diff --git a/keras_nlp/__init__.py b/keras_nlp/__init__.py
index f901d39a7a..b6c047a05e 100644
--- a/keras_nlp/__init__.py
+++ b/keras_nlp/__init__.py
@@ -27,4 +27,5 @@
 from keras_nlp import tokenizers
 from keras_nlp import utils
 
+# This is the global source of truth for the version number.
 __version__ = "0.5.0.dev0"
diff --git a/setup.py b/setup.py
index 868ac7e485..090e4b0136 100644
--- a/setup.py
+++ b/setup.py
@@ -14,11 +14,27 @@
 
 """Setup script."""
 
+import os
 import pathlib
 
 from setuptools import find_packages
 from setuptools import setup
 
+
+def read(rel_path):
+    here = os.path.abspath(os.path.dirname(__file__))
+    with open(os.path.join(here, rel_path)) as fp:
+        return fp.read()
+
+
+def get_version(rel_path):
+    for line in read(rel_path).splitlines():
+        if line.startswith("__version__"):
+            delim = '"' if '"' in line else "'"
+            return line.split(delim)[1]
+    raise RuntimeError("Unable to find version string.")
+
+
 HERE = pathlib.Path(__file__).parent
 README = (HERE / "README.md").read_text()
 
@@ -29,7 +45,7 @@
     ),
     long_description=README,
     long_description_content_type="text/markdown",
-    version="0.5.0.dev0",
+    version=get_version("keras_nlp/__init__.py"),
     url="https://github.com/keras-team/keras-nlp",
     author="Keras team",
     author_email="keras-nlp@google.com",