diff --git a/deepaas/__init__.py b/deepaas/__init__.py
index ac074f0e..37e30e5c 100644
--- a/deepaas/__init__.py
+++ b/deepaas/__init__.py
@@ -14,4 +14,24 @@
 # License for the specific language governing permissions and limitations
 # under the License.
 
+from contextlib import suppress
+import importlib.metadata
+from pathlib import Path
+
 __version__ = "2.4.0"
+
+
+def extract_version() -> str:
+    """Returns either the version of the package installed."""
+    with suppress(FileNotFoundError, StopIteration):
+        with open((root_dir := Path(__file__).parent.parent)
+                  / "pyproject.toml", encoding="utf-8") as pyproject_toml:
+            version = (
+                next(line for line in pyproject_toml if line.startswith("version"))
+                .split("=")[1]
+                .strip("'\"\n ")
+            )
+            return f"{version}-dev (at {root_dir})"
+    return importlib.metadata.version(
+        __package__ or __name__.split(".", maxsplit=1)[0]
+    )
diff --git a/deepaas/api/__init__.py b/deepaas/api/__init__.py
index 3c45713e..9a12e939 100644
--- a/deepaas/api/__init__.py
+++ b/deepaas/api/__init__.py
@@ -100,7 +100,7 @@ async def get_app(
                 "url": "https://deepaas.readthedocs.org/",
             },
             basePath=base_path,
-            version=deepaas.__version__,
+            version=deepaas.extract_version(),
             url="/swagger.json",
             swagger_path=doc if enable_doc else None,
             prefix=prefix,
diff --git a/deepaas/cmd/cli.py b/deepaas/cmd/cli.py
index e59971eb..e15cfbc7 100644
--- a/deepaas/cmd/cli.py
+++ b/deepaas/cmd/cli.py
@@ -279,7 +279,7 @@ def main():
     log.register_options(CONF)
     log.set_defaults(default_log_levels=log.get_default_log_levels())
 
-    CONF(sys.argv[1:], project="deepaas", version=deepaas.__version__)
+    CONF(sys.argv[1:], project="deepaas", version=deepaas.extract_version())
 
     log.setup(CONF, "deepaas-cli")
 
diff --git a/deepaas/cmd/run.py b/deepaas/cmd/run.py
index 8f953d27..e1a9d0d3 100644
--- a/deepaas/cmd/run.py
+++ b/deepaas/cmd/run.py
@@ -100,7 +100,7 @@ def main():
     print(INTRO)
     print(BANNER.format(docs, spec, v2))
 
-    log.info("Starting DEEPaaS version %s", deepaas.__version__)
+    log.info("Starting DEEPaaS version %s", deepaas.extract_version())
 
     app = api.get_app(
         enable_doc=CONF.doc_endpoint,
diff --git a/deepaas/config.py b/deepaas/config.py
index 6d85997b..20bea2f2 100644
--- a/deepaas/config.py
+++ b/deepaas/config.py
@@ -116,7 +116,7 @@ def parse_args(argv, default_config_files=None):
     cfg.CONF(
         argv[1:],
         project="deepaas",
-        version=deepaas.__version__,
+        version=deepaas.extract_version(),
         default_config_files=default_config_files,
     )
 
diff --git a/doc/source/conf.py b/doc/source/conf.py
index a4dae53a..cedfbb68 100644
--- a/doc/source/conf.py
+++ b/doc/source/conf.py
@@ -72,7 +72,7 @@
 # built documents.
 #
 # The full version, including alpha/beta/rc tags.
-release = deepaas.__version__
+release = deepaas.extract_version()
 # The short X.Y version.
 version = deepaas.__version__