diff --git a/CHANGELOG.md b/CHANGELOG.md
index ef4ceb3c..95f376b6 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,21 @@
 # Changelog
 
+## 0.23.3
+
+**Release date:** 2022-06-22
+
+This prerelease adds a new flag for configuring the SSH host key algorithms and
+updates the source-controller dependency to v0.25.7, which fixes a deadlock
+scenario in the SSH managed transport and some SSH connection leak issues.
+
+Improvements:
+- Update source-controller to v0.25.7
+  [#393](https://github.com/fluxcd/image-automation-controller/pull/393)
+- build: enable -race for go test
+  [#389](https://github.com/fluxcd/image-automation-controller/pull/389)
+- Add new flag --ssh-hostkey-algos
+  [#388](https://github.com/fluxcd/image-automation-controller/pull/388)
+
 ## 0.23.2
 
 **Release date:** 2022-06-08
diff --git a/config/manager/kustomization.yaml b/config/manager/kustomization.yaml
index e4ef4666..1571aacd 100644
--- a/config/manager/kustomization.yaml
+++ b/config/manager/kustomization.yaml
@@ -5,4 +5,4 @@ resources:
 images:
 - name: fluxcd/image-automation-controller
   newName: fluxcd/image-automation-controller
-  newTag: v0.23.2
+  newTag: v0.23.3
diff --git a/go.mod b/go.mod
index ebe0839d..c09fb4a9 100644
--- a/go.mod
+++ b/go.mod
@@ -8,7 +8,7 @@ require (
 	github.com/Masterminds/sprig/v3 v3.2.2
 	github.com/ProtonMail/go-crypto v0.0.0-20220517143526-88bb52951d5b
 	github.com/cyphar/filepath-securejoin v0.2.3
-	github.com/fluxcd/image-automation-controller/api v0.23.2
+	github.com/fluxcd/image-automation-controller/api v0.23.3
 	github.com/fluxcd/image-reflector-controller/api v0.19.1
 	github.com/fluxcd/pkg/apis/acl v0.0.3
 	github.com/fluxcd/pkg/apis/meta v0.14.2