diff --git a/chart/chart-index/Chart.yaml b/chart/chart-index/Chart.yaml
index dcdc5adb0d..4026141a73 100644
--- a/chart/chart-index/Chart.yaml
+++ b/chart/chart-index/Chart.yaml
@@ -89,7 +89,7 @@ dependencies:
     repository: https://oauth2-proxy.github.io/manifests
   - name: opentelemetry-operator
     alias: otel-operator
-    version: 0.117.0
+    version: 0.118.0
     repository: https://open-telemetry.github.io/opentelemetry-helm-charts
   - name: policy-reporter
     version: 3.7.4
diff --git a/charts/otel-operator/Chart.yaml b/charts/otel-operator/Chart.yaml
index d873142c37..c696fbafdc 100644
--- a/charts/otel-operator/Chart.yaml
+++ b/charts/otel-operator/Chart.yaml
@@ -12,4 +12,4 @@ name: opentelemetry-operator
 sources:
 - https://github.com/open-telemetry/opentelemetry-operator
 type: application
-version: 0.117.0
+version: 0.118.0
diff --git a/charts/otel-operator/values.schema.json b/charts/otel-operator/values.schema.json
index dcce78559f..e1ca0c2929 100644
--- a/charts/otel-operator/values.schema.json
+++ b/charts/otel-operator/values.schema.json
@@ -664,6 +664,14 @@
               "examples": [
                 false
               ]
+            },
+            "operator.collector.usedefaulttelemetryshape": {
+              "type": "boolean",
+              "default": false,
+              "title": "Use collector defaults for injected Prometheus telemetry metric names",
+              "examples": [
+                false
+              ]
             }
           },
           "examples": [