diff --git a/Makefile b/Makefile
index 009419e9..d0015246 100644
--- a/Makefile
+++ b/Makefile
@@ -17,8 +17,8 @@ MKDIR    ?= mkdir
 DIST_DIR ?= $(CURDIR)/dist
 
 LIB_NAME := nvidia-container-toolkit
-LIB_VERSION := 1.6.0
-LIB_TAG ?=
+LIB_VERSION := 1.7.0
+LIB_TAG := rc.1
 
 GOLANG_VERSION := 1.16.3
 MODULE := github.com/NVIDIA/nvidia-container-toolkit
diff --git a/build/container/Makefile b/build/container/Makefile
index ec00a7b8..c0b62a2a 100644
--- a/build/container/Makefile
+++ b/build/container/Makefile
@@ -20,8 +20,8 @@ DIST_DIR ?= $(CURDIR)/dist
 
 # TODO: These should be defined ONCE and currently duplicate the version in the
 # toolkit makefile.
-LIB_VERSION := 1.6.0
-LIB_TAG :=
+LIB_VERSION := 1.7.0
+LIB_TAG := rc.1
 
 VERSION ?= $(LIB_VERSION)$(if $(LIB_TAG),-$(LIB_TAG))
 
diff --git a/packaging/debian/changelog b/packaging/debian/changelog
index aa4fb7fa..04accf65 100644
--- a/packaging/debian/changelog
+++ b/packaging/debian/changelog
@@ -1,3 +1,9 @@
+nvidia-container-toolkit (1.7.0~rc.1-1) experimental; urgency=medium
+
+  * [Placeholder for 1.7.0~rc.1-1 development]
+
+ -- NVIDIA CORPORATION <cudatools@nvidia.com>  Fri, 19 Nov 2021 15:02:16 +0100
+
 nvidia-container-toolkit (1.6.0-1) UNRELEASED; urgency=medium
 
   * Promote 1.6.0~rc.3-1 to 1.6.0-1
diff --git a/packaging/rpm/SPECS/nvidia-container-toolkit.spec b/packaging/rpm/SPECS/nvidia-container-toolkit.spec
index 29f10498..afddf0a7 100644
--- a/packaging/rpm/SPECS/nvidia-container-toolkit.spec
+++ b/packaging/rpm/SPECS/nvidia-container-toolkit.spec
@@ -64,7 +64,10 @@ rm -f %{_bindir}/nvidia-container-runtime-hook
 /usr/share/containers/oci/hooks.d/oci-nvidia-hook.json
 
 %changelog
-* Wed Nov 17 2021 NVIDIA CORPORATION <cudatools@nvidia.com> 3.6.0-1
+* Fri Nov 19 2021 NVIDIA CORPORATION <cudatools@nvidia.com> 1.7.0-0.1.rc.1
+- [Placeholder for 1.7.0-0.1.rc.1 development]
+
+* Wed Nov 17 2021 NVIDIA CORPORATION <cudatools@nvidia.com> 1.6.0-1
 - Promote 1.6.0-0.1.rc.3 to 1.6.0-1
 - Fix unnecessary logging to stderr instead of configured nvidia-container-runtime log file