diff --git a/deployment/network-operator/Chart.yaml b/deployment/network-operator/Chart.yaml
index 0f999311..4c6bec57 100644
--- a/deployment/network-operator/Chart.yaml
+++ b/deployment/network-operator/Chart.yaml
@@ -1,8 +1,8 @@
 apiVersion: v2
 name: network-operator
-version: 23.10.0-beta.5
+version: 23.10.0-rc.1
 kubeVersion: '>= 1.21.0'
-appVersion: v23.10.0-beta.5
+appVersion: v23.10.0-rc.1
 description: Nvidia network operator
 type: application
 keywords:
diff --git a/deployment/network-operator/values.yaml b/deployment/network-operator/values.yaml
index 43282029..20d691ec 100644
--- a/deployment/network-operator/values.yaml
+++ b/deployment/network-operator/values.yaml
@@ -99,8 +99,8 @@ sriov-network-operator:
 
   # Image URIs for sriov-network-operator components
   images:
-    operator: nvcr.io/nvstaging/mellanox/sriov-network-operator:network-operator-23.10.0-beta.5
-    sriovConfigDaemon: nvcr.io/nvstaging/mellanox/sriov-network-operator-config-daemon:network-operator-23.10.0-beta.5
+    operator: nvcr.io/nvstaging/mellanox/sriov-network-operator:network-operator-23.10.0-rc.1
+    sriovConfigDaemon: nvcr.io/nvstaging/mellanox/sriov-network-operator-config-daemon:network-operator-23.10.0-rc.1
     sriovCni: ghcr.io/k8snetworkplumbingwg/sriov-cni:v2.7.0
     ibSriovCni:  ghcr.io/k8snetworkplumbingwg/ib-sriov-cni:v1.0.3
     sriovDevicePlugin: ghcr.io/k8snetworkplumbingwg/sriov-network-device-plugin:2cc723dcbc712290055b763dc9d3c090ba41e929
diff --git a/hack/release.yaml b/hack/release.yaml
index 8f551b47..e2e7a9a6 100644
--- a/hack/release.yaml
+++ b/hack/release.yaml
@@ -4,11 +4,11 @@ NetworkOperator:
 SriovNetworkOperator:
   image: sriov-network-operator
   repository: nvcr.io/nvstaging/mellanox
-  version: network-operator-23.10.0-beta.5
+  version: network-operator-23.10.0-rc.1
 SriovConfigDaemon:
   image: sriov-network-operator-config-daemon
   repository: nvcr.io/nvstaging/mellanox
-  version: network-operator-23.10.0-beta.5
+  version: network-operator-23.10.0-rc.1
 SriovCni:
   image: sriov-cni
   repository: ghcr.io/k8snetworkplumbingwg