diff --git a/CHANGELOG.md b/CHANGELOG.md
index 388110fef..3a7a8f0a6 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,11 @@
 # Changelog
 
+## 4.7.0-rc.0 (2024-02-22)
+
+### Features
+
+#### Support job cancellation for QPUs, perform automatic retries on transient network failures. (#1741)
+
 ## 4.6.2 (2024-02-20)
 
 ### Fixes
diff --git a/pyproject.toml b/pyproject.toml
index 2d0ce4af0..ee69c7f7d 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -1,6 +1,6 @@
 [tool.poetry]
 name = "pyquil"
-version = "4.6.2"
+version = "4.7.0-rc.0"
 description = "A Python library for creating Quantum Instruction Language (Quil) programs."
 authors = ["Rigetti Computing <softapps@rigetti.com>"]
 readme = "README.md"