A source apparently close to Rockstar Games has told GameSpot that development on Grand Theft Auto V is "well underway", with finishing touches like the addition of mini-games being finalised. The source also stated that a 2012 release is "pretty likely".

The anonymous source stopped short of revealing any details or specifics on GTA V, with speculation still rife that the game could be set in Los Angeles and is being developed under the codename 'Rush', as well as casting calls surfacing listing a variety of typically GTA-esque characters.

There's also a distinct possibility that Grand Theft Auto V could be set in the Miami-inspired Vice City, but Rockstar is still being cagey when talking about the game, declining to offer any comments on GTA V, having yet to officially announce it. Still, wherever it ends up being set, it'll have some way to go to top Grand Theft Auto IV, which as of March 2011 had sold over 20 million copies worldwide.

[Via GameSpot]