diff --git a/CHANGELOG.md b/CHANGELOG.md
index bc2faa71..96f63a70 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,24 @@
 
 All notable changes to this project are documented in this file.
 
+## 0.7.0
+
+**Release date:** 2021-01-21
+
+This is the seventh MINOR prerelease.
+
+Two new argument flags are introduced to support configuring the QPS
+(`--kube-api-qps`) and burst (`--kube-api-burst`) while communicating
+with the Kubernetes API server.
+
+The `LocalObjectReference` from the Kubernetes core has been replaced
+with our own, making `Name` a required field. The impact of this should
+be limited to direct API consumers only, as the field was already
+required by controller logic.
+
+Overwrite of chart values has been patched to correctly read the data
+from the defined YAML file.
+
 ## 0.6.3
 
 **Release date:** 2021-01-19
diff --git a/config/manager/kustomization.yaml b/config/manager/kustomization.yaml
index b4a0120f..255404bc 100644
--- a/config/manager/kustomization.yaml
+++ b/config/manager/kustomization.yaml
@@ -6,4 +6,4 @@ resources:
 images:
 - name: fluxcd/source-controller
   newName: fluxcd/source-controller
-  newTag: v0.6.3
+  newTag: v0.7.0
diff --git a/go.mod b/go.mod
index 11677a38..3819e2ba 100644
--- a/go.mod
+++ b/go.mod
@@ -16,7 +16,7 @@ require (
 	github.com/fluxcd/pkg/ssh v0.0.5
 	github.com/fluxcd/pkg/untar v0.0.5
 	github.com/fluxcd/pkg/version v0.0.1
-	github.com/fluxcd/source-controller/api v0.6.3
+	github.com/fluxcd/source-controller/api v0.7.0
 	github.com/go-git/go-billy/v5 v5.0.0
 	github.com/go-git/go-git/v5 v5.2.0
 	github.com/go-logr/logr v0.3.0