diff --git a/CHANGELOG.md b/CHANGELOG.md
index d3b0caf4b..33d9a0783 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -7,7 +7,18 @@ and this project adheres to [Semantic Versioning](http://semver.org/spec/v2.0.0.
 
 ## Unreleased
 
+## 0.39.1 - 2023-09-05
+
+### Added
+- `axi_cdc`: Add `SyncStages` parameter.
+- `axi_to_mem_interleaved`: Add interface variant.
+- `axi_burst_splitter`: Expose `id_queue`'s `FULL_BW` parameter.
+- `axi_chan_compare`: Add parameter to allow reordered transactions.
+- Add `AXI_HIGHLIGHT` macro to highlight AXI signals.
+- Add flat port instantiation macros.
+
 ### Fixed
+- `axi_test`: Avoid false negatives for misaligned reads in `axi_scoreboard`.
 - `axi_to_detailed_mem`: Ensure proper propagation or `err` and `exokay` signals.
 
 ## 0.39.0 - 2023-07-20
diff --git a/VERSION b/VERSION
index 4ef2eb086..d2e2400ee 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-0.39.0
+0.39.1
diff --git a/axi.core b/axi.core
index d3bf2f735..a44922d2c 100644
--- a/axi.core
+++ b/axi.core
@@ -1,6 +1,6 @@
 CAPI=2:
 
-name : pulp-platform.org::axi:0.39.0
+name : pulp-platform.org::axi:0.39.1
 
 filesets:
   rtl:
@@ -74,7 +74,7 @@ filesets:
       - src/axi_xp.sv
     file_type : systemVerilogSource
     depend :
-      - ">=pulp-platform.org::common_cells:1.27.0"
+      - ">=pulp-platform.org::common_cells:1.31.1"
   benchs:
     files:
       - test/tb_axi_dw_pkg.sv
diff --git a/ips_list.yml b/ips_list.yml
index da1a0adc6..7d797dea5 100644
--- a/ips_list.yml
+++ b/ips_list.yml
@@ -1,5 +1,5 @@
 common_cells:
-    commit: v1.27.0
+    commit: v1.31.1
     group: pulp-platform
 
 common_verification: