diff --git a/imagekit/__init__.py b/imagekit/__init__.py
index 0540878..baf8eca 100644
--- a/imagekit/__init__.py
+++ b/imagekit/__init__.py
@@ -2,10 +2,10 @@
 Django ImageKit
 
 Author: Justin Driscoll <justin.driscoll@gmail.com>
-Version: 0.3.6
+Version: 0.4.0
 
 """
 __author__ = 'Justin Driscoll, Bryan Veloso, Greg Newman, Chris Drackett'
-__version__ = (0, 3, 6)
+__version__ = (0, 4, 0)
 
 
diff --git a/setup.py b/setup.py
index 14c2bc6..379c771 100644
--- a/setup.py
+++ b/setup.py
@@ -3,7 +3,7 @@ from distutils.core import setup
 
 setup(
     name='django-imagekit',
-    version='0.3.6',
+    version='0.4.0',
     description='Automated image processing for Django models.',
     author='Justin Driscoll',
     author_email='justin@driscolldev.com',