diff --git a/setup.cfg b/setup.cfg
index 204859b..9d16b25 100644
--- a/setup.cfg
+++ b/setup.cfg
@@ -36,7 +36,7 @@ install_requires =
     accelerate>=0.22.0
     huggingface-hub>=0.11.1,<1.0.0
     tokenizers>=0.13.3
-    transformers>=4.31.0,<5.0.0  # if you change this, please also change version assert in petals/__init__.py
+    transformers>=4.32.0,<5.0.0  # if you change this, please also change version assert in petals/__init__.py
     speedtest-cli==2.1.3
     pydantic>=1.10,<2.0  # 2.0 is incompatible with hivemind yet
     hivemind==1.1.9
diff --git a/src/petals/__init__.py b/src/petals/__init__.py
index ea64ec9..5158464 100644
--- a/src/petals/__init__.py
+++ b/src/petals/__init__.py
@@ -16,7 +16,7 @@ __version__ = "2.1.0"
 
 if not os.getenv("PETALS_IGNORE_DEPENDENCY_VERSION"):
     assert (
-        version.parse("4.31.0") <= version.parse(transformers.__version__) < version.parse("5.0.0")
+        version.parse("4.32.0") <= version.parse(transformers.__version__) < version.parse("5.0.0")
     ), "Please install a proper transformers version: pip install transformers>=4.31.0,<5.0.0"