diff --git a/gnu/packages/python.scm b/gnu/packages/python.scm
index 3168e0f89dba1e8090319b9f65d6dfead753259d..535593ce3bad8ca7d3b8eadc4c1c5a755176f764 100644
--- a/gnu/packages/python.scm
+++ b/gnu/packages/python.scm
@@ -13785,14 +13785,14 @@ (define-public python-async-generator
 (define-public python-async-timeout
   (package
     (name "python-async-timeout")
-    (version "2.0.1")
+    (version "3.0.1")
     (source
      (origin
        (method url-fetch)
        (uri (pypi-uri "async-timeout" version))
        (sha256
         (base32
-         "1l3kg062m02mph6rf9rdv8r5c5n356clxa6b6mrn0i77vk9g9kq0"))))
+         "0pscbyr840m7fyfc3r8zv9kgkwdcn9f78p7zsrczciwd09m82g0c"))))
     (build-system python-build-system)
     (home-page "https://github.com/aio-libs/async_timeout/")
     (synopsis "Timeout context manager for asyncio programs")