diff --git a/CHANGELOG.rst b/CHANGELOG.rst
index c5cb5c7b..c465ca49 100644
--- a/CHANGELOG.rst
+++ b/CHANGELOG.rst
@@ -20,6 +20,11 @@ Changelog
 [unreleased]
 ------------
 
+Changed
+~~~~~~~
+
+* Bumped min required version of Rally to 3.4.0.
+
 Removed
 ~~~~~~~
 
diff --git a/Dockerfile b/Dockerfile
index 997b1100..e77a6c62 100644
--- a/Dockerfile
+++ b/Dockerfile
@@ -1,4 +1,4 @@
-FROM xrally/xrally:3.3.0
+FROM xrally/xrally:3.4.0
 
 # "rally" user (which is selected by-default) is owner of "/rally" directory,
 #   so there is no need to call chown or switch the user
diff --git a/requirements.txt b/requirements.txt
index d955c247..47685c0f 100644
--- a/requirements.txt
+++ b/requirements.txt
@@ -3,11 +3,7 @@
 
 requests!=2.20.0,!=2.24.0                              # Apache License, Version 2.0
 
-# keep until commit
-# https://github.com/openstack/rally/commit/14d449b2f1bc51416053d1e6bdd1a5cd915e527a
-# is included in new rally version (>3.3)
-SQLAlchemy<2.0.0                                       # MIT
-rally>=3.1.0                                           # Apache License, Version 2.0
+rally>=3.4.0                                           # Apache License, Version 2.0
 
 # OpenStack related
 gnocchiclient                                          # Apache Software License
diff --git a/tests/ci/rally_verify.py b/tests/ci/rally_verify.py
index 8a6285a1..2a12ffb9 100644
--- a/tests/ci/rally_verify.py
+++ b/tests/ci/rally_verify.py
@@ -324,11 +324,6 @@ class RunVerification(Step):
         ".TestDashboardBasicOps.test_basic_scenario"
         "[dashboard,id-4f8851b1-0e69-482b-b63b-84c6e76f6c80,smoke]":
             "Fails for unknown reason",
-
-        "tempest.scenario.test_server_basic_ops"
-        ".TestServerBasicOps.test_server_basic_ops"
-        "[compute,id-7fff3fb3-91d8-4fd0-bd7d-0204f1f180ba,network,smoke]":
-            "Fails for unknown reason",
     }
 
     def setUp(self):
diff --git a/upper-constraints.txt b/upper-constraints.txt
index 5bd22207..99799463 100644
--- a/upper-constraints.txt
+++ b/upper-constraints.txt
@@ -103,7 +103,7 @@ python-watcherclient===3.3.0
 python-zaqarclient===2.2.0
 pytz===2021.3
 PyYAML===5.4.1
-rally===3.3.0
+rally===3.4.0
 requests===2.26.0
 requests-oauthlib===1.3.0
 requestsexceptions===1.4.0