diff --git a/ReactVersions.js b/ReactVersions.js
new file mode 100644
index 0000000000000..a16c73fcfd3b7
--- /dev/null
+++ b/ReactVersions.js
@@ -0,0 +1,62 @@
+'use strict';
+
+// This module is the single source of truth for versioning packages that we
+// publish to npm.
+//
+// Packages will not be published unless they are added here.
+//
+// The @latest channel uses the version as-is, e.g.:
+//
+//   18.0.0
+//
+// The @next channel appends additional information, with the scheme
+// <version>-<label>-<commit_sha>, e.g.:
+//
+//   18.0.0-next-a1c2d3e4
+//
+// (TODO: ^ this isn't enabled quite yet. We still use <version>-<commit_sha>.)
+//
+// The @experimental channel doesn't include a version, only a sha, e.g.:
+//
+//   0.0.0-experimental-a1c2d3e4
+
+// TODO: Main includes breaking changes. Bump this to 18.0.0.
+const ReactVersion = '17.0.3';
+
+// The label used by the @next channel. Represents the upcoming release's
+// stability. Could be "alpha", "beta", "rc", etc.
+const nextChannelLabel = 'next';
+
+const stablePackages = {
+  'create-subscription': ReactVersion,
+  'eslint-plugin-react-hooks': '4.2.1',
+  'jest-react': '0.12.1',
+  react: ReactVersion,
+  'react-art': ReactVersion,
+  'react-dom': ReactVersion,
+  'react-is': ReactVersion,
+  'react-reconciler': '0.27.0',
+  'react-refresh': '0.11.0',
+  'react-test-renderer': ReactVersion,
+  'use-subscription': '1.6.0',
+  scheduler: '0.21.0',
+};
+
+// These packages do not exist in the @next or @latest channel, only
+// @experimental. We don't use semver, just the commit sha, so this is just a
+// list of package names instead of a map.
+const experimentalPackages = [
+  'react-fetch',
+  'react-fs',
+  'react-pg',
+  'react-server-dom-webpack',
+  'react-server',
+];
+
+// TODO: Export a map of every package and its version.
+module.exports = {
+  ReactVersion,
+  nextChannelLabel,
+  stablePackages,
+  experimentalPackages,
+};
diff --git a/packages/shared/ReactVersion.js b/packages/shared/ReactVersion.js
index 69b37a19f0379..8d357322ca3ac 100644
--- a/packages/shared/ReactVersion.js
+++ b/packages/shared/ReactVersion.js
@@ -10,4 +10,7 @@
 // TODO: 17.0.3 has not been released to NPM;
 // It exists as a placeholder so that DevTools can support work tag changes between releases.
 // When we next publish a release (either 17.0.3 or 17.1.0), update the matching TODO in backend/renderer.js
+// TODO: This module is used both by the release scripts and to expose a version
+// at runtime. We should instead inject the version number as part of the build
+// process, and use the ReactVersions.js module as the single source of truth.
 export default '17.0.3';
diff --git a/scripts/release/utils.js b/scripts/release/utils.js
index ca9803b3b3693..247f493bd1691 100644
--- a/scripts/release/utils.js
+++ b/scripts/release/utils.js
@@ -132,6 +132,7 @@ const getCommitFromCurrentBuild = async () => {
 };
 
 const getPublicPackages = isExperimental => {
+  // TODO: Use ReactVersions.js as source of truth.
   if (isExperimental) {
     return [
       'create-subscription',
diff --git a/scripts/rollup/build-all-release-channels.js b/scripts/rollup/build-all-release-channels.js
index 19eec730706bf..5bb9eb8613898 100644
--- a/scripts/rollup/build-all-release-channels.js
+++ b/scripts/rollup/build-all-release-channels.js
@@ -8,14 +8,18 @@ const {spawnSync} = require('child_process');
 const path = require('path');
 const tmp = require('tmp');
 
+const {
+  ReactVersion,
+  stablePackages,
+  experimentalPackages,
+} = require('../../ReactVersions');
+
 // Runs the build script for both stable and experimental release channels,
 // by configuring an environment variable.
 
 const sha = (
   spawnSync('git', ['show', '-s', '--format=%h']).stdout + ''
 ).trim();
-const ReactVersion = JSON.parse(fs.readFileSync('packages/react/package.json'))
-  .version;
 
 if (process.env.CIRCLE_NODE_TOTAL) {
   // In CI, we use multiple concurrent processes. Allocate half the processes to
@@ -27,19 +31,17 @@ if (process.env.CIRCLE_NODE_TOTAL) {
   if (index < halfTotal) {
     const nodeTotal = halfTotal;
     const nodeIndex = index;
-    const version = '0.0.0-' + sha;
     updateTheReactVersionThatDevToolsReads(ReactVersion + '-' + sha);
     buildForChannel('stable', nodeTotal, nodeIndex);
-    processStable('./build', version);
+    processStable('./build');
   } else {
     const nodeTotal = total - halfTotal;
     const nodeIndex = index - halfTotal;
-    const version = '0.0.0-experimental-' + sha;
     updateTheReactVersionThatDevToolsReads(
       ReactVersion + '-experimental-' + sha
     );
     buildForChannel('experimental', nodeTotal, nodeIndex);
-    processExperimental('./build', version);
+    processExperimental('./build');
   }
 
