diff --git a/CHANGELOG.md b/CHANGELOG.md
index 78e4bca4..2b87b499 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,10 +2,24 @@
 
 All notable changes to this project are documented in this file.
 
+## 0.17.2
+
+**Release date:** 2021-11-04
+
+This prerelease comes with a bug fix to ensure the `libgit2` Git implementation
+respects the operation `timeout` specified in `GitRepositorySpec`.
+
+Fixes:
+* libgit2: ensure context timeout cancels transfer
+  [#477](https://github.com/fluxcd/source-controller/pull/477)
+
 ## 0.17.1
 
 **Release date:** 2021-10-30
 
+This prerelease fixes a pointer error that was returned in v0.17.0 during
+the import of public keys to verify a commit.
+
 Fixes:
 * Fix pointer error during public key import
   [#479](https://github.com/fluxcd/source-controller/pull/479)
diff --git a/config/manager/kustomization.yaml b/config/manager/kustomization.yaml
index abfb200c..fa57bd10 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: v0.17.1
+  newTag: v0.17.2
diff --git a/go.mod b/go.mod
index 04c6cb03..374e22c7 100644
--- a/go.mod
+++ b/go.mod
@@ -19,7 +19,7 @@ require (
 	github.com/fluxcd/pkg/ssh v0.1.0
 	github.com/fluxcd/pkg/untar v0.1.0
 	github.com/fluxcd/pkg/version v0.1.0
-	github.com/fluxcd/source-controller/api v0.17.1
+	github.com/fluxcd/source-controller/api v0.17.2
 	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 v0.4.0