diff --git a/CHANGELOG.md b/CHANGELOG.md
index 40272eb9..c4a9f308 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,28 @@
 # Changelog
 
+## 0.14.0
+
+**Release date:** 2021-11-23
+
+This prerelease updates Alpine to v3.14, and several dependencies to their latest
+version. Solving an issue with `rest_client_request_latency_seconds_.*` high
+cardinality metrics.
+
+To enhance the experience of consumers observing the `ImagePolicy` and `ImageRepository`
+objects using `kstatus`, a default of `-1` is now configured for the `observedGeneration`
+to ensure it does not report a false positive in the time the controller has not marked
+the resource with a `Ready` condition yet.
+
+Improvements:
+- Set default observedGeneration to -1
+  [#189](https://github.com/fluxcd/image-reflector-controller/pull/189)
+- Update Alpine to v3.14
+  [#203](https://github.com/fluxcd/image-reflector-controller/pull/203)
+- Update dependencies
+  [#204](https://github.com/fluxcd/image-reflector-controller/pull/204)
+- Update github.com/opencontainers/image-spec to v1.0.2
+  [#205](https://github.com/fluxcd/image-reflector-controller/pull/205)
+
 ## 0.13.2
 
 **Release date**: 2021-11-12
diff --git a/config/manager/kustomization.yaml b/config/manager/kustomization.yaml
index 62d14f39..88dd98ee 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: v0.13.2
+    newTag: v0.14.0
diff --git a/go.mod b/go.mod
index f894abad..f05fbc73 100644
--- a/go.mod
+++ b/go.mod
@@ -8,7 +8,7 @@ require (
 	github.com/Masterminds/semver/v3 v3.1.1
 	github.com/aws/aws-sdk-go v1.42.9
 	github.com/dgraph-io/badger/v3 v3.2103.2
-	github.com/fluxcd/image-reflector-controller/api v0.13.2
+	github.com/fluxcd/image-reflector-controller/api v0.14.0
 	github.com/fluxcd/pkg/apis/meta v0.10.0
 	github.com/fluxcd/pkg/runtime v0.12.0
 	github.com/fluxcd/pkg/version v0.1.0