diff --git a/changelogs/CHANGELOG-v2.16.rst b/changelogs/CHANGELOG-v2.16.rst
index 2c1e2baf276..6ef1026f52d 100644
--- a/changelogs/CHANGELOG-v2.16.rst
+++ b/changelogs/CHANGELOG-v2.16.rst
@@ -5,6 +5,29 @@ ansible-core 2.16 "All My Love" Release Notes
 .. contents:: Topics
 
 
+v2.16.5rc1
+==========
+
+Release Summary
+---------------
+
+| Release Date: 2024-03-18
+| `Porting Guide <https://docs.ansible.com/ansible-core/2.16/porting_guides/porting_guide_core_2.16.html>`__
+
+
+Minor Changes
+-------------
+
+- ansible-test - Add a work-around for permission denied errors when using ``pytest >= 8`` on multi-user systems with an installed version of ``ansible-test``.
+
+Bugfixes
+--------
+
+- Fix an issue when setting a plugin name from an unsafe source resulted in ``ValueError: unmarshallable object`` (https://github.com/ansible/ansible/issues/82708)
+- Harden python templates for respawn and ansiballz around str literal quoting
+- template - Fix error when templating an unsafe string which corresponds to an invalid type in Python (https://github.com/ansible/ansible/issues/82600).
+- winrm - does not hang when attempting to get process output when stdin write failed
+
 v2.16.4
 =======
 
diff --git a/changelogs/changelog.yaml b/changelogs/changelog.yaml
index edd7d420803..f8142c285c5 100644
--- a/changelogs/changelog.yaml
+++ b/changelogs/changelog.yaml
@@ -933,3 +933,30 @@ releases:
     - fix-expect-indefinite-timeout.yml
     - fix-vars-plugins-in-roles.yml
     release_date: '2024-02-19'
+  2.16.5rc1:
+    changes:
+      bugfixes:
+      - 'Fix an issue when setting a plugin name from an unsafe source resulted in
+        ``ValueError: unmarshallable object`` (https://github.com/ansible/ansible/issues/82708)'
+      - Harden python templates for respawn and ansiballz around str literal quoting
+      - template - Fix error when templating an unsafe string which corresponds to
+        an invalid type in Python (https://github.com/ansible/ansible/issues/82600).
+      - winrm - does not hang when attempting to get process output when stdin write
+        failed
+      minor_changes:
+      - ansible-test - Add a work-around for permission denied errors when using ``pytest
+        >= 8`` on multi-user systems with an installed version of ``ansible-test``.
+      release_summary: '| Release Date: 2024-03-18
+
+        | `Porting Guide <https://docs.ansible.com/ansible-core/2.16/porting_guides/porting_guide_core_2.16.html>`__
+
+        '
+    codename: All My Love
+    fragments:
+    - 2.16.5rc1_summary.yaml
+    - 82675-fix-unsafe-templating-leading-to-type-error.yml
+    - 82708-unsafe-plugin-name-error.yml
+    - ansible-test-pytest-8.yml
+    - py-tmpl-hardening.yml
+    - winrm-timeout.yml
+    release_date: '2024-03-18'
diff --git a/changelogs/fragments/2.16.5rc1_summary.yaml b/changelogs/fragments/2.16.5rc1_summary.yaml
new file mode 100644
index 00000000000..2b20bfc2570
--- /dev/null
+++ b/changelogs/fragments/2.16.5rc1_summary.yaml
@@ -0,0 +1,3 @@
+release_summary: |
+   | Release Date: 2024-03-18
+   | `Porting Guide <https://docs.ansible.com/ansible-core/2.16/porting_guides/porting_guide_core_2.16.html>`__
diff --git a/lib/ansible/release.py b/lib/ansible/release.py
index 64127122eb9..e9e6fba7d27 100644
--- a/lib/ansible/release.py
+++ b/lib/ansible/release.py
@@ -19,6 +19,6 @@
 from __future__ import (absolute_import, division, print_function)
 __metaclass__ = type
 
-__version__ = '2.16.4.post0'
+__version__ = '2.16.5rc1'
 __author__ = 'Ansible, Inc.'
 __codename__ = "All My Love"