diff --git a/operator/bin/release-prepare.sh b/operator/bin/release-prepare.sh
index 9d5a1669f..fa1aa8094 100755
--- a/operator/bin/release-prepare.sh
+++ b/operator/bin/release-prepare.sh
@@ -28,8 +28,26 @@ if [ "${VERSION}" == "${POSTRELEASE_VERSION}" ] ; then
         "replaces": "'${RELEASE_CSV_NAME}'"
     }' ${OPERATOR_PATH}/src/main/olm/channel.alpha.yaml
 
+    POSTRELEASE_CHANNEL=$(echo "${POSTRELEASE_VERSION}" | sed -E 's/([0-9]+)\.([0-9]+)\.[0-9]+(-snapshot)?/\1.\2.x/g')
+
+    if [ ! -f ${OPERATOR_PATH}/src/main/olm/channel.${POSTRELEASE_CHANNEL}.yaml ] ; then
+        echo '---
+schema: olm.channel
+name: '${POSTRELEASE_CHANNEL}'
+package: streamshub-console-operator
+properties: []
+entries: []' > ${OPERATOR_PATH}/src/main/olm/channel.${POSTRELEASE_CHANNEL}.yaml
+    fi
+
+    # Create new entry for the next development cycle, "replaces" the version just released
+    ${YQ} -i '.entries += {
+        "name": "'${POSTRELEASE_CSV_NAME}'",
+        "replaces": "'${RELEASE_CSV_NAME}'"
+    }' ${OPERATOR_PATH}/src/main/olm/channel.${POSTRELEASE_CHANNEL}.yaml
+
     if [ "${GIT_STAGE}" == "true" ] ; then
         git add ${OPERATOR_PATH}/src/main/olm/channel.alpha.yaml
+        git add ${OPERATOR_PATH}/src/main/olm/channel.${POSTRELEASE_CHANNEL}.yaml
     fi
 else
     # Running via the `preparationGoals` of the maven-release-plugin
@@ -39,10 +57,41 @@ else
     ${YQ} -i '(.entries[].name | select(. == "'${PRERELEASE_CSV_NAME}'")) = "'${RELEASE_CSV_NAME}'"' \
       ${OPERATOR_PATH}/src/main/olm/channel.alpha.yaml
 
+    RELEASE_CHANNEL=$(echo "${RELEASE_VERSION}" | sed -E 's/([0-9]+)\.([0-9]+)\.[0-9]+/\1.\2.x/g')
+
+    if [ ! -f ${OPERATOR_PATH}/src/main/olm/channel.${RELEASE_CHANNEL}.yaml ] ; then
+        REPLACES="$(${YQ} '.entries[] | select( .name == "'${RELEASE_CSV_NAME}'") | .replaces' \
+          ${OPERATOR_PATH}/src/main/olm/channel.alpha.yaml)"
+
+        echo '---
+schema: olm.channel
+name: '${RELEASE_CHANNEL}'
+package: streamshub-console-operator
+properties: []
+entries:
+  - name: '${RELEASE_CSV_NAME}'' > ${OPERATOR_PATH}/src/main/olm/channel.${RELEASE_CHANNEL}.yaml
+
+        if [ -n "${REPLACES}" ] ; then
+            ${YQ} -i '(.entries[] | select(.name == "'${RELEASE_CSV_NAME}'")).replaces = "'${REPLACES}'"' \
+              ${OPERATOR_PATH}/src/main/olm/channel.${RELEASE_CHANNEL}.yaml
+        fi
+
+        PRERELEASE_CHANNEL=$(echo "${PRERELEASE_VERSION}" | sed -E 's/([0-9]+)\.([0-9]+)\.[0-9]+(-snapshot)?/\1.\2.x/g')
+
+        if [ -f ${OPERATOR_PATH}/src/main/olm/channel.${PRERELEASE_CHANNEL}.yaml ] ; then
+          ${YQ} -i 'del(.entries[] | select(.name == "'${PRERELEASE_CSV_NAME}'"))' \
+            ${OPERATOR_PATH}/src/main/olm/channel.${PRERELEASE_CHANNEL}.yaml
+        fi
+    else
+        # Change the name of the entry to be the released version (e.g removing the -snapshot suffix)
+        ${YQ} -i '(.entries[].name | select(. == "'${PRERELEASE_CSV_NAME}'")) = "'${RELEASE_CSV_NAME}'"' \
+          ${OPERATOR_PATH}/src/main/olm/channel.${RELEASE_CHANNEL}.yaml
+    fi
+
     # Create a file with a reference to the bundle image to be generated during the release
     echo "image: ${IMAGE_NAME}:${VERSION}" > ${OPERATOR_PATH}/src/main/olm/bundles/${RELEASE_CSV_NAME}.yaml
 
     if [ "${GIT_STAGE}" == "true" ] ; then
-        git add ${OPERATOR_PATH}/src/main/olm/channel.alpha.yaml ${OPERATOR_PATH}/src/main/olm/bundles/${RELEASE_CSV_NAME}.yaml
+        git add ${OPERATOR_PATH}/src/main/olm/channel.*.yaml ${OPERATOR_PATH}/src/main/olm/bundles/${RELEASE_CSV_NAME}.yaml
     fi
 fi
diff --git a/operator/src/main/olm/channel.0.5.x.yaml b/operator/src/main/olm/channel.0.5.x.yaml
new file mode 100644
index 000000000..976fa9283
--- /dev/null
+++ b/operator/src/main/olm/channel.0.5.x.yaml
@@ -0,0 +1,7 @@
+---
+schema: olm.channel
+name: 0.5.x
+package: streamshub-console-operator
+properties: []
+entries:
+  - name: streamshub-console-operator.v0.5.0
diff --git a/operator/src/main/olm/channel.0.6.x.yaml b/operator/src/main/olm/channel.0.6.x.yaml
new file mode 100644
index 000000000..44a3c99be
--- /dev/null
+++ b/operator/src/main/olm/channel.0.6.x.yaml
@@ -0,0 +1,12 @@
+---
+schema: olm.channel
+name: 0.6.x
+package: streamshub-console-operator
+properties: []
+entries:
+  - name: streamshub-console-operator.v0.6.0
+    replaces: streamshub-console-operator.v0.5.0
+  - name: streamshub-console-operator.v0.6.1
+    replaces: streamshub-console-operator.v0.6.0
+  - name: streamshub-console-operator.v0.6.2-snapshot
+    replaces: streamshub-console-operator.v0.6.1