diff --git a/pyproject.toml b/pyproject.toml
new file mode 100644
index 00000000..db4245ac
--- /dev/null
+++ b/pyproject.toml
@@ -0,0 +1,21 @@
+[build-system]
+requires = ["setuptools>=66", "wheel"]
+build-backend = "setuptools.build_meta"
+
+[project]
+name = "onepassword-sdk"
+dynamic = ["version"]
+description = "The 1Password Python SDK offers programmatic read access to your secrets in 1Password in an interface native to Python."
+authors = [{ name = "1Password" }]
+license = { file = "LICENSE" }
+readme = "README.md"
+requires-python = ">=3.9"
+dependencies = [
+    "pydantic>=2.5",
+]
+
+[project.urls]
+Homepage = "https://github.com/1Password/onepassword-sdk-python"
+
+[tool.setuptools.dynamic]
+version = {file = "./version.txt"}
\ No newline at end of file
diff --git a/setup.py b/setup.py
index d53a9c6d..da45642b 100644
--- a/setup.py
+++ b/setup.py
@@ -1,7 +1,5 @@
-from pathlib import Path
-from setuptools import Distribution, setup, find_packages
+from setuptools import setup, find_packages, Distribution
 from sysconfig import get_platform
-from version import SDK_VERSION
 import platform
 import os
 
@@ -22,7 +20,7 @@ def finalize_options(self):
 class BinaryDistribution(Distribution):
     def has_ext_modules(self):
         return True
-    
+
 def get_shared_library_data_to_include():
     # Return the correct uniffi C shared library extension for the given platform
     include_path = "lib"
@@ -49,35 +47,11 @@ def get_shared_library_data_to_include():
 
 
 setup(
-    name="onepassword-sdk",
-    version=SDK_VERSION,
-    author="1Password",
-    long_description=(Path(__file__).parent / "README.md").read_text(),
-    long_description_content_type="text/markdown",
-    description="The 1Password Python SDK offers programmatic read access to your secrets in 1Password in an interface native to Python.",
-    url="https://github.com/1Password/onepassword-sdk-python",
     packages=find_packages(
         where="src",
     ),
-    license="MIT",
-    license_files="LICENSE",
     distclass=BinaryDistribution,
     package_dir={"": "src"},
-    python_requires=">=3.9",
-    classifiers=[
-        "Development Status :: 5 - Production/Stable",
-        "Operating System :: MacOS",
-        "Operating System :: POSIX :: Linux",
-        "Operating System :: Microsoft :: Windows",
-        "Programming Language :: Python :: 3.10",
-        "Programming Language :: Python :: 3.11",
-        "Programming Language :: Python :: 3.12",
-        "Programming Language :: Python :: 3.13",
-        "License :: OSI Approved :: MIT License",
-    ],
     cmdclass={"bdist_wheel": bdist_wheel},
     package_data={"": get_shared_library_data_to_include()},
-    install_requires=[
-        "pydantic>=2.5",  # Minimum Pydantic version to run the Python SDK
-    ],
 )
diff --git a/src/release/scripts/prep-release.sh b/src/release/scripts/prep-release.sh
index 88e709d2..686f7c9c 100755
--- a/src/release/scripts/prep-release.sh
+++ b/src/release/scripts/prep-release.sh
@@ -2,21 +2,20 @@
 
 # Helper script to prepare a release for the Python SDK.
 
-output_version_file="version.py"
+output_version_file="version.txt"
 output_build_file="src/onepassword/build_number.py"
-version_template_file="src/release/templates/version.tpl.py"
 build_number_template_file="src/release/templates/build_number.tpl.py"
 
 
 # Extracts the current build/version number for comparison and backup 
-current_version=$(awk -F "['\"]" '/SDK_VERSION =/{print $2}' "$output_version_file")
+current_version=$(cat "$output_version_file" 2>/dev/null || echo "")
 current_build=$(awk -F "['\"]" '/SDK_BUILD_NUMBER =/{print $2}' "$output_build_file")
 
 # Function to execute upon exit
 cleanup() {
     echo "Performing cleanup tasks..."
     # Revert changes to file if any
-    sed -e "s/{{ version }}/$current_version/" "$version_template_file" > "$output_version_file"
+    echo -n "$current_version" > "$output_version_file"
     sed -e "s/{{ build }}/$current_build/" "$build_number_template_file" > "$output_build_file"
     exit 1   
 }
@@ -86,8 +85,8 @@ update_and_validate_version
 # Update and validate the build number
 update_and_validate_build 
 
-# Update version & build number in version.py and build_number.py respectively
-sed  -e "s/{{ version }}/$version/" "$version_template_file" > "$output_version_file"
+# Update version & build number in version.txt and build_number.py respectively
+echo -n "$version" > "$output_version_file"
 sed  -e "s/{{ build }}/$build/" "$build_number_template_file" > "$output_build_file"
 
 
diff --git a/src/release/scripts/release.sh b/src/release/scripts/release.sh
index 050c1489..83b0c143 100755
--- a/src/release/scripts/release.sh
+++ b/src/release/scripts/release.sh
@@ -5,7 +5,7 @@
 set -e
 
 # Read the contents of the files into variables
-version=$(awk -F "['\"]" '/SDK_VERSION =/{print $2}' "version.py")
+version=$(cat "version.txt")
 build=$(awk -F "['\"]" '/SDK_BUILD_NUMBER =/{print $2}' "src/onepassword/build_number.py")
 release_notes=$(< src/release/RELEASE-NOTES)
 
diff --git a/src/release/templates/version.tpl.py b/src/release/templates/version.tpl.py
deleted file mode 100644
index 9c787be2..00000000
--- a/src/release/templates/version.tpl.py
+++ /dev/null
@@ -1 +0,0 @@
-SDK_VERSION = "{{ version }}"
diff --git a/version.py b/version.py
deleted file mode 100644
index f5ebd34f..00000000
--- a/version.py
+++ /dev/null
@@ -1 +0,0 @@
-SDK_VERSION = "0.2.0"
diff --git a/version.txt b/version.txt
new file mode 100644
index 00000000..341cf11f
--- /dev/null
+++ b/version.txt
@@ -0,0 +1 @@
+0.2.0
\ No newline at end of file