diff --git a/VERSION b/VERSION
index e05389515259..4557e108f9b9 100644
--- a/VERSION
+++ b/VERSION
@@ -1,4 +1,4 @@
-4.14.1+dev1-2022-12-07
+4.14.1~rc1
 
 # Starting with OCaml 4.14, although the version string that appears above is
 # still correct and this file can thus still be used to figure it out,
diff --git a/build-aux/ocaml_version.m4 b/build-aux/ocaml_version.m4
index a77407f9c60c..586ebc4241d2 100644
--- a/build-aux/ocaml_version.m4
+++ b/build-aux/ocaml_version.m4
@@ -25,7 +25,7 @@
 # The following macro, OCAML__DEVELOPMENT_VERSION, should be either
 # [true] of [false].
 
-m4_define([OCAML__DEVELOPMENT_VERSION], [true])
+m4_define([OCAML__DEVELOPMENT_VERSION], [false])
 
 # The three following components (major, minor and patch level) MUST be
 # integers. They MUST NOT be left-padded with zeros and all of them,
@@ -36,7 +36,7 @@ m4_define([OCAML__VERSION_MINOR], [14])
 m4_define([OCAML__VERSION_PATCHLEVEL], [1])
 # Note that the OCAML__VERSION_EXTRA string defined below is always empty
 # for officially-released versions of OCaml.
-m4_define([OCAML__VERSION_EXTRA], [dev1-2022-12-07])
+m4_define([OCAML__VERSION_EXTRA], [rc1])
 
 # The OCAML__VERSION_EXTRA_PREFIX macro defined below should be a
 # single character:
@@ -45,7 +45,7 @@ m4_define([OCAML__VERSION_EXTRA], [dev1-2022-12-07])
 # and with an empty OCAML__VERSION_EXTRA string;
 # Or [+] to give more info about this specific version.
 # Development releases, for instance, should use a [+] prefix.
-m4_define([OCAML__VERSION_EXTRA_PREFIX], [+])
+m4_define([OCAML__VERSION_EXTRA_PREFIX], [~])
 m4_define([OCAML__VERSION_SHORT], [OCAML__VERSION_MAJOR.OCAML__VERSION_MINOR])
 # The OCAML__VERSION below must be in the format specified in stdlib/sys.mli
 m4_define([OCAML__VERSION],
diff --git a/configure b/configure
index 8b3e3b43bd3f..ec8a14c6a069 100755
--- a/configure
+++ b/configure
@@ -56,7 +56,7 @@ if test -e '.git' ; then :
   fi
 fi
 # Guess values for system-dependent variables and create Makefiles.
-# Generated by GNU Autoconf 2.69 for OCaml 4.14.1+dev1-2022-12-07.
+# Generated by GNU Autoconf 2.69 for OCaml 4.14.1~rc1.
 #
 # Report bugs to <caml-list@inria.fr>.
 #
@@ -646,8 +646,8 @@ MAKEFLAGS=
 # Identity of this package.
 PACKAGE_NAME='OCaml'
 PACKAGE_TARNAME='ocaml'
-PACKAGE_VERSION='4.14.1+dev1-2022-12-07'
-PACKAGE_STRING='OCaml 4.14.1+dev1-2022-12-07'
+PACKAGE_VERSION='4.14.1~rc1'
+PACKAGE_STRING='OCaml 4.14.1~rc1'
 PACKAGE_BUGREPORT='caml-list@inria.fr'
 PACKAGE_URL='http://www.ocaml.org'
 
@@ -1485,7 +1485,7 @@ if test "$ac_init_help" = "long"; then
   # Omit some internal or obsolete options to make the list less imposing.
   # This message is too long to be a string in the A/UX 3.1 sh.
   cat <<_ACEOF
-\`configure' configures OCaml 4.14.1+dev1-2022-12-07 to adapt to many kinds of systems.
+\`configure' configures OCaml 4.14.1~rc1 to adapt to many kinds of systems.
 
 Usage: $0 [OPTION]... [VAR=VALUE]...
 
@@ -1551,7 +1551,7 @@ fi
 
 if test -n "$ac_init_help"; then
   case $ac_init_help in
-     short | recursive ) echo "Configuration of OCaml 4.14.1+dev1-2022-12-07:";;
+     short | recursive ) echo "Configuration of OCaml 4.14.1~rc1:";;
    esac
   cat <<\_ACEOF
 
@@ -1717,7 +1717,7 @@ fi
 test -n "$ac_init_help" && exit $ac_status
 if $ac_init_version; then
   cat <<\_ACEOF
-OCaml configure 4.14.1+dev1-2022-12-07
+OCaml configure 4.14.1~rc1
 generated by GNU Autoconf 2.69
 
 Copyright (C) 2012 Free Software Foundation, Inc.
@@ -2426,7 +2426,7 @@ cat >config.log <<_ACEOF
 This file contains any messages produced by compilers while
 running configure, to aid debugging if configure makes a mistake.
 
