diff --git a/CHANGELOG.md b/CHANGELOG.md
index 84bda27..5016ccc 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,9 @@
 ## Unreleased
 
+## 1.16.0
+
+- Mark as deprecated
+
 ## 1.15.0
 
 - Use LOWMEMORY as default temporality
diff --git a/requirements-test.txt b/requirements-test.txt
index 44132c5..2a51620 100644
--- a/requirements-test.txt
+++ b/requirements-test.txt
@@ -1,14 +1,14 @@
-opentelemetry-api==1.17.0
-opentelemetry-exporter-otlp==1.17.0
-opentelemetry-instrumentation==0.38b0
-opentelemetry-instrumentation-flask==0.38b0
-opentelemetry-instrumentation-requests==0.38b0
-opentelemetry-instrumentation-wsgi==0.38b0
-opentelemetry-propagator-b3==1.17.0
-opentelemetry-proto==1.17.0
-opentelemetry-sdk==1.17.0
-opentelemetry-util-http==0.38b0
-opentelemetry-propagator-ot-trace==0.38b0
+opentelemetry-api==1.20.0
+opentelemetry-exporter-otlp==1.20.0
+opentelemetry-instrumentation==0.41b0
+opentelemetry-instrumentation-flask==0.41b0
+opentelemetry-instrumentation-requests==0.41b0
+opentelemetry-instrumentation-wsgi==0.41b0
+opentelemetry-propagator-b3==1.20.0
+opentelemetry-proto==1.20.0
+opentelemetry-sdk==1.20.0
+opentelemetry-util-http==0.41b0
+opentelemetry-propagator-ot-trace==0.41b0
 pytest
 flask
 setuptools>=65.5.1 # not directly required, pinned by Snyk to avoid a vulnerability
diff --git a/setup.cfg b/setup.cfg
index 2800e1c..7f5cfe1 100644
--- a/setup.cfg
+++ b/setup.cfg
@@ -39,11 +39,11 @@ package_dir=
 packages=find_namespace:
 install_requires =
     environs >= 8.0.0
-    opentelemetry-api == 1.17.0
-    opentelemetry-sdk == 1.17.0
-    opentelemetry-exporter-otlp == 1.17.0
-    opentelemetry-propagator-b3 == 1.17.0
-    opentelemetry-instrumentation == 0.38b0
+    opentelemetry-api == 1.20.0
+    opentelemetry-sdk == 1.20.0
+    opentelemetry-exporter-otlp == 1.20.0
+    opentelemetry-propagator-b3 == 1.20.0
+    opentelemetry-instrumentation == 0.41b0
 
 [options.extras_require]
 test =
diff --git a/src/opentelemetry/launcher/version.py b/src/opentelemetry/launcher/version.py
index 6fc274d..68cad3f 100644
--- a/src/opentelemetry/launcher/version.py
+++ b/src/opentelemetry/launcher/version.py
@@ -12,4 +12,4 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 
-__version__ = "1.15.0"
+__version__ = "1.16.0"