diff --git a/Makefile b/Makefile
index e0040a40d3..aa054ff476 100644
--- a/Makefile
+++ b/Makefile
@@ -1,9 +1,9 @@
 # SPDX-License-Identifier: GPL-2.0+
 
-VERSION = 2023
-PATCHLEVEL = 10
+VERSION = 2024
+PATCHLEVEL = 01
 SUBLEVEL =
-EXTRAVERSION =
+EXTRAVERSION = -rc1
 NAME =
 
 # *DOCUMENTATION*
diff --git a/doc/develop/release_cycle.rst b/doc/develop/release_cycle.rst
index 72343386b5..29aff8df89 100644
--- a/doc/develop/release_cycle.rst
+++ b/doc/develop/release_cycle.rst
@@ -50,8 +50,7 @@ Current Status
 
 * U-Boot v2023.10 was released on Mon 02 October 2023.
 
-* The Merge Window for the next release (v2024.01) is **open** until the -rc1
-  release on Mon 23 October 2023.
+* The Merge Window for the next release (v2024.01) is **closed**.
 
 * The next branch is now **closed**.
 
@@ -63,9 +62,9 @@ Future Releases
 .. The following commented out dates are for when release candidates are
    planned to be tagged.
 
-.. For the next scheduled release, release candidates were made on::
+For the next scheduled release, release candidates were made on::
 
-.. * U-Boot v2024.01-rc1 was released on Mon 23 October 2023.
+* U-Boot v2024.01-rc1 was released on Mon 23 October 2023.
 
 .. * U-Boot v2024.01-rc2 was released on Mon 06 November 2023.