diff --git a/RELEASE-NOTES.txt b/RELEASE-NOTES.txt
index a13d5aeb4a..90bd1da287 100644
--- a/RELEASE-NOTES.txt
+++ b/RELEASE-NOTES.txt
@@ -1,5 +1,8 @@
 Unreleased
 ---
+
+1.121.0
+---
 * [internal] Fix Inserter items list filtering [https://github.com/wordpress-mobile/gutenberg-mobile/pull/6911]
 * [*] Prevent hiding the keyboard when creating new list items [https://github.com/wordpress-mobile/gutenberg-mobile/pull/6922]
 * [*] Fix issue when pasting HTML content [https://github.com/wordpress-mobile/gutenberg-mobile/pull/6933]
diff --git a/bundle/android/strings.xml b/bundle/android/strings.xml
index 74b70e7c79..90611f22ef 100644
--- a/bundle/android/strings.xml
+++ b/bundle/android/strings.xml
@@ -230,6 +230,7 @@
     <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>
@@ -253,8 +254,6 @@
     <!-- translators: accessibility text. %1: current block position (number). %2: next block position (number) -->
     <string name="gutenberg_native_move_block_up_from_row_1_s_to_row_2_s" tools:ignore="UnusedResources">Move block up from row %1$s to row %2$s</string>
     <string name="gutenberg_native_move_blocks" tools:ignore="UnusedResources">Move blocks</string>
-    <string name="gutenberg_native_move_image_backward" tools:ignore="UnusedResources">Move Image Backward</string>
-    <string name="gutenberg_native_move_image_forward" tools:ignore="UnusedResources">Move Image Forward</string>
     <string name="gutenberg_native_move_to_bottom" tools:ignore="UnusedResources">Move to bottom</string>
     <string name="gutenberg_native_move_to_top" tools:ignore="UnusedResources">Move to top</string>
     <string name="gutenberg_native_navigate_up" tools:ignore="UnusedResources">Navigate Up</string>
@@ -316,6 +315,7 @@ translators: %s: Select control button label e.g. "Button width" -->
     <string name="gutenberg_native_replace_audio" tools:ignore="UnusedResources">Replace audio</string>
     <string name="gutenberg_native_replace_current_block" tools:ignore="UnusedResources">Replace Current Block</string>
     <string name="gutenberg_native_replace_file" tools:ignore="UnusedResources">Replace file</string>
+    <string name="gutenberg_native_replace_image" tools:ignore="UnusedResources">Replace image</string>
     <string name="gutenberg_native_replace_image_or_video" tools:ignore="UnusedResources">Replace image or video</string>
     <string name="gutenberg_native_replace_video" tools:ignore="UnusedResources">Replace video</string>
     <string name="gutenberg_native_retry" tools:ignore="UnusedResources">Retry</string>
@@ -355,7 +355,6 @@ translators: %s: Block name e.g. "Image block" -->
     <string name="gutenberg_native_search_blocks" tools:ignore="UnusedResources">Search blocks</string>
     <string name="gutenberg_native_search_button_current_button_text_is" tools:ignore="UnusedResources">Search button. Current button text is</string>
     <string name="gutenberg_native_search_input_field" tools:ignore="UnusedResources">Search input field.</string>
-    <string name="gutenberg_native_search_or_type_url" tools:ignore="UnusedResources">Search or type URL</string>
     <string name="gutenberg_native_search_settings" tools:ignore="UnusedResources">Search settings</string>
     <string name="gutenberg_native_select_a_color" tools:ignore="UnusedResources">Select a color</string>
     <string name="gutenberg_native_select_a_color_above" tools:ignore="UnusedResources">Select a color above</string>
