diff --git a/cgmanifests/cgmanifest.json b/cgmanifests/cgmanifest.json
index cf245e63a3..1432193ac9 100644
--- a/cgmanifests/cgmanifest.json
+++ b/cgmanifests/cgmanifest.json
@@ -469,7 +469,7 @@
             "type": "pip",
             "pip": {
                "Name": "transformers",
-               "Version": "4.36.0"
+               "Version": "4.38.0"
             },
             "comments": "Installed in the training docker image"
          }
diff --git a/onnxruntime/python/tools/transformers/models/llama/requirements.txt b/onnxruntime/python/tools/transformers/models/llama/requirements.txt
index 388025165f..3ea6915d97 100644
--- a/onnxruntime/python/tools/transformers/models/llama/requirements.txt
+++ b/onnxruntime/python/tools/transformers/models/llama/requirements.txt
@@ -1,5 +1,5 @@
 optimum>=1.14.1
-transformers>=4.33.2,<= 4.37.2
+transformers>=4.33.2,<= 4.38.0
 torch>=2.2.0
 onnx==1.16.1
 datasets>=2.8.0