diff --git a/lerna.json b/lerna.json
index 7dfbe40a572b..34bd0fd6ae49 100644
--- a/lerna.json
+++ b/lerna.json
@@ -16,5 +16,5 @@
       "registry": "https://registry.npmjs.org/"
     }
   },
-  "version": "12.3.1-canary.5"
+  "version": "12.3.1"
 }
diff --git a/packages/create-next-app/package.json b/packages/create-next-app/package.json
index 788f1d38f102..2e9cd6d4a453 100644
--- a/packages/create-next-app/package.json
+++ b/packages/create-next-app/package.json
@@ -1,6 +1,6 @@
 {
   "name": "create-next-app",
-  "version": "12.3.1-canary.5",
+  "version": "12.3.1",
   "keywords": [
     "react",
     "next",
diff --git a/packages/eslint-config-next/package.json b/packages/eslint-config-next/package.json
index 6f0f32134037..4757609169e5 100644
--- a/packages/eslint-config-next/package.json
+++ b/packages/eslint-config-next/package.json
@@ -1,6 +1,6 @@
 {
   "name": "eslint-config-next",
-  "version": "12.3.1-canary.5",
+  "version": "12.3.1",
   "description": "ESLint configuration used by NextJS.",
   "main": "index.js",
   "license": "MIT",
@@ -9,7 +9,7 @@
     "directory": "packages/eslint-config-next"
   },
   "dependencies": {
-    "@next/eslint-plugin-next": "12.3.1-canary.5",
+    "@next/eslint-plugin-next": "12.3.1",
     "@rushstack/eslint-patch": "^1.1.3",
     "@typescript-eslint/parser": "^5.21.0",
     "eslint-import-resolver-node": "^0.3.6",
diff --git a/packages/eslint-plugin-next/package.json b/packages/eslint-plugin-next/package.json
index 83780d536ebc..043622086d7e 100644
--- a/packages/eslint-plugin-next/package.json
+++ b/packages/eslint-plugin-next/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@next/eslint-plugin-next",
-  "version": "12.3.1-canary.5",
+  "version": "12.3.1",
   "description": "ESLint plugin for NextJS.",
   "main": "lib/index.js",
   "license": "MIT",
diff --git a/packages/next-bundle-analyzer/package.json b/packages/next-bundle-analyzer/package.json
index 19ca2c3188b5..0d8e54ecf68b 100644
--- a/packages/next-bundle-analyzer/package.json
+++ b/packages/next-bundle-analyzer/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@next/bundle-analyzer",
-  "version": "12.3.1-canary.5",
+  "version": "12.3.1",
   "main": "index.js",
   "types": "index.d.ts",
   "license": "MIT",
diff --git a/packages/next-codemod/package.json b/packages/next-codemod/package.json
index 7d8858cb7fd4..b785bc248a39 100644
--- a/packages/next-codemod/package.json
+++ b/packages/next-codemod/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@next/codemod",
-  "version": "12.3.1-canary.5",
+  "version": "12.3.1",
   "license": "MIT",
   "dependencies": {
     "chalk": "4.1.0",
diff --git a/packages/next-env/package.json b/packages/next-env/package.json
index 4c82518ff779..bdfa78165e98 100644
--- a/packages/next-env/package.json
+++ b/packages/next-env/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@next/env",
-  "version": "12.3.1-canary.5",
+  "version": "12.3.1",
   "keywords": [
     "react",
     "next",
diff --git a/packages/next-mdx/package.json b/packages/next-mdx/package.json
index 14d9c6ccf76a..4f3494b43cda 100644
--- a/packages/next-mdx/package.json
+++ b/packages/next-mdx/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@next/mdx",
-  "version": "12.3.1-canary.5",
+  "version": "12.3.1",
   "main": "index.js",
   "license": "MIT",
   "repository": {
diff --git a/packages/next-plugin-storybook/package.json b/packages/next-plugin-storybook/package.json
index 70a38df629fa..52916bd81e18 100644
--- a/packages/next-plugin-storybook/package.json
+++ b/packages/next-plugin-storybook/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@next/plugin-storybook",
-  "version": "12.3.1-canary.5",
+  "version": "12.3.1",
   "repository": {
     "url": "vercel/next.js",
     "directory": "packages/next-plugin-storybook"
diff --git a/packages/next-polyfill-module/package.json b/packages/next-polyfill-module/package.json
index 5db643d88841..1edfe30cda57 100644
--- a/packages/next-polyfill-module/package.json
+++ b/packages/next-polyfill-module/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@next/polyfill-module",
-  "version": "12.3.1-canary.5",
+  "version": "12.3.1",
   "description": "A standard library polyfill for ES Modules supporting browsers (Edge 16+, Firefox 60+, Chrome 61+, Safari 10.1+)",
   "main": "dist/polyfill-module.js",
