diff --git a/wagtail/__init__.py b/wagtail/__init__.py
index f198b44aeb..518b6804c2 100644
--- a/wagtail/__init__.py
+++ b/wagtail/__init__.py
@@ -6,7 +6,7 @@ from wagtail.utils.version import get_semver_version, get_version
 
 # major.minor.patch.release.number
 # release must be one of alpha, beta, rc, or final
-VERSION = (4, 2, 0, "alpha", 0)
+VERSION = (5, 0, 0, "alpha", 0)
 
 __version__ = get_version(VERSION)
 
diff --git a/wagtail/project_template/requirements.txt b/wagtail/project_template/requirements.txt
index 666eb67099..5885dc6809 100644
--- a/wagtail/project_template/requirements.txt
+++ b/wagtail/project_template/requirements.txt
@@ -1,2 +1,2 @@
 Django>=4.1,<4.2
-wagtail==4.2a0
+wagtail==5.0a0