diff --git a/version.py b/version.py
index 47af88c676f..cb133980f4b 100644
--- a/version.py
+++ b/version.py
@@ -2,8 +2,8 @@ short_name = "godot"
 name = "Godot Engine"
 major = 3
 minor = 2
-patch = 0
-status = "stable"
+patch = 1
+status = "rc"
 module_config = ""
 year = 2020
 website = "https://godotengine.org"