diff --git a/faster_whisper/__init__.py b/faster_whisper/__init__.py
index add677e..e2fe00d 100644
--- a/faster_whisper/__init__.py
+++ b/faster_whisper/__init__.py
@@ -1,10 +1,12 @@
 from faster_whisper.audio import decode_audio
 from faster_whisper.transcribe import WhisperModel
 from faster_whisper.utils import download_model, format_timestamp
+from faster_whisper.version import __version__
 
 __all__ = [
     "decode_audio",
     "WhisperModel",
     "download_model",
     "format_timestamp",
+    "__version__",
 ]
diff --git a/faster_whisper/version.py b/faster_whisper/version.py
new file mode 100644
index 0000000..9793929
--- /dev/null
+++ b/faster_whisper/version.py
@@ -0,0 +1,3 @@
+"""Version information."""
+
+__version__ = "0.5.1"
diff --git a/setup.py b/setup.py
index 7e85dea..1deca3b 100644
--- a/setup.py
+++ b/setup.py
@@ -11,6 +11,14 @@ def get_long_description():
         return readme_file.read()
 
 
+def get_project_version():
+    version_path = os.path.join(base_dir, "faster_whisper", "version.py")
+    version = {}
+    with open(version_path, encoding="utf-8") as fp:
+        exec(fp.read(), version)
+    return version["__version__"]
+
+
 def get_requirements(path):
     with open(path, encoding="utf-8") as requirements:
         return [requirement.strip() for requirement in requirements]
@@ -23,7 +31,7 @@ conversion_requires = get_requirements(
 
 setup(
     name="faster-whisper",
-    version="0.5.1",
+    version=get_project_version(),
     license="MIT",
     description="Faster Whisper transcription with CTranslate2",
     long_description=get_long_description(),