   // TODO: Currently storing artifacts as `./build2` so that it doesn't conflict
@@ -48,17 +50,16 @@ if (process.env.CIRCLE_NODE_TOTAL) {
 } else {
   // Running locally, no concurrency. Move each channel's build artifacts into
   // a temporary directory so that they don't conflict.
-  const stableVersion = '0.0.0-' + sha;
+  updateTheReactVersionThatDevToolsReads(ReactVersion + '-' + sha);
   buildForChannel('stable', '', '');
   const stableDir = tmp.dirSync().name;
   crossDeviceRenameSync('./build', stableDir);
-  processStable(stableDir, stableVersion);
-
-  const experimentalVersion = '0.0.0-experimental-' + sha;
+  processStable(stableDir);
+  updateTheReactVersionThatDevToolsReads(ReactVersion + '-experimental-' + sha);
   buildForChannel('experimental', '', '');
   const experimentalDir = tmp.dirSync().name;
   crossDeviceRenameSync('./build', experimentalDir);
-  processExperimental(experimentalDir, experimentalVersion);
+  processExperimental(experimentalDir);
 
   // Then merge the experimental folder into the stable one. processExperimental
   // will have already removed conflicting files.
@@ -84,9 +85,16 @@ function buildForChannel(channel, nodeTotal, nodeIndex) {
   });
 }
 
-function processStable(buildDir, version) {
+function processStable(buildDir) {
   if (fs.existsSync(buildDir + '/node_modules')) {
-    updatePackageVersions(buildDir + '/node_modules', version);
+    const versionsMap = new Map();
+    for (const moduleName in stablePackages) {
+      // TODO: Use version declared in ReactVersions module instead of 0.0.0.
+      // const version = stablePackages[moduleName];
+      // versionsMap.set(moduleName, version + '-' + nextChannelLabel + '-' + sha);
+      versionsMap.set(moduleName, '0.0.0' + '-' + sha);
+    }
+    updatePackageVersions(buildDir + '/node_modules', versionsMap);
     fs.renameSync(buildDir + '/node_modules', buildDir + '/oss-stable');
   }
 
@@ -107,7 +115,14 @@ function processStable(buildDir, version) {
 
 function processExperimental(buildDir, version) {
   if (fs.existsSync(buildDir + '/node_modules')) {
-    updatePackageVersions(buildDir + '/node_modules', version);
+    const versionsMap = new Map();
+    for (const moduleName in stablePackages) {
+      versionsMap.set(moduleName, '0.0.0' + '-' + sha);
+    }
+    for (const moduleName of experimentalPackages) {
+      versionsMap.set(moduleName, '0.0.0' + '-' + sha);
+    }
+    updatePackageVersions(buildDir + '/node_modules', versionsMap);
     fs.renameSync(buildDir + '/node_modules', buildDir + '/oss-experimental');
   }
 
@@ -151,9 +166,14 @@ function crossDeviceRenameSync(source, destination) {
  * to match this version for all of the 'React' packages
  * (packages available in this repo).
  */
-function updatePackageVersions(modulesDir, version) {
-  const allReactModuleNames = fs.readdirSync('packages');
+function updatePackageVersions(modulesDir, versionsMap) {
   for (const moduleName of fs.readdirSync(modulesDir)) {
+    let version = versionsMap.get(moduleName);
+    if (version === undefined) {
+      // TODO: If the module is not in the version map, we should exclude it
+      // from the build artifacts.
+      version = '0.0.0';
+    }
     const packageJSONPath = path.join(modulesDir, moduleName, 'package.json');
     const stats = fs.statSync(packageJSONPath);
     if (stats.isFile()) {
@@ -164,16 +184,14 @@ function updatePackageVersions(modulesDir, version) {
 
       if (packageInfo.dependencies) {
         for (const dep of Object.keys(packageInfo.dependencies)) {
-          // if it's a react package (available in the current repo), update the version
-          // TODO: is this too broad? Assumes all of the packages were built.
-          if (allReactModuleNames.includes(dep)) {
+          if (modulesDir.includes(dep)) {
             packageInfo.dependencies[dep] = version;
           }
         }
       }
       if (packageInfo.peerDependencies) {
         for (const dep of Object.keys(packageInfo.peerDependencies)) {
-          if (allReactModuleNames.includes(dep)) {
+          if (modulesDir.includes(dep)) {
             packageInfo.peerDependencies[dep] = version;
           }
         }