diff --git a/setup.py b/setup.py
index 407f6a2a3f..4c6ee680d9 100644
--- a/setup.py
+++ b/setup.py
@@ -75,10 +75,10 @@
         "transformers[sentencepiece]>=4.26.0,<4.38.0",
     ],
     "diffusers": ["diffusers"],
-    "intel": "optimum-intel>=1.15.0",
-    "openvino": "optimum-intel[openvino]>=1.15.0",
-    "nncf": "optimum-intel[nncf]>=1.15.0",
-    "neural-compressor": "optimum-intel[neural-compressor]>=1.15.0",
+    "intel": "optimum-intel>=1.16.0",
+    "openvino": "optimum-intel[openvino]>=1.16.0",
+    "nncf": "optimum-intel[nncf]>=1.16.0",
+    "neural-compressor": "optimum-intel[neural-compressor]>=1.16.0",
     "graphcore": "optimum-graphcore",
     "habana": ["optimum-habana", "transformers >= 4.38.0, < 4.39.0"],
     "neuron": ["optimum-neuron[neuron]>=0.0.20", "transformers == 4.36.2"],