc.version><!-- CURRENT_GRPC_VERSION -->
     <protoc.version>3.17.2</protoc.version>
     <!-- required for jdk9 -->
     <maven.compiler.source>1.7</maven.compiler.source>
diff --git a/examples/example-jwt-auth/build.gradle b/examples/example-jwt-auth/build.gradle
index d83cc563efc..6d87e44bdc3 100644
--- a/examples/example-jwt-auth/build.gradle
+++ b/examples/example-jwt-auth/build.gradle
@@ -22,7 +22,7 @@ targetCompatibility = 1.7
 
 // Feel free to delete the comment at the next line. It is just for safely
 // updating the version in our release process.
-def grpcVersion = '1.40.1' // CURRENT_GRPC_VERSION
+def grpcVersion = '1.40.2-SNAPSHOT' // CURRENT_GRPC_VERSION
 def protobufVersion = '3.17.2'
 def protocVersion = protobufVersion
 
diff --git a/examples/example-jwt-auth/pom.xml b/examples/example-jwt-auth/pom.xml
index 3b44c7aa1f0..c8fc68afb96 100644
--- a/examples/example-jwt-auth/pom.xml
+++ b/examples/example-jwt-auth/pom.xml
@@ -7,13 +7,13 @@
   <packaging>jar</packaging>
   <!-- Feel free to delete the comment at the end of these lines. It is just
        for safely updating the version in our release process. -->
-  <version>1.40.1</version><!-- CURRENT_GRPC_VERSION -->
+  <version>1.40.2-SNAPSHOT</version><!-- CURRENT_GRPC_VERSION -->
   <name>example-jwt-auth</name>
   <url>https://github.com/grpc/grpc-java</url>
 
   <properties>
     <project.build.sourceEncoding>UTF-8</project.build.sourceEncoding>
-    <grpc.version>1.40.1</grpc.version><!-- CURRENT_GRPC_VERSION -->
+    <grpc.version>1.40.2-SNAPSHOT</grpc.version><!-- CURRENT_GRPC_VERSION -->
     <protobuf.version>3.17.2</protobuf.version>
     <protoc.version>3.17.2</protoc.version>
     <!-- required for jdk9 -->
diff --git a/examples/example-tls/build.gradle b/examples/example-tls/build.gradle
index 27632412116..e51a086473b 100644
--- a/examples/example-tls/build.gradle
+++ b/examples/example-tls/build.gradle
@@ -23,7 +23,7 @@ targetCompatibility = 1.7
 
 // Feel free to delete the comment at the next line. It is just for safely
 // updating the version in our release process.
-def grpcVersion = '1.40.1' // CURRENT_GRPC_VERSION
+def grpcVersion = '1.40.2-SNAPSHOT' // CURRENT_GRPC_VERSION
 def protocVersion = '3.17.2'
 
 dependencies {
diff --git a/examples/example-tls/pom.xml b/examples/example-tls/pom.xml
index 8a258e92641..e3c4c8d01fa 100644
--- a/examples/example-tls/pom.xml
+++ b/examples/example-tls/pom.xml
@@ -6,13 +6,13 @@
   <packaging>jar</packaging>
   <!-- Feel free to delete the comment at the end of these lines. It is just
        for safely updating the version in our release process. -->
-  <version>1.40.1</version><!-- CURRENT_GRPC_VERSION -->
+  <version>1.40.2-SNAPSHOT</version><!-- CURRENT_GRPC_VERSION -->
   <name>example-tls</name>
   <url>https://github.com/grpc/grpc-java</url>
 
   <properties>
     <project.build.sourceEncoding>UTF-8</project.build.sourceEncoding>
-    <grpc.version>1.40.1</grpc.version><!-- CURRENT_GRPC_VERSION -->
+    <grpc.version>1.40.2-SNAPSHOT</grpc.version><!-- CURRENT_GRPC_VERSION -->
     <protoc.version>3.17.2</protoc.version>
     <netty.tcnative.version>2.0.34.Final</netty.tcnative.version>
     <!-- required for jdk9 -->
diff --git a/examples/example-xds/build.gradle b/examples/example-xds/build.gradle
index 667a1c22637..ad92316cdc9 100644
--- a/examples/example-xds/build.gradle
+++ b/examples/example-xds/build.gradle
@@ -22,7 +22,7 @@ targetCompatibility = 1.7
 
 // Feel free to delete the comment at the next line. It is just for safely
 // updating the version in our release process.
-def grpcVersion = '1.40.1' // CURRENT_GRPC_VERSION
+def grpcVersion = '1.40.2-SNAPSHOT' // CURRENT_GRPC_VERSION
 def nettyTcNativeVersion = '2.0.31.Final'
 def protocVersion = '3.17.2'
 
diff --git a/examples/pom.xml b/examples/pom.xml
index ec8b8f07d38..54def03479a 100644
--- a/examples/pom.xml
+++ b/examples/pom.xml
@@ -6,13 +6,13 @@
   <packaging>jar</packaging>
   <!-- Feel free to delete the comment at the end of these lines. It is just
        for safely updating the version in our release process. -->
-  <version>1.40.1</version><!-- CURRENT_GRPC_VERSION -->
+  <version>1.40.2-SNAPSHOT</version><!-- CURRENT_GRPC_VERSION -->
   <name>examples</name>
   <url>https://github.com/grpc/grpc-java</url>
 
   <properties>
     <project.build.sourceEncoding>UTF-8</project.build.sourceEncoding>
-    <grpc.version>1.40.1</grpc.version><!-- CURRENT_GRPC_VERSION -->
+    <grpc.version>1.40.2-SNAPSHOT</grpc.version><!-- CURRENT_GRPC_VERSION -->
     <protobuf.version>3.17.2</protobuf.version>
     <protoc.version>3.17.2</protoc.version>
     <!-- required for jdk9 -->