diff --git a/MODULE.bazel b/MODULE.bazel
index 4a03753e15..311d4cbc16 100644
--- a/MODULE.bazel
+++ b/MODULE.bazel
@@ -13,7 +13,7 @@ bazel_dep(name = "bazel_skylib", version = "1.5.0")
 bazel_dep(name = "curl", version = "8.8.0")
 bazel_dep(name = "grpc", version = "1.63.1.bcr.1", repo_name = "com_github_grpc_grpc")
 bazel_dep(name = "nlohmann_json", version = "3.11.3", repo_name = "github_nlohmann_json")
-bazel_dep(name = "opentelemetry-proto", version = "1.3.1", repo_name = "com_github_opentelemetry_proto")
+bazel_dep(name = "opentelemetry-proto", version = "1.3.2", repo_name = "com_github_opentelemetry_proto")
 bazel_dep(name = "opentracing-cpp", version = "1.6.0", repo_name = "com_github_opentracing")
 bazel_dep(name = "platforms", version = "0.0.8")
 bazel_dep(name = "prometheus-cpp", version = "1.2.4", repo_name = "com_github_jupp0r_prometheus_cpp")
diff --git a/bazel/repository.bzl b/bazel/repository.bzl
index bac1e45b34..508b95a39a 100644
--- a/bazel/repository.bzl
+++ b/bazel/repository.bzl
@@ -88,10 +88,10 @@ def opentelemetry_cpp_deps():
         http_archive,
         name = "com_github_opentelemetry_proto",
         build_file = "@io_opentelemetry_cpp//bazel:opentelemetry_proto.BUILD",
-        sha256 = "bed250ceec8e4a83aa5604d7d5595a61945059dc662edd058a9da082283f7a00",
-        strip_prefix = "opentelemetry-proto-1.3.1",
+        sha256 = "c069c0d96137cf005d34411fa67dd3b6f1f8c64af1e7fb2fe0089a41c425acd7",
+        strip_prefix = "opentelemetry-proto-1.3.2",
         urls = [
-            "https://github.com/open-telemetry/opentelemetry-proto/archive/v1.3.1.tar.gz",
+            "https://github.com/open-telemetry/opentelemetry-proto/archive/v1.3.2.tar.gz",
         ],
     )
 
diff --git a/cmake/opentelemetry-proto.cmake b/cmake/opentelemetry-proto.cmake
index 62197068e2..498a7e5681 100644
--- a/cmake/opentelemetry-proto.cmake
+++ b/cmake/opentelemetry-proto.cmake
@@ -49,7 +49,7 @@ else()
          "opentelemetry-proto=[ \\t]*([A-Za-z0-9_\\.\\-]+)")
         set(opentelemetry-proto "${CMAKE_MATCH_1}")
       else()
-        set(opentelemetry-proto "v1.3.1")
+        set(opentelemetry-proto "v1.3.2")
       endif()
       unset(OTELCPP_THIRD_PARTY_RELEASE_CONTENT)
     endif()
diff --git a/docs/maintaining-dependencies.md b/docs/maintaining-dependencies.md
new file mode 100644
index 0000000000..a1969785d8
--- /dev/null
+++ b/docs/maintaining-dependencies.md
@@ -0,0 +1,321 @@
+
+# Maintaining dependencies
+
+In general, several places in the code base need to be adjusted when
+upgrading a dependency to a new version.
+
+This documentation contains notes about which place to fix,
+to make maintenance easier and less error prone.
+
+This doc is only useful when up to date,
+so make sure to add details about missing parts if any.
+
+Also, another good place to start when upgrading something to N+1
+is to find the commit that upgraded to version N (use `git blame`),
+and inspect the commit for the last upgrade.
+
+## opentelemetry-proto
+
+### Comments
+
+Unlike other opentelemetry SIGs, opentelemetry-cpp generates code
+from opentelemetry-proto as part of the opentelemetry-cpp build.
