diff --git a/pyproject.toml b/pyproject.toml
index d9e7117..dd4e4d5 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -15,8 +15,8 @@ license = { file = "LICENSE" }
 requires-python = ">=3.10"
 dependencies = [
   "torch>=2.2,<3",
-  "transformers>=4.41,<5",
-  "accelerate>=0.34,<2",
+  "transformers>=4.41",
+  "accelerate>=1.1.0",
   "numpy>=1.21,<3",
   "einops>=0.7.0,<1",
   "scikit-learn>=1.6.0,<2",
@@ -41,14 +41,14 @@ path = "src/chronos/__about__.py"
 [project.optional-dependencies]
 extras = [
   "boto3>=1.10,<2",
-  "peft>=0.13.0,<0.18",
+  "peft>=0.18.1",
   "fev>=0.6.1",
   "pandas[pyarrow]>=2.0,<2.4",
 ]
 test = [
   "pytest~=8.0",
   "boto3>=1.10,<2",
-  "peft>=0.13.0,<1",
+  "peft>=0.18.1",
   "fev>=0.6.1",
   "pandas[pyarrow]>=2.0,<2.4",
 ]
diff --git a/scripts/training/train.py b/scripts/training/train.py
index 09d5d8e..c586460 100644
--- a/scripts/training/train.py
+++ b/scripts/training/train.py
@@ -21,6 +21,7 @@ import torch
 import torch.distributed as dist
 from torch.utils.data import IterableDataset, get_worker_info
 import transformers
+from packaging import version
 from transformers import (
     AutoModelForSeq2SeqLM,
     AutoModelForCausalLM,
@@ -46,6 +47,7 @@ from gluonts.transform import (
 
 from chronos import ChronosConfig, ChronosTokenizer
 
+_TRANSFORMERS_V5 = version.parse(transformers.__version__) >= version.parse("5.0.0")
 
 app = typer.Typer(pretty_exceptions_enable=False)
 
@@ -661,7 +663,7 @@ def main(
         per_device_train_batch_size=per_device_train_batch_size,
         learning_rate=learning_rate,
         lr_scheduler_type=lr_scheduler_type,
-        warmup_ratio=warmup_ratio,
+        **({"warmup_steps": round(warmup_ratio * max_steps)} if _TRANSFORMERS_V5 else {"warmup_ratio": warmup_ratio}),
         optim=optim,
         logging_strategy="steps",
         logging_steps=log_steps,
diff --git a/src/chronos/chronos2/model.py b/src/chronos/chronos2/model.py
index c96d0bc..99eefb0 100644
--- a/src/chronos/chronos2/model.py
+++ b/src/chronos/chronos2/model.py
@@ -16,7 +16,7 @@ from transformers.modeling_utils import PreTrainedModel
 from transformers.utils import ModelOutput
 
 
-_TRANSFORMERS_V5 = version.parse(transformers_version) >= version.parse("5.0.0.dev0")
+_TRANSFORMERS_V5 = version.parse(transformers_version) >= version.parse("5.0.0")
 
 if _TRANSFORMERS_V5:
     from transformers import initialization as init
diff --git a/src/chronos/chronos2/pipeline.py b/src/chronos/chronos2/pipeline.py
index 223689d..2cefa5f 100644
--- a/src/chronos/chronos2/pipeline.py
+++ b/src/chronos/chronos2/pipeline.py
@@ -22,6 +22,7 @@ from transformers.utils.peft_utils import find_adapter_config_file
 import chronos.chronos2
 from chronos.base import BaseChronosPipeline, ForecastType
 from chronos.chronos2 import Chronos2Model
+from chronos.chronos2.model import _TRANSFORMERS_V5
 from chronos.chronos2.dataset import Chronos2Dataset, DatasetMode, TensorOrArray
 from chronos.df_utils import convert_df_input_to_list_of_dicts_input
 from chronos.utils import interpolate_quantiles, weighted_quantile
@@ -270,7 +271,7 @@ class Chronos2Pipeline(BaseChronosPipeline):
             per_device_eval_batch_size=batch_size,
             learning_rate=learning_rate,
             lr_scheduler_type="linear",
-            warmup_ratio=0.0,
+            **({"warmup_steps": 0} if _TRANSFORMERS_V5 else {"warmup_ratio": 0.0}),
             optim="adamw_torch_fused",
             logging_strategy="steps",
             logging_steps=100,
diff --git a/src/chronos/chronos_bolt.py b/src/chronos/chronos_bolt.py
index 5b68029..aa9c1b7 100644
--- a/src/chronos/chronos_bolt.py
+++ b/src/chronos/chronos_bolt.py
@@ -29,7 +29,7 @@ from .base import BaseChronosPipeline, ForecastType
 
 logger = logging.getLogger(__file__)
 
-_TRANSFORMERS_V5 = version.parse(transformers_version) >= version.parse("5.0.0.dev0")
+_TRANSFORMERS_V5 = version.parse(transformers_version) >= version.parse("5.0.0")
 
 # In transformers v5, use guarded init functions that check _is_hf_initialized
 # to avoid re-initializing weights loaded from checkpoint