diff --git a/deployment/network-operator/Chart.yaml b/deployment/network-operator/Chart.yaml
index e596e0d3..56ddfa3c 100644
--- a/deployment/network-operator/Chart.yaml
+++ b/deployment/network-operator/Chart.yaml
@@ -1,8 +1,8 @@
 apiVersion: v2
 name: network-operator
-version: 24.7.0-rc.1
+version: 24.7.0-rc.2
 kubeVersion: '>= 1.21.0'
-appVersion: v24.7.0-rc.1
+appVersion: v24.7.0-rc.2
 description: Nvidia network operator
 type: application
 keywords:
diff --git a/deployment/network-operator/values.yaml b/deployment/network-operator/values.yaml
index 08060347..d7c7d31c 100644
--- a/deployment/network-operator/values.yaml
+++ b/deployment/network-operator/values.yaml
@@ -141,15 +141,15 @@ sriov-network-operator:
 
   # Image URIs for sriov-network-operator components.
   images:
-    operator: nvcr.io/nvstaging/mellanox/sriov-network-operator:network-operator-24.7.0-rc.1
-    sriovConfigDaemon: nvcr.io/nvstaging/mellanox/sriov-network-operator-config-daemon:network-operator-24.7.0-rc.1
+    operator: nvcr.io/nvstaging/mellanox/sriov-network-operator:network-operator-24.7.0-rc.2
+    sriovConfigDaemon: nvcr.io/nvstaging/mellanox/sriov-network-operator-config-daemon:network-operator-24.7.0-rc.2
     sriovCni: ghcr.io/k8snetworkplumbingwg/sriov-cni:v2.8.1
     ibSriovCni: ghcr.io/k8snetworkplumbingwg/ib-sriov-cni:v1.1.1
     ovsCni: ghcr.io/k8snetworkplumbingwg/ovs-cni-plugin:v0.34.0
     # rdmaCni: ghcr.io/k8snetworkplumbingwg/rdma-cni:v1.2.0
     sriovDevicePlugin: ghcr.io/k8snetworkplumbingwg/sriov-network-device-plugin:v3.7.0
     resourcesInjector: ghcr.io/k8snetworkplumbingwg/network-resources-injector:8810e6a127366cc1eb829d3f7cb3f866d096946e
-    webhook: nvcr.io/nvstaging/mellanox/sriov-network-operator-webhook:network-operator-24.7.0-rc.1
+    webhook: nvcr.io/nvstaging/mellanox/sriov-network-operator-webhook:network-operator-24.7.0-rc.2
   # imagePullSecrest for SR-IOV Network Operator related images
   # imagePullSecrets: []
   sriovOperatorConfig:
diff --git a/hack/release.yaml b/hack/release.yaml
index 072db3cc..c68c0500 100644
--- a/hack/release.yaml
+++ b/hack/release.yaml
@@ -1,7 +1,7 @@
 NetworkOperator:
   image: network-operator
   repository: nvcr.io/nvstaging/mellanox
-  version: v24.7.0-rc.1
+  version: v24.7.0-rc.2
 NetworkOperatorInitContainer:
   image: network-operator-init-container
   repository: ghcr.io/mellanox
@@ -9,15 +9,15 @@ NetworkOperatorInitContainer:
 SriovNetworkOperator:
   image: sriov-network-operator
   repository: nvcr.io/nvstaging/mellanox
-  version: network-operator-24.7.0-rc.1
+  version: network-operator-24.7.0-rc.2
 SriovNetworkOperatorWebhook:
   image: sriov-network-operator-webhook
   repository: nvcr.io/nvstaging/mellanox
-  version: network-operator-24.7.0-rc.1
+  version: network-operator-24.7.0-rc.2
 SriovConfigDaemon:
   image: sriov-network-operator-config-daemon
   repository: nvcr.io/nvstaging/mellanox
-  version: network-operator-24.7.0-rc.1
+  version: network-operator-24.7.0-rc.2
 SriovCni:
   image: sriov-cni
   repository: ghcr.io/k8snetworkplumbingwg