diff --git a/cmd/otelcorecol/go.mod b/cmd/otelcorecol/go.mod
index 0b326d1e345..3dba093d6f9 100644
--- a/cmd/otelcorecol/go.mod
+++ b/cmd/otelcorecol/go.mod
@@ -6,7 +6,7 @@ go 1.17
 
 require (
 	github.com/stretchr/testify v1.7.4
-	go.opentelemetry.io/collector v0.53.0
+	go.opentelemetry.io/collector v0.54.0
 	golang.org/x/sys v0.0.0-20220128215802-99c3d69c2c27
 )
 
diff --git a/cmd/otelcorecol/main.go b/cmd/otelcorecol/main.go
index dd4005619b4..d4109280384 100644
--- a/cmd/otelcorecol/main.go
+++ b/cmd/otelcorecol/main.go
@@ -19,7 +19,7 @@ func main() {
 	info := component.BuildInfo{
 		Command:     "otelcorecol",
 		Description: "Local OpenTelemetry Collector binary, testing only.",
-		Version:     "0.53.0-dev",
+		Version:     "0.54.0-dev",
 	}
 
 	if err := run(service.CollectorSettings{BuildInfo: info, Factories: factories}); err != nil {