diff --git a/CHANGELOG.md b/CHANGELOG.md
index 201eef25ea..1b85f4cf0d 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,13 @@
+## 7.5.0-pre
+
+Pre-release version of 7.5 client.
+
+* Support for Elasticsearch `7.5`.
+* Update API spec generator: The code for Elasticsearch OSS and X-Pack APIs is being generated from the [rest api spec](https://github.com/elastic/elasticsearch/tree/master/rest-api-spec/src/main/resources/rest-api-spec/api).
+* Specs have been updated to address new/deprecated parameters.
+* This is a pre-release, full Changelog details will be published with the final release of 7.5.0
+
+
 ## 7.4.0
 
 ### Client
diff --git a/elasticsearch-api/lib/elasticsearch/api/version.rb b/elasticsearch-api/lib/elasticsearch/api/version.rb
index b1dc0d798d..ac8d84fdcf 100644
--- a/elasticsearch-api/lib/elasticsearch/api/version.rb
+++ b/elasticsearch-api/lib/elasticsearch/api/version.rb
@@ -4,6 +4,6 @@
 
 module Elasticsearch
   module API
-    VERSION = "7.4.0"
+    VERSION = "7.5.0-pre"
   end
 end
diff --git a/elasticsearch-transport/lib/elasticsearch/transport/version.rb b/elasticsearch-transport/lib/elasticsearch/transport/version.rb
index bdb5121365..4ee6003331 100644
--- a/elasticsearch-transport/lib/elasticsearch/transport/version.rb
+++ b/elasticsearch-transport/lib/elasticsearch/transport/version.rb
@@ -4,6 +4,6 @@
 
 module Elasticsearch
   module Transport
-    VERSION = "7.4.0"
+    VERSION = "7.5.0-pre"
   end
 end
diff --git a/elasticsearch-xpack/lib/elasticsearch/xpack/version.rb b/elasticsearch-xpack/lib/elasticsearch/xpack/version.rb
index ab7628c94f..afe237bd2e 100644
--- a/elasticsearch-xpack/lib/elasticsearch/xpack/version.rb
+++ b/elasticsearch-xpack/lib/elasticsearch/xpack/version.rb
@@ -4,6 +4,6 @@
 
 module Elasticsearch
   module XPack
-    VERSION = "7.4.0"
+    VERSION = "7.5.0-pre"
   end
 end
diff --git a/elasticsearch/elasticsearch.gemspec b/elasticsearch/elasticsearch.gemspec
index abb904b1d7..9653bf79e0 100644
--- a/elasticsearch/elasticsearch.gemspec
+++ b/elasticsearch/elasticsearch.gemspec
@@ -27,8 +27,8 @@ Gem::Specification.new do |s|
 
   s.required_ruby_version = '>= 1.9'
 
-  s.add_dependency "elasticsearch-transport", '7.4.0'
-  s.add_dependency "elasticsearch-api",       '7.4.0'
+  s.add_dependency "elasticsearch-transport", '7.5.0-pre'
+  s.add_dependency "elasticsearch-api",       '7.5.0-pre'
 
   s.add_development_dependency "bundler"
 
diff --git a/elasticsearch/lib/elasticsearch/version.rb b/elasticsearch/lib/elasticsearch/version.rb
index 809c90c3bf..2a5e623607 100644
--- a/elasticsearch/lib/elasticsearch/version.rb
+++ b/elasticsearch/lib/elasticsearch/version.rb
@@ -3,5 +3,5 @@
 # See the LICENSE file in the project root for more information
 
 module Elasticsearch
-  VERSION = "7.4.0"
+  VERSION = "7.5.0-pre"
 end