diff --git a/README.md b/README.md
index 2104722f9..8bd63a051 100644
--- a/README.md
+++ b/README.md
@@ -61,7 +61,7 @@ Here is an example of how you can apply some [pixel-level](#pixel-level-transfor
 
 ## Installation
 
-Albumentations requires Python 3.7 or higher. To install the latest version from PyPI:
+Albumentations requires Python 3.8 or higher. To install the latest version from PyPI:
 
 ```bash
 pip install -U albumentations
diff --git a/albumentations/__init__.py b/albumentations/__init__.py
index 32bcdf5f4..00f0d5d55 100644
--- a/albumentations/__init__.py
+++ b/albumentations/__init__.py
@@ -1,4 +1,4 @@
-__version__ = "1.3.1"
+__version__ = "1.4.0"
 
 from .augmentations import *
 from .core.composition import *