+
+Only the source code of opentelemetry-proto is required,
+which is why this repository is used as a git submodule under third_party.
+
+Code is generated by the protobuf compiler during the build,
+so that generated code is never checked in.
+
+This allows more flexibility, should the compiler (protobuf) be
+upgraded even when the source code (opentelemetry-proto) is unchanged.
+
+### Origin
+
+The repository for opentelemetry-proto is:
+
+* [repository](https://github.com/open-telemetry/opentelemetry-proto)
+
+Check release notes at:
+
+* [release-notes](https://github.com/open-telemetry/opentelemetry-proto/releases)
+
+### Upgrade
+
+When upgrading opentelemetry-proto to a newer release,
+a few places in the code need adjustment.
+
+In this example, we upgrade from 1.3.1 to 1.3.2
+
+#### directory third_party/opentelemetry-proto
+
+This is a `git submodule`, it needs to point to the new tag.
+
+```shell
+cd third_party/opentelemetry-proto
+git log -1
+```
+
+The current submodule show something like:
+
+```shell
+commit b3060d2104df364136d75a35779e6bd48bac449a (HEAD, tag: v1.3.1)
+Author: Damien Mathieu <42@dmathieu.com>
+Date:   Thu Apr 25 17:55:35 2024 +0200
+
+    generate profiles proto for CI (#552)
+```
+
+Pull new tags:
+
+```shell
+git pull --tag origin
+```
+
+Upgrade to a new tag:
+
+```shell
+git pull origin v1.3.2
+```
+
+Check the new state:
+
+```shell
+git log -1
+```
+
+```shell
+commit 40b3c1b746767cbc13c2e39da3eaf1a23e54ffdd (HEAD, tag: v1.3.2)
+Author: jack-berg <34418638+jack-berg@users.noreply.github.com>
+Date:   Fri Jun 28 08:19:11 2024 -0500
+
+    Prepare changelog for 1.3.2 release (#563)
+
+    Co-authored-by: Armin Ruech <7052238+arminru@users.noreply.github.com>
+```
+
+Go back to the root of opentelemetry-cpp
+
+```shell
+cd ../..
+git status
+```
+
+```shell
+On branch upgrade_proto_1.3.2
+Changes not staged for commit:
+  (use "git add <file>..." to update what will be committed)
+  (use "git restore <file>..." to discard changes in working directory)
+        modified:   third_party/opentelemetry-proto (new commits)
+```
+
+Add the upgraded submodule:
+
+```shell
+git add third_party/opentelemetry-proto
+```
+
+#### file third_party_release
+
+Update the line pointing to the opentelemetry-proto tag.
+
+```text
+opentelemetry-proto=v1.3.2
+```
+
+Typical change:
+
+```shell
+[malff@malff-desktop opentelemetry-cpp]$ git diff third_party_release
+diff --git a/third_party_release b/third_party_release
+index 0bbf67f3..7362473f 100644
+--- a/third_party_release
++++ b/third_party_release
+@@ -19,7 +19,7 @@ benchmark=v1.8.3
+ googletest=1.14.0
+ ms-gsl=v3.1.0-67-g6f45293
+ nlohmann-json=v3.11.3
+-opentelemetry-proto=v1.3.1
++opentelemetry-proto=v1.3.2
+ opentracing-cpp=v1.6.0
+ prometheus-cpp=v1.2.4
+ vcpkg=2024.02.14
+```
+
+#### file bazel/repository.bzl
+
+Locate the entry for opentelemetry-proto:
+
+```text
+    # OTLP Protocol definition
+    maybe(
+        http_archive,
+        name = "com_github_opentelemetry_proto",
