diff --git a/Directory.Build.props b/Directory.Build.props
index 2948ce2f529f059060c79fc84cfa99ef8910d5c7..0f46a5053dd3e41f9942a9bd7e2a6fc36a1c9077 100644
--- a/Directory.Build.props
+++ b/Directory.Build.props
@@ -40,7 +40,7 @@
 
   <!-- The TFMs to build and test against. -->
   <PropertyGroup>
-    <NetCoreAppCurrentVersion>$(MajorVersion).$(MinorVersion)</NetCoreAppCurrentVersion>
+    <NetCoreAppCurrentVersion>$(PreviousReleaseMajorVersion).$(MinorVersion)</NetCoreAppCurrentVersion>
     <AspNetCoreAppCurrentVersion>6.0</AspNetCoreAppCurrentVersion>
     <NetCoreAppToolCurrentVersion>6.0</NetCoreAppToolCurrentVersion>
     <NetCoreAppCurrentIdentifier>.NETCoreApp</NetCoreAppCurrentIdentifier>
diff --git a/eng/Versions.props b/eng/Versions.props
index 4265ca90427500d416f66741249789c4adddeca9..77ca34e1f663ee63bf5dbf1dedf302012a3e12c3 100644
--- a/eng/Versions.props
+++ b/eng/Versions.props
@@ -1,17 +1,18 @@
 <Project>
   <PropertyGroup>
     <!-- The .NET product branding version -->
-    <ProductVersion>6.0.0</ProductVersion>
+    <ProductVersion>7.0.0</ProductVersion>
     <!-- File version numbers -->
-    <MajorVersion>6</MajorVersion>
+    <MajorVersion>7</MajorVersion>
     <MinorVersion>0</MinorVersion>
     <PatchVersion>0</PatchVersion>
     <SdkBandVersion>6.0.100</SdkBandVersion>
-    <PreReleaseVersionLabel>rc</PreReleaseVersionLabel>
+    <PreReleaseVersionLabel>alpha</PreReleaseVersionLabel>
     <PreReleaseVersionIteration>1</PreReleaseVersionIteration>
+    <PreviousReleaseMajorVersion>6</PreviousReleaseMajorVersion>
     <!-- Set assembly version to align with major and minor version,
          as for the patches and revisions should be manually updated per assembly if it is serviced. -->
-    <AssemblyVersion>$(MajorVersion).$(MinorVersion).0.0</AssemblyVersion>
+    <AssemblyVersion>$(PreviousReleaseMajorVersion).$(MinorVersion).0.0</AssemblyVersion>
     <!-- Enable to remove prerelease label. -->
     <StabilizePackageVersion Condition="'$(StabilizePackageVersion)' == ''">false</StabilizePackageVersion>
     <DotNetFinalVersionKind Condition="'$(StabilizePackageVersion)' == 'true'">release</DotNetFinalVersionKind>
diff --git a/eng/packaging.targets b/eng/packaging.targets
index f450f05adc55c92b6a232304526fd49aa16d8382..7b166ef4438c3c820186105c3a4ad8d9d1fa4568 100644
--- a/eng/packaging.targets
+++ b/eng/packaging.targets
@@ -4,7 +4,7 @@
     <EnablePackageValidation>true</EnablePackageValidation>
     <!-- Don't restore prebuilt packages during sourcebuild. -->
     <DisablePackageBaselineValidation Condition="'$(DotNetBuildFromSource)' == 'true'">true</DisablePackageBaselineValidation>
-    <PackageValidationBaselineVersion Condition="'$(PackageValidationBaselineVersion)' == ''">$([MSBuild]::Subtract($(MajorVersion), 1)).0.0</PackageValidationBaselineVersion>
+    <PackageValidationBaselineVersion Condition="'$(PackageValidationBaselineVersion)' == ''">$([MSBuild]::Subtract($(PreviousReleaseMajorVersion), 1)).0.0</PackageValidationBaselineVersion>
     <!-- PackDependsOn is the right hook in a targets file if the NuGet.Build.Tasks.Pack nuget package is used, otherwise
          BeforePack must be used. Setting both to ensure that we are always running before other targets. --> 
     <PackDependsOn>AddNETStandardCompatErrorFileForPackaging;IncludeAnalyzersInPackage;$(PackDependsOn)</PackDependsOn>
diff --git a/src/coreclr/.nuget/Directory.Build.props b/src/coreclr/.nuget/Directory.Build.props
index cff00f49e0e5618f57784b2dd4c7c8e3cb414418..ad18679d42d5bb0ccc6ed61eb3f1f7a027be66a2 100644
--- a/src/coreclr/.nuget/Directory.Build.props
+++ b/src/coreclr/.nuget/Directory.Build.props
@@ -18,7 +18,7 @@
     <SkipIndexCheck>true</SkipIndexCheck>
 
     <!-- Central place to set the versions of all nuget packages produced in the repo -->
-    <PackageVersion Condition="'$(PackageVersion)' == ''">6.0.0</PackageVersion>
+    <PackageVersion Condition="'$(PackageVersion)' == ''">7.0.0</PackageVersion>
     <StableVersion Condition="'$(StabilizePackageVersion)' == 'true' and '$(StableVersion)' == ''">$(PackageVersion)</StableVersion>
   </PropertyGroup>
 
diff --git a/src/libraries/Microsoft.VisualBasic.Core/Directory.Build.props b/src/libraries/Microsoft.VisualBasic.Core/Directory.Build.props
index fac4b55f49cd7df6af31c9125e798232bf89b1be..0955dded51194ad50d70ce5805990ce2d42a7936 100644
--- a/src/libraries/Microsoft.VisualBasic.Core/Directory.Build.props
+++ b/src/libraries/Microsoft.VisualBasic.Core/Directory.Build.props
@@ -1,7 +1,7 @@
 <Project>
   <Import Project="..\Directory.Build.props" />
   <PropertyGroup>
-    <AssemblyVersion>$([MSBuild]::Add($(MajorVersion), 5)).$(MinorVersion).0.0</AssemblyVersion>
+    <AssemblyVersion>$([MSBuild]::Add($(PreviousReleaseMajorVersion), 5)).$(MinorVersion).0.0</AssemblyVersion>
     <StrongNameKeyId>Microsoft</StrongNameKeyId>
     <IncludePlatformAttributes>true</IncludePlatformAttributes>
   </PropertyGroup>