diff --git a/sdk/core/azure-core/CHANGELOG.md b/sdk/core/azure-core/CHANGELOG.md
index 833d4268aca6..a7c654f1a65e 100644
--- a/sdk/core/azure-core/CHANGELOG.md
+++ b/sdk/core/azure-core/CHANGELOG.md
@@ -1,5 +1,15 @@
 # Release History
 
+## 1.32.1 (Unreleased)
+
+### Features Added
+
+### Breaking Changes
+
+### Bugs Fixed
+
+### Other Changes
+
 ## 1.32.0 (2024-10-31)
 
 ### Features Added
diff --git a/sdk/core/azure-core/azure/core/_version.py b/sdk/core/azure-core/azure/core/_version.py
index 1c43dbb9b140..bdb4c0f0f336 100644
--- a/sdk/core/azure-core/azure/core/_version.py
+++ b/sdk/core/azure-core/azure/core/_version.py
@@ -9,4 +9,4 @@
 # regenerated.
 # --------------------------------------------------------------------------
 
-VERSION = "1.32.0"
+VERSION = "1.32.1"