diff --git a/config/base/params.env b/config/base/params.env
index 8b2a4624..626280d5 100644
--- a/config/base/params.env
+++ b/config/base/params.env
@@ -2,6 +2,6 @@ odh-model-controller=quay.io/opendatahub/odh-model-controller:fast
 caikit-tgis-image=quay.io/opendatahub/caikit-tgis-serving:fast
 caikit-standalone-image=quay.io/opendatahub/caikit-nlp:fast
 tgis-image=quay.io/opendatahub/text-generation-inference:fast
-ovms-image=quay.io/opendatahub/openvino_model_server:2024.3-release
+ovms-image=quay.io/opendatahub/openvino_model_server:2024.5-release
 vllm-image=quay.io/opendatahub/vllm:fast
 nim-state=managed