diff --git a/CHANGELOG.md b/CHANGELOG.md
index 91a06709..2e66b8b9 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,19 @@
 # Changelog
 
+## 0.4.0
+
+**Release date:** 2021-01-21
+
+This prerelease comes with two new argument flags,
+introduced to support configuring the QPS
+(`--kube-api-qps`) and burst (`--kube-api-burst`) while communicating
+with the Kubernetes API server.
+
+The `LocalObjectReference` from the Kubernetes core has been replaced
+with our own, making the `name` a required field. The impact of this
+should be limited to direct API consumers only, as the field was
+already required by controller logic.
+
 ## 0.3.0
 
 **Release date:** 2021-01-16
diff --git a/config/manager/kustomization.yaml b/config/manager/kustomization.yaml
index eb38cc57..07def371 100644
--- a/config/manager/kustomization.yaml
+++ b/config/manager/kustomization.yaml
@@ -5,4 +5,4 @@ resources:
 images:
   - name: fluxcd/image-reflector-controller
     newName: fluxcd/image-reflector-controller
-    newTag: v0.3.0
+    newTag: v0.4.0
diff --git a/go.mod b/go.mod
index 5b9c606f..9d5dc008 100644
--- a/go.mod
+++ b/go.mod
@@ -8,7 +8,7 @@ require (
 	github.com/Masterminds/semver/v3 v3.1.1
 	// fix for ARM builds
 	github.com/dgraph-io/badger/v3 v3.0.0-20210118150219-63f09c34dec1
-	github.com/fluxcd/image-reflector-controller/api v0.3.0
+	github.com/fluxcd/image-reflector-controller/api v0.4.0
 	github.com/fluxcd/pkg/apis/meta v0.7.0
 	github.com/fluxcd/pkg/runtime v0.8.0
 	github.com/fluxcd/pkg/version v0.0.1