diff --git a/RELEASE-NOTES.txt b/RELEASE-NOTES.txt
index 79fb9720b5..357acf4476 100644
--- a/RELEASE-NOTES.txt
+++ b/RELEASE-NOTES.txt
@@ -1,5 +1,8 @@
 Unreleased
 ---
+
+1.118.0
+---
 * [*] Enable FlatList Virtualization on iOS [https://github.com/wordpress-mobile/gutenberg-mobile/pull/6716]
 * [*] Fix a crash when pasting file images and special comment markup [https://github.com/WordPress/gutenberg/pull/60676]
 
diff --git a/bundle/android/strings.xml b/bundle/android/strings.xml
index 115c843db9..f8c428e57b 100644
--- a/bundle/android/strings.xml
+++ b/bundle/android/strings.xml
@@ -227,9 +227,9 @@
     <string name="gutenberg_native_jetpack_powered" tools:ignore="UnusedResources">Jetpack powered</string>
     <string name="gutenberg_native_line_height" tools:ignore="UnusedResources">Line Height</string>
     <string name="gutenberg_native_link_inserted" tools:ignore="UnusedResources">Link inserted</string>
+    <string name="gutenberg_native_link_label" tools:ignore="UnusedResources">Link label</string>
     <string name="gutenberg_native_link_rel" tools:ignore="UnusedResources">Link Rel</string>
     <string name="gutenberg_native_link_settings" tools:ignore="UnusedResources">Link Settings</string>
-    <string name="gutenberg_native_link_text" tools:ignore="UnusedResources">Link text</string>
     <string name="gutenberg_native_link_to" tools:ignore="UnusedResources">Link To</string>
     <string name="gutenberg_native_loading" tools:ignore="UnusedResources">Loading</string>
     <string name="gutenberg_native_lock_icon" tools:ignore="UnusedResources">Lock icon</string>
diff --git a/bundle/ios/GutenbergNativeTranslations.swift b/bundle/ios/GutenbergNativeTranslations.swift
index 291d61501c..0a12b9cb47 100644
--- a/bundle/ios/GutenbergNativeTranslations.swift
+++ b/bundle/ios/GutenbergNativeTranslations.swift
@@ -208,9 +208,9 @@ private func dummy() {
     _ = NSLocalizedString("Jetpack powered", comment: "")
     _ = NSLocalizedString("Line Height", comment: "")
     _ = NSLocalizedString("Link inserted", comment: "")
+    _ = NSLocalizedString("Link label", comment: "")
     _ = NSLocalizedString("Link Rel", comment: "")
     _ = NSLocalizedString("Link Settings", comment: "")
-    _ = NSLocalizedString("Link text", comment: "")
     _ = NSLocalizedString("Link To", comment: "")
     _ = NSLocalizedString("Loading", comment: "")
     _ = NSLocalizedString("Lock icon", comment: "")
diff --git a/gutenberg b/gutenberg
index e82d0763f6..a716f0e560 160000
--- a/gutenberg
+++ b/gutenberg
@@ -1 +1 @@
-Subproject commit e82d0763f6a57f359d36354e78474a5dafb36777
+Subproject commit a716f0e5606094ca89656c2141996d248918c366
diff --git a/ios-xcframework/Podfile.lock b/ios-xcframework/Podfile.lock
index 39dcdfe534..401da8f20b 100644
--- a/ios-xcframework/Podfile.lock
+++ b/ios-xcframework/Podfile.lock
@@ -1104,7 +1104,7 @@ PODS:
     - React-RCTImage
   - RNSVG (14.0.0):
     - React-Core
-  - RNTAztecView (1.117.0):
+  - RNTAztecView (1.118.0):
     - React-Core
     - WordPress-Aztec-iOS (= 1.19.11)
   - SDWebImage (5.11.1):
@@ -1399,7 +1399,7 @@ SPEC CHECKSUMS:
   RNReanimated: f705119af7f77c961122a09adbfdf3dd38ce6a60
   RNScreens: d07e03170921286b65f07e7b2a3aa8300f61f2ec
   RNSVG: eb0b170443191e4a1af53b9bd17d1f2fbd1ba152
-  RNTAztecView: e161e7402f1e64e37d4fe1474a73845f0fc1efe9
+  RNTAztecView: caf0e76a80867970eaa182cf9bf2d5b3c89285c5
   SDWebImage: a7f831e1a65eb5e285e3fb046a23fcfbf08e696d
   SDWebImageWebPCoder: 908b83b6adda48effe7667cd2b7f78c897e5111d
   SocketRocket: f32cd54efbe0f095c4d7594881e52619cfe80b17
diff --git a/package-lock.json b/package-lock.json
index 8b8e36194d..7acda1574a 100644
--- a/package-lock.json
+++ b/package-lock.json
@@ -1,12 +1,12 @@
 {
 	"name": "gutenberg-mobile",
-	"version": "1.117.0",
+	"version": "1.118.0",
 	"lockfileVersion": 2,
 	"requires": true,
 	"packages": {
 		"": {
 			"name": "gutenberg-mobile",
-			"version": "1.117.0",
+			"version": "1.118.0",
 			"hasInstallScript": true,
 			"devDependencies": {
 				"@babel/core": "^7.20.0",
diff --git a/package.json b/package.json
index f0a9128f7b..b08fba63dd 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
 	"name": "gutenberg-mobile",
-	"version": "1.117.0",
+	"version": "1.118.0",
 	"private": true,
 	"config": {
 		"jsfiles": "./*.js src/*.js src/**/*.js src/**/**/*.js",