diff --git a/configure.ac b/configure.ac
index b94a2d1f73c5f4b7fb050ff0a66fa69a3ea008b5..6c3fa4ac4749398d2ce5fc0e16bfb38a3eb48724 100644
--- a/configure.ac
+++ b/configure.ac
@@ -1,8 +1,8 @@
 # Configure script for Ganeti
 m4_define([gnt_version_major], [1])
-m4_define([gnt_version_minor], [2])
-m4_define([gnt_version_revision], [3])
-m4_define([gnt_version_suffix], [])
+m4_define([gnt_version_minor], [3])
+m4_define([gnt_version_revision], [0])
+m4_define([gnt_version_suffix], [~alpha1])
 m4_define([gnt_version_full],
           m4_format([%d.%d.%d%s],
                     gnt_version_major, gnt_version_minor,