diff --git a/CHANGELOG.md b/CHANGELOG.md
index 7a040866aa0..c84192536b2 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -33,6 +33,12 @@
 
 - Deprecated warnings will be triggered when using snowpark-python with Python 3.8. For more details, please refer to https://docs.snowflake.com/en/developer-guide/python-runtime-support-policy.
 
+#### Dependency Updates
+
+- Added a dependency on `protobuf>=5.28` and `tzlocal` at runtime.
+- Added a dependency on `protoc-wheel-0` for the development profile.
+- Require `snowflake-connector-python>=3.12.0, <4.0.0` (was `>=3.10.0`).
+
 ### Snowpark pandas API Updates
 
 #### New Features
diff --git a/setup.py b/setup.py
index 8539d125d4a..fc50573905f 100644
--- a/setup.py
+++ b/setup.py
@@ -13,16 +13,19 @@
 MODIN_DEPENDENCY_VERSION = (
     "==0.28.1"  # Snowpark pandas requires modin 0.28.1, which depends on pandas 2.2.1
 )
-CONNECTOR_DEPENDENCY_VERSION = ">=3.10.0, <4.0.0"
+CONNECTOR_DEPENDENCY_VERSION = ">=3.12.0, <4.0.0"
+CONNECTOR_DEPENDENCY = f"snowflake-connector-python{CONNECTOR_DEPENDENCY_VERSION}"
 INSTALL_REQ_LIST = [
     "setuptools>=40.6.0",
     "wheel",
-    f"snowflake-connector-python{CONNECTOR_DEPENDENCY_VERSION}",
+    CONNECTOR_DEPENDENCY,
     # snowpark directly depends on typing-extension, so we should not remove it even if connector also depends on it.
     "typing-extensions>=4.1.0, <5.0.0",
     "pyyaml",
     "cloudpickle>=1.6.0,<=2.2.1,!=2.1.0,!=2.2.0;python_version<'3.11'",
     "cloudpickle==2.2.1;python_version~='3.11'",  # backend only supports cloudpickle 2.2.1 + python 3.11 at the moment
+    "protobuf>=5.28",  # Snowpark IR
+    "tzlocal",  # Snowpark IR
 ]
 REQUIRED_PYTHON_VERSION = ">=3.8, <3.12"
 
@@ -50,6 +53,7 @@
     "graphviz",  # used in plot tests
     "pytest-assume",  # sql counter check
     "decorator",  # sql counter check
+    "protoc-wheel-0",  # Protocol buffer compiler, for Snowpark IR
 ]
 
 # read the version