diff --git a/grpc-gcp/build.gradle b/grpc-gcp/build.gradle
index 63ab6499..e9c675f5 100644
--- a/grpc-gcp/build.gradle
+++ b/grpc-gcp/build.gradle
@@ -15,15 +15,15 @@ repositories {
     mavenLocal()
 }
 
-version = '1.2.0'
+version = '1.2.1'
 group = 'com.google.cloud'
 description = 'GRPC-GCP-Extension Java'
 sourceCompatibility = '1.8'
 
 def title = 'gRPC extension library for Google Cloud Platform'
 def grpcVersion = '1.36.0'
-def protobufVersion = '3.12.0'
-def protocVersion = '3.12.0'
+def protobufVersion = '3.20.1'
+def protocVersion = '3.20.1'
 def spannerVersion = '6.1.0'
 def opencensusVersion = '0.28.0'