diff --git a/Makefile b/Makefile
index d95aed2e..1776ca88 100644
--- a/Makefile
+++ b/Makefile
@@ -1,5 +1,5 @@
 # Current Operator version
-VERSION ?= 0.0.1
+VERSION ?= 4.7.0
 # Default bundle image tag
 BUNDLE_IMG ?= controller-bundle:$(VERSION)
 # Options for 'bundle-build'