diff --git a/NEWS b/NEWS
index fcaf7ea9763121393781bcaf9bf878706a7a9839..0ede29da16243c9bba81bb597edcc5eb9e1b79e6 100644
--- a/NEWS
+++ b/NEWS
@@ -1,6 +1,18 @@
 News
 ====
 
+Version 2.3.1 rc1
+-----------------
+
+*(Released Wed, 1 Dec 2010)*
+
+- impexpd: Disable OpenSSL compression in socat if possible (backport
+  from master, commit e90739d625b, see :doc:`installation guide
+  <install-quick>` for details)
+- Changed unittest coverage report to exclude test scripts
+- Added script to check version format
+
+
 Version 2.3.0
 -------------
 
diff --git a/configure.ac b/configure.ac
index 2abed5f5d31c0ae7f86a0b012a30c56a7450c919..c27981f01c16d9062a5fd8ae9f714485e8102b28 100644
--- a/configure.ac
+++ b/configure.ac
@@ -1,8 +1,8 @@
 # Configure script for Ganeti
 m4_define([gnt_version_major], [2])
 m4_define([gnt_version_minor], [3])
-m4_define([gnt_version_revision], [0])
-m4_define([gnt_version_suffix], [])
+m4_define([gnt_version_revision], [1])
+m4_define([gnt_version_suffix], [~rc1])
 m4_define([gnt_version_full],
           m4_format([%d.%d.%d%s],
                     gnt_version_major, gnt_version_minor,