diff --git a/gradle/libs.versions.toml b/gradle/libs.versions.toml
index c1e30e678..e37e6160b 100644
--- a/gradle/libs.versions.toml
+++ b/gradle/libs.versions.toml
@@ -12,7 +12,7 @@ managed-new-relic-registry = '0.10.0'
 reflections = '0.10.2'
 
 # TODO: Fix this in the core bom (see https://github.com/micronaut-projects/micronaut-micrometer/pull/425)
-grpc = '1.53.0'
+grpc = '1.54.0'
 logback = "1.4.5"
 jcache = "1.1.1"
 hdr-histogram = '2.1.12'