diff --git a/.gitattributes b/.gitattributes
index 97aa3f333..994bf8275 100644
--- a/.gitattributes
+++ b/.gitattributes
@@ -1 +1 @@
-neptune/_version.py export-subst
+src/neptune/_version.py export-subst
diff --git a/CHANGELOG.md b/CHANGELOG.md
index 90d7e5eb6..b3a36a71e 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -3,6 +3,7 @@
 ### Fixes
 - Update jsonschema requirement with explicit `format` specifier ([#1010](https://github.com/neptune-ai/neptune-client/pull/1010))
 - Escape inputs to SQL in Artifact LocalFileHashStorage ([#1034](https://github.com/neptune-ai/neptune-client/pull/1034))
+- Version checking with importlib and versioneer config update ([#1048](https://github.com/neptune-ai/neptune-client/pull/1048))
 
 ### Changes
 - More consistent and strict way of git repository, source files and entrypoint detection ([#1007](https://github.com/neptune-ai/neptune-client/pull/1007))
diff --git a/requirements.txt b/requirements.txt
index 648c21a8c..afd8ee42c 100644
--- a/requirements.txt
+++ b/requirements.txt
@@ -17,3 +17,4 @@ dataclasses>=0.6; python_version<"3.7"
 swagger-spec-validator>=2.7.4
 psutil
 jsonschema[format]<4.0.0
+importlib-metadata<4; python_version<"3.8.0"
diff --git a/src/neptune/__init__.py b/src/neptune/__init__.py
index a116ed1d5..4419cfdbb 100644
--- a/src/neptune/__init__.py
+++ b/src/neptune/__init__.py
@@ -13,7 +13,6 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 #
-from neptune._version import get_versions
 from neptune.legacy import (
     ANONYMOUS,
     ANONYMOUS_API_TOKEN,
@@ -46,5 +45,4 @@
     set_property,
     stop,
 )
-
-__version__ = get_versions()["version"]
+from neptune.version import __version__
diff --git a/src/neptune/_version.py b/src/neptune/_version.py
index 120b32dec..a1a0d21bb 100644
--- a/src/neptune/_version.py
+++ b/src/neptune/_version.py
@@ -44,7 +44,8 @@ def get_config():
     cfg.style = "pep440"
     cfg.tag_prefix = ""
     cfg.parentdir_prefix = ""
-    cfg.versionfile_source = "neptune/_version.py"
+    cfg.versionfile_source = "src/neptune/_version.py"
+    cfg.versionfile_build = "neptune/_version.py"
     cfg.verbose = False
     return cfg
 
diff --git a/src/neptune/new/version.py b/src/neptune/new/version.py
index 1928c86f9..c1e0c0722 100644
--- a/src/neptune/new/version.py
+++ b/src/neptune/new/version.py
@@ -13,9 +13,8 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 #
-from packaging import version
+from packaging.version import parse
 
-from neptune._version import get_versions
+from neptune.version import __version__
 
-version = version.parse(get_versions()["version"])
-del get_versions
+version = parse(__version__)
diff --git a/src/neptune/version.py b/src/neptune/version.py
new file mode 100644
index 000000000..881f5c138
--- /dev/null
+++ b/src/neptune/version.py
@@ -0,0 +1,33 @@
+#
+# Copyright (c) 2022, Neptune Labs Sp. z o.o.
+#
+# Licensed under the Apache License, Version 2.0 (the "License");
+# you may not use this file except in compliance with the License.
+# You may obtain a copy of the License at
+#
+#     http://www.apache.org/licenses/LICENSE-2.0
+#
+# Unless required by applicable law or agreed to in writing, software
+# distributed under the License is distributed on an "AS IS" BASIS,
+# WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+# See the License for the specific language governing permissions and
+# limitations under the License.
+#
+import sys
+
+if sys.version_info >= (3, 8):
+    from importlib.metadata import (
+        PackageNotFoundError,
+        version,
+    )
+else:
+    from importlib_metadata import (
+        PackageNotFoundError,
+        version,
+    )
+
+try:
+    __version__ = version("neptune-client")
+except PackageNotFoundError:
+    # package is not installed
+    pass