-It was created by OCaml $as_me 4.14.1+dev1-2022-12-07, which was
+It was created by OCaml $as_me 4.14.1~rc1, which was
 generated by GNU Autoconf 2.69.  Invocation command line was
 
   $ $0 $@
@@ -2775,8 +2775,8 @@ ac_compiler_gnu=$ac_cv_c_compiler_gnu
 
 
 
-{ $as_echo "$as_me:${as_lineno-$LINENO}: Configuring OCaml version 4.14.1+dev1-2022-12-07" >&5
-$as_echo "$as_me: Configuring OCaml version 4.14.1+dev1-2022-12-07" >&6;}
+{ $as_echo "$as_me:${as_lineno-$LINENO}: Configuring OCaml version 4.14.1~rc1" >&5
+$as_echo "$as_me: Configuring OCaml version 4.14.1~rc1" >&6;}
 
 # Configuration variables
 
@@ -2852,11 +2852,11 @@ ac_configure="$SHELL $ac_aux_dir/configure"  # Please don't use this var.
 
 
 
-VERSION=4.14.1+dev1-2022-12-07
+VERSION=4.14.1~rc1
 
-OCAML_DEVELOPMENT_VERSION=true
+OCAML_DEVELOPMENT_VERSION=false
 
-OCAML_RELEASE_EXTRA='Some (Plus, "dev1-2022-12-07")'
+OCAML_RELEASE_EXTRA='Some (Tilde, "rc1")'
 
 OCAML_VERSION_MAJOR=4
 
@@ -2864,7 +2864,7 @@ OCAML_VERSION_MINOR=14
 
 OCAML_VERSION_PATCHLEVEL=1
 
-OCAML_VERSION_EXTRA=dev1-2022-12-07
+OCAML_VERSION_EXTRA=rc1
 
 OCAML_VERSION_SHORT=4.14
 
@@ -2986,13 +2986,13 @@ $as_echo "#define OCAML_VERSION_MINOR 14" >>confdefs.h
 
 $as_echo "#define OCAML_VERSION_PATCHLEVEL 1" >>confdefs.h
 
-$as_echo "#define OCAML_VERSION_ADDITIONAL \"dev1-2022-12-07\"" >>confdefs.h
+$as_echo "#define OCAML_VERSION_ADDITIONAL \"rc1\"" >>confdefs.h
 
-  $as_echo "#define OCAML_VERSION_EXTRA \"dev1-2022-12-07\"" >>confdefs.h
+  $as_echo "#define OCAML_VERSION_EXTRA \"rc1\"" >>confdefs.h
 
 $as_echo "#define OCAML_VERSION 41401" >>confdefs.h
 
-$as_echo "#define OCAML_VERSION_STRING \"4.14.1+dev1-2022-12-07\"" >>confdefs.h
+$as_echo "#define OCAML_VERSION_STRING \"4.14.1~rc1\"" >>confdefs.h
 
 
 # Checks for system types
@@ -12760,7 +12760,7 @@ case $ocaml_cv_cc_vendor in #(
   cc_warnings='-Wall -Wdeclaration-after-statement' ;;
 esac
 
-case $enable_warn_error,true in #(
+case $enable_warn_error,false in #(
   yes,*|,true) :
     cc_warnings="$cc_warnings $warn_error_flag" ;; #(
   *) :
@@ -17695,7 +17695,7 @@ fi
 
 
 
-case $enable_ocamltest,true in #(
+case $enable_ocamltest,false in #(
   yes,*|,true) :
     ocamltest='ocamltest' ;; #(
   *) :
@@ -18415,7 +18415,7 @@ cat >>$CONFIG_STATUS <<\_ACEOF || ac_write_fail=1
 # report actual input values of CONFIG_FILES etc. instead of their
 # values after options handling.
 ac_log="
-This file was extended by OCaml $as_me 4.14.1+dev1-2022-12-07, which was
+This file was extended by OCaml $as_me 4.14.1~rc1, which was
 generated by GNU Autoconf 2.69.  Invocation command line was
 
   CONFIG_FILES    = $CONFIG_FILES
@@ -18482,7 +18482,7 @@ _ACEOF
 cat >>$CONFIG_STATUS <<_ACEOF || ac_write_fail=1
 ac_cs_config="`$as_echo "$ac_configure_args" | sed 's/^ //; s/[\\""\`\$]/\\\\&/g'`"
 ac_cs_version="\\
-OCaml config.status 4.14.1+dev1-2022-12-07
+OCaml config.status 4.14.1~rc1
 configured by $0, generated by GNU Autoconf 2.69,
   with options \\"\$ac_cs_config\\"
 
diff --git a/ocaml-variants.opam b/ocaml-variants.opam
index 10b1d0649441..82170615d61a 100644
--- a/ocaml-variants.opam
+++ b/ocaml-variants.opam
@@ -1,7 +1,7 @@
 opam-version: "2.0"
-version: "4.14.1+trunk"
+version: "4.14.1~rc1"
 license: "LGPL-2.1-or-later WITH OCaml-LGPL-linking-exception"
-synopsis: "OCaml development version"
+synopsis: "First release candidate of OCaml 4.14.1"
 depends: [
   "ocaml" {= "4.14.1" & post}
   "base-unix" {post}