+        build_file = "@io_opentelemetry_cpp//bazel:opentelemetry_proto.BUILD",
+        sha256 = "bed250ceec8e4a83aa5604d7d5595a61945059dc662edd058a9da082283f7a00",
+        strip_prefix = "opentelemetry-proto-1.3.1",
+        urls = [
+            "https://github.com/open-telemetry/opentelemetry-proto/archive/v1.3.1.tar.gz",
+        ],
+    )
+```
+
+Update the URL to the new tag:
+
+```text
+        urls = [
+            "https://github.com/open-telemetry/opentelemetry-proto/archive/v1.3.2.tar.gz",
+        ],
+```
+
+Update strip_prefix to the new tag:
+
+```text
+        strip_prefix = "opentelemetry-proto-1.3.2",
+```
+
+Download the new URL:
+
+```shell
+wget https://github.com/open-telemetry/opentelemetry-proto/archive/v1.3.2.tar.gz
+```
+
+Run a checksum on the new file:
+
+```shell
+sha256sum v1.3.2.tar.gz
+```
+
+```shell
+c069c0d96137cf005d34411fa67dd3b6f1f8c64af1e7fb2fe0089a41c425acd7  v1.3.2.tar.gz
+```
+
+Update the checksum in file bazel/repository.bzl:
+
+```text
+        sha256 = "c069c0d96137cf005d34411fa67dd3b6f1f8c64af1e7fb2fe0089a41c425acd7",
+```
+
+Typical change:
+
+```shell
+[malff@malff-desktop opentelemetry-cpp]$ git diff bazel/repository.bzl
+diff --git a/bazel/repository.bzl b/bazel/repository.bzl
+index bac1e45b..508b95a3 100644
+--- a/bazel/repository.bzl
++++ b/bazel/repository.bzl
+@@ -88,10 +88,10 @@ def opentelemetry_cpp_deps():
+         http_archive,
+         name = "com_github_opentelemetry_proto",
+         build_file = "@io_opentelemetry_cpp//bazel:opentelemetry_proto.BUILD",
+-        sha256 = "bed250ceec8e4a83aa5604d7d5595a61945059dc662edd058a9da082283f7a00",
+-        strip_prefix = "opentelemetry-proto-1.3.1",
++        sha256 = "c069c0d96137cf005d34411fa67dd3b6f1f8c64af1e7fb2fe0089a41c425acd7",
++        strip_prefix = "opentelemetry-proto-1.3.2",
+         urls = [
+-            "https://github.com/open-telemetry/opentelemetry-proto/archive/v1.3.1.tar.gz",
++            "https://github.com/open-telemetry/opentelemetry-proto/archive/v1.3.2.tar.gz",
+         ],
+     )
+```
+
+#### file cmake/opentelemetry-proto.cmake
+
+Update the tag in the CMake logic:
+
+```cmake
+        set(opentelemetry-proto "v1.3.2")
+```
+
+Typical change:
+
+```shell
+[malff@malff-desktop opentelemetry-cpp]$ git diff cmake/opentelemetry-proto.cmake
+diff --git a/cmake/opentelemetry-proto.cmake b/cmake/opentelemetry-proto.cmake
+index 19516c3b..dd6213c1 100644
+--- a/cmake/opentelemetry-proto.cmake
++++ b/cmake/opentelemetry-proto.cmake
+@@ -49,7 +49,7 @@ else()
+          "opentelemetry-proto=[ \\t]*([A-Za-z0-9_\\.\\-]+)")
+         set(opentelemetry-proto "${CMAKE_MATCH_1}")
+       else()
+-        set(opentelemetry-proto "v1.3.1")
++        set(opentelemetry-proto "v1.3.2")
+       endif()
+       unset(OTELCPP_THIRD_PARTY_RELEASE_CONTENT)
+     endif()
+```
+
+If opentelemetry-proto contains new files,
+the makefile needs to be adjusted to build the new code.
+
+Depending on the actual changes in the opentelemetry-proto files,
+the C++ code in opentelemetry-cpp may need adjustments.
