diff --git a/CHANGELOG.md b/CHANGELOG.md
index 7e63adfac..46d8a76ef 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -40,7 +40,7 @@ Ref: https://keepachangelog.com/en/1.0.0/
 - (SDK) [\#7925](https://github.com/cosmos/cosmos-sdk/pull/7925) Updated dependencies to use gRPC v1.33.2
   * Updated gRPC dependency to v1.33.2
   * Updated iavl dependency to v0.15-rc2
-
+* (version) [\#7848](https://github.com/cosmos/cosmos-sdk/pull/7848) [\#7941](https://github.com/cosmos/cosmos-sdk/pull/7941) `version --long` output now shows the list of build dependencies and replaced build dependencies.
 
 ## [v0.40.0-rc3](https://github.com/cosmos/cosmos-sdk/releases/tag/v0.40.0-rc3) - 2020-11-06
 
diff --git a/version/version.go b/version/version.go
index 25995932f..a179b37fe 100644
--- a/version/version.go
+++ b/version/version.go
@@ -85,6 +85,13 @@ type buildDep struct {
 	*debug.Module
 }
 
-func (d buildDep) String() string                    { return fmt.Sprintf("%s@%s", d.Path, d.Version) }
+func (d buildDep) String() string {
+	if d.Replace != nil {
+		return fmt.Sprintf("%s@%s => %s@%s", d.Path, d.Version, d.Replace.Path, d.Replace.Version)
+	}
+
+	return fmt.Sprintf("%s@%s", d.Path, d.Version)
+}
+
 func (d buildDep) MarshalJSON() ([]byte, error)      { return json.Marshal(d.String()) }
 func (d buildDep) MarshalYAML() (interface{}, error) { return d.String(), nil }