diff --git a/CHANGELOG.md b/CHANGELOG.md
index 8970bebf..237ef11e 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,14 @@
 
 All notable changes to this project are documented in this file.
 
+## 0.7.3
+
+**Release date:** 2021-02-02
+
+This prerelease changes the strategy of the controller's deployment to Recreate
+to prevent a deadlock during upgrades and to ensure safe usage of backing
+persistent (RW) volumes.
+
 ## 0.7.2
 
 **Release date:** 2021-02-01
diff --git a/config/manager/kustomization.yaml b/config/manager/kustomization.yaml
index 45ae7cd7..e9e1f1ff 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: v0.7.2
+  newTag: v0.7.3
diff --git a/go.mod b/go.mod
index be689f70..51033382 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 v0.7.2
+	github.com/fluxcd/source-controller/api v0.7.3
 	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