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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".
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.