diff --git a/VERSION b/VERSION
index cef639ac03b..e27e8877808 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-2.4.0 0.0.devel
+2.4.0.0 0.1.rc1
diff --git a/lib/ansible/release.py b/lib/ansible/release.py
index e38da10d35a..733bcc4915c 100644
--- a/lib/ansible/release.py
+++ b/lib/ansible/release.py
@@ -19,5 +19,5 @@
 from __future__ import (absolute_import, division, print_function)
 __metaclass__ = type
 
-__version__ = '2.4.0'
+__version__ = '2.4.0.0'
 __author__ = 'Ansible, Inc.'