diff --git a/docs/source/release-notes/3.2.1.rst b/docs/source/release-notes/3.2.1.rst
new file mode 100644
index 0000000..dead1db
--- /dev/null
+++ b/docs/source/release-notes/3.2.1.rst
@@ -0,0 +1,8 @@
+3.2.1 -- 2016-11-xx
+-------------------
+
+You can view the `3.2.1 milestone`_ on GitLab for more details.
+
+.. links
+.. _3.2.1 milestone:
+    https://gitlab.com/pycqa/flake8/milestones/15
diff --git a/docs/source/release-notes/index.rst b/docs/source/release-notes/index.rst
index 4bdbed3..aa86351 100644
--- a/docs/source/release-notes/index.rst
+++ b/docs/source/release-notes/index.rst
@@ -9,6 +9,7 @@ with the newest releases first.
 ==================
 
 .. toctree::
+    3.2.1
     3.2.0
     3.1.1
     3.1.0
diff --git a/src/flake8/__init__.py b/src/flake8/__init__.py
index be1b12e..f93c02f 100644
--- a/src/flake8/__init__.py
+++ b/src/flake8/__init__.py
@@ -27,7 +27,7 @@ LOG.addHandler(NullHandler())
 # Clean up after LOG config
 del NullHandler
 
-__version__ = '3.2.0'
+__version__ = '3.2.1.dev0'
 __version_info__ = tuple(int(i) for i in __version__.split('.') if i.isdigit())