diff --git a/.github/workflows/draft-release.yaml b/.github/workflows/draft-release.yaml
new file mode 100644
index 0000000..349a2b8
--- /dev/null
+++ b/.github/workflows/draft-release.yaml
@@ -0,0 +1,66 @@
+name: Draft Release PR
+
+# Description:
+# This workflow will draft a new release PR for the helm chart if there is a new runner image/appVersion .
+# A release PR will be created in these cases.
+#  - When a user kicks offs this workflow manually. A user can specify the CHART_VERSION and APP_VERSION used for the new release.
+#  - When the cron schedule kicks off the job and there is a new runner image tag available.
+
+on:
+  schedule:
+    # Run every 12 hours at 55 minutes past the hour.
+    - cron: "55 */12 * * *"
+  workflow_dispatch:
+    inputs:
+      CHART_VERSION:
+        description: 'Optionally overrides the chart version in Chart.yaml.'
+        required: false
+        default: ''
+      APP_VERSION:
+        description: 'Optionally overrides the app version in Chart.yaml.'
+        required: false
+        default: ''
+
+jobs:
+  draft-release:
+    runs-on: ubuntu-latest
+    permissions:
+      contents: write
+      pull-requests: write
+    env:
+      CHART_VERSION: ${{ github.event.inputs.CHART_VERSION }}
+      APP_VERSION: ${{ github.event.inputs.APP_VERSION }}
+    steps:
+      - uses: actions/checkout@eef61447b9ff4aafe5dcd4e0bbf5d482be7e7871 # v4.2.1
+
+      - name: Prepare Release
+        run: |
+          make CHART_VERSION=$CHART_VERSION APP_VERSION=$APP_VERSION prepare-release
+          make docker-docs
+
+      - name: Check if PR is needed
+        run: |
+          echo "NEEDS_PR=1" >> "$GITHUB_OUTPUT"
+          git fetch origin
+          # Directly check if the branch exists and has the same changes in the remote repository
+          if git ls-remote --heads origin new-version-release > /dev/null; then
+            if git diff --no-ext-diff --quiet origin/new-version-release -- charts; then
+              echo "NEEDS_PR=0" >> "$GITHUB_OUTPUT"
+            fi
+          fi
+
+      - name: Open PR for Version Update
+        id: open_pr
+        if: ${{ steps.prepare_release.outputs.NEEDS_UPDATE == 1 && steps.check_if_pr_open.outputs.NEEDS_PR == 1 }}
+        uses: peter-evans/create-pull-request@5e914681df9dc83aa4e4905692ca88beb2f9e91f # v7.0.5
+        with:
+          commit-message: Prepare release v${{ steps.prepare_release.outputs.NEW_CHART_VERSION }}
+          title: "chore: Prepare release v${{ steps.prepare_release.outputs.NEW_CHART_VERSION }}"
+          body: |
+            Description
+            - Release chart version ${{ steps.prepare_release.outputs.NEW_CHART_VERSION }}
+            - Update runner app version ${{ steps.prepare_release.outputs.NEW_APP_VERSION }}
+          branch: new-version-release
+          base: main
+          delete-branch: true
+          draft: always-true
diff --git a/.github/workflows/test.yaml b/.github/workflows/test.yaml
index 805edf2..25ff01f 100644
--- a/.github/workflows/test.yaml
+++ b/.github/workflows/test.yaml
@@ -4,6 +4,11 @@ on:
   pull_request:
     branches-ignore:
       - gh-pages
+    types:
+      - opened
+      - synchronize
+      - reopened
+      - ready_for_review # for draft-release.yaml's PR
   push:
     branches: [ main ]
 
diff --git a/Makefile b/Makefile
index e29e320..ef8b4fd 100644
--- a/Makefile
+++ b/Makefile
@@ -36,3 +36,8 @@ docs: ## Update chart docs
 .PHONY: install-tools
 install-tools: ## Install tools (macOS)
 	LOCALBIN=$(LOCALBIN) scripts/install-tools.sh || exit 1
+
+.PHONY: prepare-release
+prepare-release: ## Prepare new release if needed
+	@echo "Preparing release..."
+	./scripts/prepare-release.sh || exit 1
diff --git a/scripts/install-tools.sh b/scripts/install-tools.sh
index 24edbc2..939b63c 100755
--- a/scripts/install-tools.sh
+++ b/scripts/install-tools.sh
@@ -3,7 +3,6 @@
 # Notes:
 #   - Should be executed via the `make install-tools` command.
 #   - Supports macOS for installations via `brew install`
-# Include the base utility functions for setting and debugging variables
 SCRIPT_DIR="$( cd "$( dirname "${BASH_SOURCE[0]}" )" && pwd )"
 
