diff --git a/setup.py b/setup.py
index 753f14145f5..bb1667a09ff 100644
--- a/setup.py
+++ b/setup.py
@@ -55,7 +55,7 @@
         "datasets>=1.2.1",
         "evaluate",
         "protobuf>=3.20.1",
-        "transformers<4.46.0",
+        "transformers<4.47.0",
     ],
     "onnxruntime-gpu": [
         "onnx",
@@ -64,10 +64,10 @@
         "evaluate",
         "protobuf>=3.20.1",
         "accelerate",  # ORTTrainer requires it.
-        "transformers<4.46.0",
+        "transformers<4.47.0",
     ],
-    "exporters": ["onnx", "onnxruntime", "timm", "transformers<4.46.0"],
-    "exporters-gpu": ["onnx", "onnxruntime-gpu", "timm", "transformers<4.46.0"],
+    "exporters": ["onnx", "onnxruntime", "timm", "transformers<4.47.0"],
+    "exporters-gpu": ["onnx", "onnxruntime-gpu", "timm", "transformers<4.47.0"],
     "exporters-tf": [
         "tensorflow>=2.4,<=2.12.1",
         "tf2onnx",