diff --git a/go.mod b/go.mod
index 521b4acc..bfc48059 100644
--- a/go.mod
+++ b/go.mod
@@ -13,7 +13,7 @@ require (
 	k8s.io/apimachinery v0.30.3
 	k8s.io/client-go v0.30.3
 	knative.dev/hack v0.0.0-20241010131451-05b2fb30cb4d
-	knative.dev/operator v0.42.1-0.20241021182359-805d2d1e6f08
+	knative.dev/operator v0.42.1-0.20241022162800-05d68f2179be
 	knative.dev/pkg v0.0.0-20241021183759-9b9d535af5ad
 )
 
diff --git a/go.sum b/go.sum
index 2fa80bbc..6c4d417f 100644
--- a/go.sum
+++ b/go.sum
@@ -1290,12 +1290,12 @@ k8s.io/utils v0.0.0-20200912215256-4140de9c8800/go.mod h1:jPW/WVKK9YHAvNhRxK0md/
 k8s.io/utils v0.0.0-20210819203725-bdf08cb9a70a/go.mod h1:jPW/WVKK9YHAvNhRxK0md/EJ228hCsBRufyofKtW8HA=
 k8s.io/utils v0.0.0-20240711033017-18e509b52bc8 h1:pUdcCO1Lk/tbT5ztQWOBi5HBgbBP1J8+AsQnQCKsi8A=
 k8s.io/utils v0.0.0-20240711033017-18e509b52bc8/go.mod h1:OLgZIPagt7ERELqWJFomSt595RzquPNLL48iOWgYOg0=
-knative.dev/caching v0.0.0-20241015090132-ccfb189fed8e h1:SFUaPsSwBOLnrakXCoOi+iGe74xGW3TRDwDXmD29xyo=
-knative.dev/caching v0.0.0-20241015090132-ccfb189fed8e/go.mod h1:Gdarh0MOPnzYhT7/f5FFFClwRbbp0bJGK8J2Viu1g54=
+knative.dev/caching v0.0.0-20241022012359-41bbaf964d16 h1:vQ0y0mO1ALdOd/FPiw7gf1415mf41aWnLOVOtTr2/jQ=
+knative.dev/caching v0.0.0-20241022012359-41bbaf964d16/go.mod h1:qOvjasSUI+GyF4hsqJmIomblcgjkLzJhng8/zk0B9J4=
 knative.dev/hack v0.0.0-20241010131451-05b2fb30cb4d h1:aCfX7kwkvgGxXXGbso5tLqdwQmzBkJ9d+EIRwksKTvk=
 knative.dev/hack v0.0.0-20241010131451-05b2fb30cb4d/go.mod h1:R0ritgYtjLDO9527h5vb5X6gfvt5LCrJ55BNbVDsWiY=
-knative.dev/operator v0.42.1-0.20241021182359-805d2d1e6f08 h1:Mfaz5ZsOvESeSOUES8EzRofmL6vBBkS4yW9RUclbW+U=
-knative.dev/operator v0.42.1-0.20241021182359-805d2d1e6f08/go.mod h1:4yVgBvD8kA+eP3GZIYEX7+/kNHIcgGqEmCNhaQuBoNA=
+knative.dev/operator v0.42.1-0.20241022162800-05d68f2179be h1:LRWpXjOyu6bRINlB60dXEHgFTnrczUI1UOEsvdJjXkU=
+knative.dev/operator v0.42.1-0.20241022162800-05d68f2179be/go.mod h1:bAy0D5769aJvbjKcNIg4VRKk7oy4Xvs1gxMFoegLJZY=
 knative.dev/pkg v0.0.0-20241021183759-9b9d535af5ad h1:Nrjtr2H168rJeamH4QdyLMV1lEKHejNhaj1ymgQMfLk=
 knative.dev/pkg v0.0.0-20241021183759-9b9d535af5ad/go.mod h1:StJI72GWcm/iErmk4RqFJiOo8RLbVqPbHxUqeVwAzeo=
 rsc.io/binaryregexp v0.2.0/go.mod h1:qTv7/COck+e2FymRvadv62gMdZztPaShugOCi3I+8D8=
diff --git a/vendor/knative.dev/operator/test/e2e-common.sh b/vendor/knative.dev/operator/test/e2e-common.sh
index 6def32c8..75cab103 100644
--- a/vendor/knative.dev/operator/test/e2e-common.sh
+++ b/vendor/knative.dev/operator/test/e2e-common.sh
@@ -23,9 +23,9 @@ readonly PREVIOUS_SERVING_RELEASE_VERSION="1.15"
 readonly PREVIOUS_EVENTING_RELEASE_VERSION="1.15"
 # The target serving/eventing release to upgrade, installed by the operator. It can be a release available under
 # kodata or an incoming new release. This value should be in the semantic format of major.minor.
-readonly TARGET_RELEASE_VERSION="latest"
+readonly TARGET_RELEASE_VERSION="1.16"
 # This is the branch name of knative repos, where we run the upgrade tests.
-readonly KNATIVE_REPO_BRANCH="${PULL_BASE_REF}"
+readonly KNATIVE_REPO_BRANCH="release-1.16"
 # Namespaces used for tests
 # This environment variable TEST_NAMESPACE defines the namespace to install Knative Serving.
 export TEST_NAMESPACE="${TEST_NAMESPACE:-knative-operator-testing}"
diff --git a/vendor/modules.txt b/vendor/modules.txt
index 9312f77d..3c5a7671 100644
--- a/vendor/modules.txt
+++ b/vendor/modules.txt
@@ -560,7 +560,7 @@ k8s.io/utils/trace
 # knative.dev/hack v0.0.0-20241010131451-05b2fb30cb4d
 ## explicit; go 1.21
 knative.dev/hack
-# knative.dev/operator v0.42.1-0.20241021182359-805d2d1e6f08
+# knative.dev/operator v0.42.1-0.20241022162800-05d68f2179be
 ## explicit; go 1.22.0
 knative.dev/operator/pkg/apis/operator
 knative.dev/operator/pkg/apis/operator/base