diff --git a/utils.sh b/utils.sh
index 1a4e29b..e5c2c08 100644
--- a/utils.sh
+++ b/utils.sh
@@ -359,7 +359,7 @@
 docker_registry="${docker_registry:-}"
 
 # Define toolchain version and toolchain binary paths
-toolchain_version="10.2-2020.11"
+toolchain_version="10.3-2021.07"
 
 aarch64_none_elf_dir="${nfs_volume}/pdsw/tools/gcc-arm-${toolchain_version}-x86_64-aarch64-none-elf"
 aarch64_none_elf_prefix="aarch64-none-elf-"