diff --git a/pyproject.toml b/pyproject.toml
index 3a64cdcba..f72131b04 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -48,7 +48,7 @@ classifiers = [
 dependencies = [
   "requests",
   "pydantic<2",
-  "transformers==4.31.0",
+  "transformers==4.32.0",
   "safetensors<0.3.2", # related issue: https://github.com/huggingface/safetensors/issues/314
   "pandas",
   "rank_bm25",
@@ -90,7 +90,7 @@ dependencies = [
 
 [project.optional-dependencies]
 inference = [
-  "transformers[torch,sentencepiece]==4.31.0",
+  "transformers[torch,sentencepiece]==4.32.0",
   "sentence-transformers>=2.2.0",  # See haystack/nodes/retriever/_embedding_encoder.py, _SentenceTransformersEmbeddingEncoder
   "huggingface-hub>=0.5.0",
 ]
diff --git a/releasenotes/notes/bump-transformers-to-4-32-341a42ff09796725.yaml b/releasenotes/notes/bump-transformers-to-4-32-341a42ff09796725.yaml
new file mode 100644
index 000000000..59be09fac
--- /dev/null
+++ b/releasenotes/notes/bump-transformers-to-4-32-341a42ff09796725.yaml
@@ -0,0 +1,5 @@
+---
+enhancements:
+  - |
+    Upgrade Transformers to the latest version 4.32.0.
+    This version adds support for the GPTQ quantization and integrates MPT models.