diff --git a/CHANGELOG.md b/CHANGELOG.md
index 91f17937..e8452754 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,18 @@
 
 All notable changes to this project are documented in this file.
 
+## 0.21.2
+
+**Release date:** 2022-02-07
+
+This prerelease changes the default timeout of `GitRepositories` and `Buckets` from `20s` to `60s`.
+When using the `libgit2` Git implementation, increasing the timeout helps avoid
+`Error waiting on socket` intermittent SSH cloning failures.
+
+Improvements:
+- Increase default timeout to 60s
+  [#570](https://github.com/fluxcd/source-controller/pull/570)
+
 ## 0.21.1
 
 **Release date:** 2022-01-27
diff --git a/config/manager/kustomization.yaml b/config/manager/kustomization.yaml
index a03b8156..12670593 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: v0.21.1
+  newTag: v0.21.2
diff --git a/go.mod b/go.mod
index 06f6f37d..eccc2f0f 100644
--- a/go.mod
+++ b/go.mod
@@ -19,7 +19,7 @@ require (
 	github.com/fluxcd/pkg/ssh v0.2.0
 	github.com/fluxcd/pkg/untar v0.1.0
 	github.com/fluxcd/pkg/version v0.1.0
-	github.com/fluxcd/source-controller/api v0.21.1
+	github.com/fluxcd/source-controller/api v0.21.2
 	github.com/go-git/go-billy/v5 v5.3.1
 	github.com/go-git/go-git/v5 v5.4.2
 	github.com/go-logr/logr v1.2.2