+
+Typically, when opentelemetry-proto:
+
+* defines a new message (for example, for profiling)
+* adds new optional fields to an existing message (for example, trace flags)
+
+the existing C++ code should work as is with the new opentelemetry-proto
+format.
+
+In this case, it is better to:
+
+* upgrade the opentelemetry-proto version independently with one PR.
+* upgrade the C++ code later (to use the new message, of provide new fields)
+  in a different PR.
+
+When the C++ code requires a newer minimum version of opentelemetry-proto,
+make sure to document this, including in the release notes.
+
+#### file MODULE.bazel
+
+Make sure the new tag is available in bazel central:
+
+* [bazel-central](https://registry.bazel.build/modules/opentelemetry-proto)
+
+If missing, file a PR to add it, or contact the maintainer:
+
+* [repository](https://github.com/bazelbuild/bazel-central-registry/tree/main/modules/opentelemetry-proto)
+
+Update the opentelemetry-proto version to the new tag:
+
+```text
+bazel_dep(name = "opentelemetry-proto", version = "1.3.2", repo_name = "com_github_opentelemetry_proto")
+```
+
+File `MODULE.bazel` is used in the github CI for repository
+opentelemetry-cpp, so using a tag that does not exist (yet) in bazel central
+will break the CI build.
+
+See the known issues section.
+
+Typical change:
+
+```shell
+[malff@malff-desktop opentelemetry-cpp]$ git diff MODULE.bazel
+diff --git a/MODULE.bazel b/MODULE.bazel
+index 7b84c2b7..3161ffb1 100644
+--- a/MODULE.bazel
++++ b/MODULE.bazel
+@@ -13,7 +13,7 @@ bazel_dep(name = "bazel_skylib", version = "1.5.0")
+ bazel_dep(name = "curl", version = "8.4.0")
+ bazel_dep(name = "grpc", version = "1.62.1", repo_name = "com_github_grpc_grpc")
+ bazel_dep(name = "nlohmann_json", version = "3.11.3", repo_name = "github_nlohmann_json")
+-bazel_dep(name = "opentelemetry-proto", version = "1.3.1", repo_name = "com_github_opentelemetry_proto")
++bazel_dep(name = "opentelemetry-proto", version = "1.3.2", repo_name = "com_github_opentelemetry_proto")
+ bazel_dep(name = "opentracing-cpp", version = "1.6.0", repo_name = "com_github_opentracing")
+ bazel_dep(name = "platforms", version = "0.0.8")
+ bazel_dep(name = "prometheus-cpp", version = "1.2.4", repo_name = "com_github_jupp0r_prometheus_cpp")
+```
+
+### Known issues
+
+For bazel, two different methods to build exists.
+
+First, the code can build using file `bazel/repository.bzl`.
+This option does not depend on bazel central.
+
+Secondly, there is also a build using modules, with file `MODULE.bazel`.
+This option does depend on bazel central, and CI depends on it.
diff --git a/third_party/opentelemetry-proto b/third_party/opentelemetry-proto
index b3060d2104..40b3c1b746 160000
--- a/third_party/opentelemetry-proto
+++ b/third_party/opentelemetry-proto
@@ -1 +1 @@
-Subproject commit b3060d2104df364136d75a35779e6bd48bac449a
+Subproject commit 40b3c1b746767cbc13c2e39da3eaf1a23e54ffdd
diff --git a/third_party_release b/third_party_release
index 0bbf67f3af..7362473f60 100644
--- a/third_party_release
+++ b/third_party_release
@@ -19,7 +19,7 @@ benchmark=v1.8.3
 googletest=1.14.0
 ms-gsl=v3.1.0-67-g6f45293
 nlohmann-json=v3.11.3
-opentelemetry-proto=v1.3.1
+opentelemetry-proto=v1.3.2
 opentracing-cpp=v1.6.0
 prometheus-cpp=v1.2.4
 vcpkg=2024.02.14