diff --git a/src/peft/peft_model.py b/src/peft/peft_model.py
index d6282baf2e..a1ce19a3dc 100644
--- a/src/peft/peft_model.py
+++ b/src/peft/peft_model.py
@@ -1141,11 +1141,11 @@ def prepare_inputs_for_generation(self, *args, task_ids: torch.Tensor = None, **
 
         # https://github.com/huggingface/transformers/pull/26681/ introduced new cache format
         # for some architectures which requires a special fix for prompt tuning etc.
-        # TODO: starting with transformers 4.37, all architectures should support caching.
-        uses_transformers_4_37 = packaging.version.parse(transformers.__version__) >= packaging.version.parse("4.37.0")
+        # TODO: starting with transformers 4.38, all architectures should support caching.
+        uses_transformers_4_38 = packaging.version.parse(transformers.__version__) >= packaging.version.parse("4.38.0")
         uses_transformers_4_36 = packaging.version.parse(transformers.__version__) >= packaging.version.parse("4.36.0")
         transformers_new_cache_archs = ["llama", "mistral", "persimmon", "phi"]
-        uses_cache = uses_transformers_4_37 or (
+        uses_cache = uses_transformers_4_38 or (
             uses_transformers_4_36 and self.base_model.config.model_type in transformers_new_cache_archs
         )