diff --git a/.mergify.yml b/.mergify.yml
index 6db238ea..e09a8b74 100644
--- a/.mergify.yml
+++ b/.mergify.yml
@@ -20,4 +20,4 @@ pull_request_rules:
     actions:
       backport:
         branches:
-          - stable/0.2
+          - stable/0.3
diff --git a/qiskit_algorithms/VERSION.txt b/qiskit_algorithms/VERSION.txt
index 0d91a54c..60a2d3e9 100644
--- a/qiskit_algorithms/VERSION.txt
+++ b/qiskit_algorithms/VERSION.txt
@@ -1 +1 @@
-0.3.0
+0.4.0
\ No newline at end of file