diff --git a/.versions b/.versions
index 41c33d6495d3..1d43c1330b12 100644
--- a/.versions
+++ b/.versions
@@ -15,11 +15,11 @@ NUGET_INSPECTOR_VERSION=0.9.12
 PHP_VERSION=8.1
 PIPTOOL_VERSION=22.2.2
 PNPM_VERSION=7.8.0
-PYENV_GIT_TAG=v2.3.25
+PYENV_GIT_TAG=v2.3.27
 PYTHON_INSPECTOR_VERSION=0.9.8
 PYTHON_PIPENV_VERSION=2022.9.24
 PYTHON_POETRY_VERSION=1.6.1
-PYTHON_VERSION=3.10.13
+PYTHON_VERSION=3.11.4
 RUBY_VERSION=3.1.2
 RUST_VERSION=1.72.0
 SBT_VERSION=1.6.1
diff --git a/Dockerfile b/Dockerfile
index 625822424582..002b088aedc5 100644
--- a/Dockerfile
+++ b/Dockerfile
@@ -135,8 +135,8 @@ RUN --mount=type=cache,target=/var/cache/apt,sharing=locked \
     tk-dev \
     && sudo rm -rf /var/lib/apt/lists/*
 
-ARG PYTHON_VERSION=3.10.13
-ARG PYENV_GIT_TAG=v2.3.25
+ARG PYTHON_VERSION=3.11.4
+ARG PYENV_GIT_TAG=v2.3.27
 
 ENV PYENV_ROOT=/opt/python
 ENV PATH=$PATH:$PYENV_ROOT/shims:$PYENV_ROOT/bin
diff --git a/Dockerfile-legacy b/Dockerfile-legacy
index 621fa402f78d..09bf9c390300 100644
--- a/Dockerfile-legacy
+++ b/Dockerfile-legacy
@@ -33,7 +33,7 @@ ARG ORT_VERSION="DOCKER-SNAPSHOT"
 ARG NUGET_INSPECTOR_VERSION=0.9.12
 
 # Set this to the Python Inspector version to use.
-ARG PYTHON_INSPECTOR_VERSION="0.9.6"
+ARG PYTHON_INSPECTOR_VERSION="0.9.8"
 
 # Set this to the ScanCode version to use.
 ARG SCANCODE_VERSION="32.0.6"
@@ -78,7 +78,7 @@ ENV \
     NPM_VERSION=8.15.1 \
     PNPM_VERSION=7.8.0 \
     PYTHON_PIPENV_VERSION=2022.9.24 \
-    PYTHON_POETRY_VERSION=1.2.2 \
+    PYTHON_POETRY_VERSION=1.6.1 \
     SBT_VERSION=1.6.1 \
     SWIFT_VERSION=5.8.1 \
     YARN_VERSION=1.22.17 \
diff --git a/plugins/package-managers/python/src/main/kotlin/Pip.kt b/plugins/package-managers/python/src/main/kotlin/Pip.kt
index 18b45fb8d112..f01bc7bff4ac 100644
--- a/plugins/package-managers/python/src/main/kotlin/Pip.kt
+++ b/plugins/package-managers/python/src/main/kotlin/Pip.kt
@@ -39,8 +39,8 @@ import org.ossreviewtoolkit.utils.ort.showStackTrace
 private const val OPTION_OPERATING_SYSTEM_DEFAULT = "linux"
 private val OPERATING_SYSTEMS = listOf(OPTION_OPERATING_SYSTEM_DEFAULT, "macos", "windows")
 
-private const val OPTION_PYTHON_VERSION_DEFAULT = "3.10"
-private val PYTHON_VERSIONS = listOf("2.7", "3.6", "3.7", "3.8", "3.9", OPTION_PYTHON_VERSION_DEFAULT)
+private const val OPTION_PYTHON_VERSION_DEFAULT = "3.11"
+private val PYTHON_VERSIONS = listOf("2.7", "3.6", "3.7", "3.8", "3.9", "3.10", OPTION_PYTHON_VERSION_DEFAULT)
 
 /**
  * The [PIP](https://pip.pypa.io/) package manager for Python. Also see