 # Function to install a tool
@@ -68,7 +67,7 @@ install_helm_plugin() {
 }
 
 # install brew-based tools
-for tool in yamllint chart-testing helm kubectl pre-commit norwoodj/tap/helm-docs; do
+for tool in yq jq yamllint chart-testing helm kubectl pre-commit norwoodj/tap/helm-docs; do
   install "$tool" brew
 done
 
diff --git a/scripts/prepare-release.sh b/scripts/prepare-release.sh
new file mode 100755
index 0000000..85d7387
--- /dev/null
+++ b/scripts/prepare-release.sh
@@ -0,0 +1,56 @@
+#!/bin/bash
+
+# Description: Checks if new runner image tag is available and
+# updates the appVersion and version in the Chart.yaml file if necessary.
+# User can override the new appVersion and chart version by setting the
+# APP_VERSION and CHART_VERSION environment variables respectively.
+
+# Requires yq and jq to be installed.
+
+set -euo pipefail
+SCRIPT_DIR="$( cd "$( dirname "${BASH_SOURCE[0]}" )" && pwd )"
+CHART_YAML_PATH="${SCRIPT_DIR}/../charts/splunk-synthetics-runner/Chart.yaml"
+
+CURRENT_APP_VERSION=$(yq eval '.appVersion' ${CHART_YAML_PATH})
+CURRENT_CHART_VERSION=$(yq eval '.version' ${CHART_YAML_PATH})
+NEW_APP_VERSION=""
+
+# Fetch the latest runner image tag from Quay.io
+LATEST_RUNNER_TAG=$(curl -s "https://quay.io/api/v1/repository/signalfx/splunk-synthetics-runner/tag/?onlyActiveTags=true" \
+-H "Accept: application/json" | \
+jq -r '. as $orig |
+.tags[] | select (.name == "latest") |
+.manifest_digest as $latest | $orig.tags[] |
+select(.manifest_digest == $latest and .name != "latest") | .name')
+echo "The latest runner image tag available in quay.io is $LATEST_RUNNER_TAG"
+
+NEW_APP_VERSION=${APP_VERSION:-$LATEST_RUNNER_TAG}
+
+# Exit if current and new app versions are the same
+if [ "$CURRENT_APP_VERSION" == "$NEW_APP_VERSION" ]; then
+  echo "Runner image tag is already up to date (appVersion $CURRENT_APP_VERSION)."
+  if [[ -n "${GITHUB_ACTIONS-}" ]]; then
+    echo "NEEDS_UPDATE=0" >> "$GITHUB_ENV"
+  fi
+  exit 0
+else
+  echo "Runner image tag is not up to date. Current appVersion is $CURRENT_APP_VERSION and the new appVersion is $NEW_APP_VERSION."
+  if [[ -n "${GITHUB_ACTIONS-}" ]]; then
+    echo "NEEDS_UPDATE=1" >> "$GITHUB_ENV"
+    echo "NEW_APP_VERSION=$NEW_APP_VERSION" >> "$GITHUB_ENV"
+  fi
+fi
+
+# Update the appVersion
+NEW_APP_VERSION=${NEW_APP_VERSION} yq eval -i '.appVersion = strenv(NEW_APP_VERSION)' ${CHART_YAML_PATH}
+
+# Update the chart version by bumping up the patch version
+BUMPED_PATCH_VERSION=$(echo ${CURRENT_CHART_VERSION} | awk -F. '{$NF = $NF + 1;} 1' | sed 's/ /./g')
+NEW_CHART_VERSION=${CHART_VERSION:-$BUMPED_PATCH_VERSION}
+
+echo "Updating the chart version to $NEW_CHART_VERSION"
+NEW_CHART_VERSION=${NEW_CHART_VERSION} yq eval -i '.version = strenv(NEW_CHART_VERSION)' ${CHART_YAML_PATH}
+
+if [[ -n "${GITHUB_ACTIONS-}" ]]; then
+  echo "NEW_CHART_VERSION=$NEW_CHART_VERSION" >> "$GITHUB_ENV"
+fi