diff --git a/pydatastructs/utils/tests/test_code_quality.py b/pydatastructs/utils/tests/test_code_quality.py
index 84d41952..25a44025 100644
--- a/pydatastructs/utils/tests/test_code_quality.py
+++ b/pydatastructs/utils/tests/test_code_quality.py
@@ -1,11 +1,11 @@
 import os, re, sys, pydatastructs, inspect
 from typing import Type
 
-def _list_files(checker):
+def _list_files(checker, root_path=None):
     root_path = os.path.abspath(
                 os.path.join(
                 os.path.split(__file__)[0],
-                os.pardir, os.pardir))
+                os.pardir, os.pardir)) if root_path is None else root_path
     code_files = []
     for (dirpath, _, filenames) in os.walk(root_path):
         for _file in filenames:
diff --git a/scripts/versioning/update_version.py b/scripts/versioning/update_version.py
new file mode 100644
index 00000000..ef936458
--- /dev/null
+++ b/scripts/versioning/update_version.py
@@ -0,0 +1,70 @@
+import sys
+
+from pydatastructs.utils.tests.test_code_quality import _list_files
+
+# Files to be updated with the new version number
+# The first element of the tuple is the directory path
+# and the second element is a lambda function that
+# returns True if the file should be updated.
+FILES_TO_BE_SCANNED = {
+    'pydatastructs': ('./pydatastructs', lambda _file: _file.endswith('.py')),
+    'docs': ('./docs/source', lambda _file: _file.endswith('.rst') or _file.endswith('.py'))
+}
+
+
+def update_version_in_files(file_paths, origin_version, new_version):
+    """
+    Updates the version number in the specified files.
+
+    Parameters
+    ==========
+
+    file_paths: list
+        List of file paths to be updated.
+    origin_version: str
+        The original version number to be replaced.
+    new_version: str
+        The new version number to replace the original.
+
+    Returns
+    =======
+
+    None
+    """
+    was_updated = False
+    for path in file_paths:
+        with open(path, 'r') as file:
+            data = file.read()
+        if origin_version in data:
+            was_updated = True
+            data = data.replace(origin_version, new_version)
+            with open(path, 'w') as file:
+                file.write(data)
+
+    return was_updated
+
+
+def main():
+    if len(sys.argv) != 3:
+        print('Usage: python update_version.py <origin_version> <new_version>')
+        return
+
+    origin_version, new_version = sys.argv[1], sys.argv[2]
+    print(f'Updating version number from {origin_version} to {new_version}...')
+
+    file_paths = ['README.md', 'setup.py']
+
+    for _, (dir_path, checker) in FILES_TO_BE_SCANNED.items():
+        file_paths.extend(_list_files(checker, dir_path))
+
+    was_updated = update_version_in_files(
+        file_paths, origin_version, new_version)
+
+    if was_updated:
+        print('Version number updated successfully!')
+    else:
+        print('WARNING: Version number not found in the specified files.')
+
+
+if __name__ == "__main__":
+    main()