   "license": "MIT",
diff --git a/packages/next-polyfill-nomodule/package.json b/packages/next-polyfill-nomodule/package.json
index bf42684689b4..4cde64828855 100644
--- a/packages/next-polyfill-nomodule/package.json
+++ b/packages/next-polyfill-nomodule/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@next/polyfill-nomodule",
-  "version": "12.3.1-canary.5",
+  "version": "12.3.1",
   "description": "A polyfill for non-dead, nomodule browsers.",
   "main": "dist/polyfill-nomodule.js",
   "license": "MIT",
diff --git a/packages/next-swc/package.json b/packages/next-swc/package.json
index f9e978ece9de..6c30933d68b1 100644
--- a/packages/next-swc/package.json
+++ b/packages/next-swc/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@next/swc",
-  "version": "12.3.1-canary.5",
+  "version": "12.3.1",
   "private": true,
   "scripts": {
     "build-native": "napi build --platform -p next-swc-napi --cargo-name next_swc_napi native --features plugin",
diff --git a/packages/next/package.json b/packages/next/package.json
index 8dd80c3d4a41..79c76b77cf1f 100644
--- a/packages/next/package.json
+++ b/packages/next/package.json
@@ -1,6 +1,6 @@
 {
   "name": "next",
-  "version": "12.3.1-canary.5",
+  "version": "12.3.1",
   "description": "The React Framework",
   "main": "./dist/server/next.js",
   "license": "MIT",
@@ -68,7 +68,7 @@
     ]
   },
   "dependencies": {
-    "@next/env": "12.3.1-canary.5",
+    "@next/env": "12.3.1",
     "@swc/helpers": "0.4.11",
     "caniuse-lite": "^1.0.30001406",
     "postcss": "8.4.14",
@@ -119,11 +119,11 @@
     "@hapi/accept": "5.0.2",
     "@napi-rs/cli": "2.7.0",
     "@napi-rs/triples": "1.1.0",
-    "@next/polyfill-module": "12.3.1-canary.5",
-    "@next/polyfill-nomodule": "12.3.1-canary.5",
-    "@next/react-dev-overlay": "12.3.1-canary.5",
-    "@next/react-refresh-utils": "12.3.1-canary.5",
-    "@next/swc": "12.3.1-canary.5",
+    "@next/polyfill-module": "12.3.1",
+    "@next/polyfill-nomodule": "12.3.1",
+    "@next/react-dev-overlay": "12.3.1",
+    "@next/react-refresh-utils": "12.3.1",
+    "@next/swc": "12.3.1",
     "@segment/ajv-human-errors": "2.1.2",
     "@taskr/clear": "1.1.0",
     "@taskr/esnext": "1.1.0",
diff --git a/packages/react-dev-overlay/package.json b/packages/react-dev-overlay/package.json
index 99542e539f21..c83baa837d4b 100644
--- a/packages/react-dev-overlay/package.json
+++ b/packages/react-dev-overlay/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@next/react-dev-overlay",
-  "version": "12.3.1-canary.5",
+  "version": "12.3.1",
   "description": "A development-only overlay for developing React applications.",
   "repository": {
     "url": "vercel/next.js",
diff --git a/packages/react-refresh-utils/package.json b/packages/react-refresh-utils/package.json
index 65583f1166b4..c1f20f24ec94 100644
--- a/packages/react-refresh-utils/package.json
+++ b/packages/react-refresh-utils/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@next/react-refresh-utils",
-  "version": "12.3.1-canary.5",
+  "version": "12.3.1",
   "description": "An experimental package providing utilities for React Refresh.",
   "repository": {
     "url": "vercel/next.js",
diff --git a/pnpm-lock.yaml b/pnpm-lock.yaml
index 0e139bd5aa59..6c2a4f25d620 100644
--- a/pnpm-lock.yaml
+++ b/pnpm-lock.yaml
@@ -365,7 +365,7 @@ importers:
 
   packages/eslint-config-next:
     specifiers:
-      '@next/eslint-plugin-next': 12.3.1-canary.5
+      '@next/eslint-plugin-next': 12.3.1
       '@rushstack/eslint-patch': ^1.1.3
       '@typescript-eslint/parser': ^5.21.0
       eslint-import-resolver-node: ^0.3.6
@@ -421,12 +421,12 @@ importers:
       '@hapi/accept': 5.0.2
       '@napi-rs/cli': 2.7.0
       '@napi-rs/triples': 1.1.0
-      '@next/env': 12.3.1-canary.5
-      '@next/polyfill-module': 12.3.1-canary.5
-      '@next/polyfill-nomodule': 12.3.1-canary.5
-      '@next/react-dev-overlay': 12.3.1-canary.5
-      '@next/react-refresh-utils': 12.3.1-canary.5
-      '@next/swc': 12.3.1-canary.5
+      '@next/env': 12.3.1
+      '@next/polyfill-module': 12.3.1
+      '@next/polyfill-nomodule': 12.3.1
+      '@next/react-dev-overlay': 12.3.1
+      '@next/react-refresh-utils': 12.3.1
+      '@next/swc': 12.3.1
       '@segment/ajv-human-errors': 2.1.2
       '@swc/helpers': 0.4.11
       '@taskr/clear': 1.1.0