diff --git a/CHANGELOG.md b/CHANGELOG.md
index 83e81f0c..7fd5ef1f 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,4 +1,4 @@
-# Unreleased
+# Release 4.7.0rc1 (June 21, 2023)
 
 - Add `typing_extensions.get_protocol_members` and
   `typing_extensions.is_protocol` (backport of CPython PR #104878).
diff --git a/pyproject.toml b/pyproject.toml
index de8921a5..f56332c6 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -6,7 +6,7 @@ build-backend = "flit_core.buildapi"
 # Project metadata
 [project]
 name = "typing_extensions"
-version = "4.6.3"
+version = "4.7.0rc1"
 description = "Backported and Experimental Type Hints for Python 3.7+"
 readme = "README.md"
 requires-python = ">=3.7"