diff --git a/bundle/ios/GutenbergNativeTranslations.swift b/bundle/ios/GutenbergNativeTranslations.swift
index a51e180ab7..906c8a1bd9 100644
--- a/bundle/ios/GutenbergNativeTranslations.swift
+++ b/bundle/ios/GutenbergNativeTranslations.swift
@@ -211,6 +211,7 @@ private func dummy() {
     _ = 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: "")
@@ -229,8 +230,6 @@ private func dummy() {
     _ = NSLocalizedString("Move block up", comment: "")
     _ = NSLocalizedString("Move block up from row %1$s to row %2$s", comment: "translators: accessibility text. %1: current block position (number). %2: next block position (number)")
     _ = NSLocalizedString("Move blocks", comment: "")
-    _ = NSLocalizedString("Move Image Backward", comment: "")
-    _ = NSLocalizedString("Move Image Forward", comment: "")
     _ = NSLocalizedString("Move to bottom", comment: "")
     _ = NSLocalizedString("Move to top", comment: "")
     _ = NSLocalizedString("Navigate Up", comment: "")
@@ -285,6 +284,7 @@ private func dummy() {
     _ = NSLocalizedString("Replace audio", comment: "")
     _ = NSLocalizedString("Replace Current Block", comment: "")
     _ = NSLocalizedString("Replace file", comment: "")
+    _ = NSLocalizedString("Replace image", comment: "")
     _ = NSLocalizedString("Replace image or video", comment: "")
     _ = NSLocalizedString("Replace video", comment: "")
     _ = NSLocalizedString("Retry", comment: "")
@@ -295,7 +295,6 @@ private func dummy() {
     _ = NSLocalizedString("Search blocks", comment: "")
     _ = NSLocalizedString("Search button. Current button text is", comment: "")
     _ = NSLocalizedString("Search input field.", comment: "")
-    _ = NSLocalizedString("Search or type URL", comment: "")
     _ = NSLocalizedString("Search settings", comment: "")
     _ = NSLocalizedString("Select a color", comment: "")
     _ = NSLocalizedString("Select a color above", comment: "")
diff --git a/gutenberg b/gutenberg
index f92ffcc772..e63b8b8be7 160000
--- a/gutenberg
+++ b/gutenberg
@@ -1 +1 @@
-Subproject commit f92ffcc7725a4a533322f72b3d84b3d97dd244db
+Subproject commit e63b8b8be7bdc5e9dd2781c597e918a7be212fe5
diff --git a/ios-xcframework/Podfile.lock b/ios-xcframework/Podfile.lock
index 9289a68a5b..39cc468efc 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 (1.120.1):
+  - RNTAztecView (1.121.0):
     - 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: e7495baad7608c5e7e9e9a43ee537282dae7ccdc
+  RNTAztecView: 8a6e9336ee33bfa61e05e2cdb0b128f9005ab6c6
   SDWebImage: a7f831e1a65eb5e285e3fb046a23fcfbf08e696d
   SDWebImageWebPCoder: 908b83b6adda48effe7667cd2b7f78c897e5111d
   SocketRocket: f32cd54efbe0f095c4d7594881e52619cfe80b17
diff --git a/package-lock.json b/package-lock.json
index a28f5c701c..9be38c1a1e 100644
--- a/package-lock.json
+++ b/package-lock.json
@@ -1,12 +1,12 @@
 {
 	"name": "gutenberg-mobile",
-	"version": "1.120.1",
+	"version": "1.121.0",
 	"lockfileVersion": 2,
 	"requires": true,
 	"packages": {
 		"": {
 			"name": "gutenberg-mobile",
-			"version": "1.120.1",
+			"version": "1.121.0",
 			"hasInstallScript": true,
 			"devDependencies": {
 				"@babel/core": "^7.20.0",
diff --git a/package.json b/package.json
index e96ffb64d9..6f852b889c 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
 	"name": "gutenberg-mobile",
-	"version": "1.120.1",
+	"version": "1.121.0",
 	"private": true,
 	"config": {
 		"jsfiles": "./*.js src/*.js src/**/*.js src/**/**/*.js",