diff --git a/CMakeLists.txt b/CMakeLists.txt
index d3da9afc..9930566a 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -12,7 +12,7 @@ INCLUDE (CheckCSourceCompiles)
 INCLUDE (CheckStructHasMember)
 INCLUDE (CheckLibraryExists)
 
-PROJECT (c-ares LANGUAGES C VERSION "1.32.0" )
+PROJECT (c-ares LANGUAGES C VERSION "1.32.1" )
 
 # Set this version before release
 SET (CARES_VERSION "${PROJECT_VERSION}")
@@ -30,7 +30,7 @@ INCLUDE (GNUInstallDirs) # include this *AFTER* PROJECT(), otherwise paths are w
 # For example, a version of 4:0:2 would generate output such as:
 #    libname.so   -> libname.so.2
 #    libname.so.2 -> libname.so.2.2.0
-SET (CARES_LIB_VERSIONINFO "19:0:17")
+SET (CARES_LIB_VERSIONINFO "19:1:17")
 
 
 OPTION (CARES_STATIC        "Build as a static library"                                             OFF)
diff --git a/RELEASE-NOTES.md b/RELEASE-NOTES.md
index 545e3ca8..e016cc50 100644
--- a/RELEASE-NOTES.md
+++ b/RELEASE-NOTES.md
@@ -1,3 +1,13 @@
+## c-ares version 1.32.1 - July 7 2024
+
+This is a bugfix release.
+
+Bugfixes:
+* Channel lock needs to be recursive to ensure calls into c-ares functions can
+  be made from callbacks otherwise deadlocks will occur.  This regression was
+  introduced in 1.32.0.
+
+
 ## c-ares version 1.32.0 - July 4 2024
 
 This is a feature and bugfix release.
diff --git a/configure.ac b/configure.ac
index d7deb430..d7a2cc43 100644
--- a/configure.ac
+++ b/configure.ac
@@ -2,10 +2,10 @@ dnl Copyright (C) The c-ares project and its contributors
 dnl SPDX-License-Identifier: MIT
 AC_PREREQ([2.69])
 
-AC_INIT([c-ares], [1.32.0],
+AC_INIT([c-ares], [1.32.1],
   [c-ares mailing list: http://lists.haxx.se/listinfo/c-ares])
 
-CARES_VERSION_INFO="19:0:17"
+CARES_VERSION_INFO="19:1:17"
 dnl This flag accepts an argument of the form current[:revision[:age]]. So,
 dnl passing -version-info 3:12:1 sets current to 3, revision to 12, and age to
 dnl 1.
diff --git a/include/ares_version.h b/include/ares_version.h
index 7374767e..07cd989a 100644
--- a/include/ares_version.h
+++ b/include/ares_version.h
@@ -32,11 +32,11 @@
 
 #define ARES_VERSION_MAJOR 1
 #define ARES_VERSION_MINOR 32
-#define ARES_VERSION_PATCH 0
+#define ARES_VERSION_PATCH 1
 #define ARES_VERSION                                        \
   ((ARES_VERSION_MAJOR << 16) | (ARES_VERSION_MINOR << 8) | \
    (ARES_VERSION_PATCH))
-#define ARES_VERSION_STR "1.32.0"
+#define ARES_VERSION_STR "1.32.1"
 
 #define CARES_HAVE_ARES_LIBRARY_INIT    1
 #define CARES_HAVE_ARES_LIBRARY_CLEANUP 1