diff --git a/repos/base/etc/tools.conf b/repos/base/etc/tools.conf
index cd957963f5..e87df01c5f 100644
--- a/repos/base/etc/tools.conf
+++ b/repos/base/etc/tools.conf
@@ -19,19 +19,19 @@
 # package build tool.
 #
 ifeq ($(filter-out $(SPECS),x86_32),)
-CROSS_DEV_PREFIX ?= /usr/local/genode/tool/21.05/bin/genode-x86-
+CROSS_DEV_PREFIX ?= /usr/local/genode/tool/23.05/bin/genode-x86-
 endif
 ifeq ($(filter-out $(SPECS),x86_64),)
-CROSS_DEV_PREFIX ?= /usr/local/genode/tool/21.05/bin/genode-x86-
+CROSS_DEV_PREFIX ?= /usr/local/genode/tool/23.05/bin/genode-x86-
 endif
 ifeq ($(filter-out $(SPECS),arm_64),)
-CROSS_DEV_PREFIX ?= /usr/local/genode/tool/21.05/bin/genode-aarch64-
+CROSS_DEV_PREFIX ?= /usr/local/genode/tool/23.05/bin/genode-aarch64-
 endif
 ifeq ($(filter-out $(SPECS),arm),)
-CROSS_DEV_PREFIX ?= /usr/local/genode/tool/21.05/bin/genode-arm-
+CROSS_DEV_PREFIX ?= /usr/local/genode/tool/23.05/bin/genode-arm-
 endif
 ifeq ($(filter-out $(SPECS),riscv),)
-CROSS_DEV_PREFIX ?= /usr/local/genode/tool/21.05/bin/genode-riscv-
+CROSS_DEV_PREFIX ?= /usr/local/genode/tool/23.05/bin/genode-riscv-
 endif
 
 #
diff --git a/tool/tool_chain b/tool/tool_chain
index 386daa1757..edaa9dc1f6 100755
--- a/tool/tool_chain
+++ b/tool/tool_chain
@@ -56,7 +56,7 @@ GENODE_DIR ?= $(realpath $(dir $(firstword $(MAKEFILE_LIST)))/..)
 # version numbers
 #
 
-TOOL_CHAIN_VERSION = 21.05
+TOOL_CHAIN_VERSION = 23.05
 GCC_VERSION        = 10.3.0
 BINUTILS_VERSION   = 2.32