Release a new part revision (new item) to an active shipping status while keeping the old part activ

Summary

Release a new part revision (new item) to an active shipping status while keeping the old part active and in a use to depletion status (this is for managing End Of Life products and introducing their

Content

We are having a requirement where we want the existing item on hand to be depleted first before getting started with the new item. That is, Release a new part revision (new item) to an active shipping status while keeping the old part active and in a use to depletion status (this is for managing End Of Life products and introducing their replacement).Is there a possibility to achieve this? Can Item Substitution be an option but how do we manage depletion of old part first?