According to the official press release, the game will take place in Los Santos and its surrounding hills, countryside and beaches. Rockstar describes the game as the "most ambitious yet".
The game will see you go in "pursuit of the almighty dollar in a re-imagined, present day Southern California". Rockstar North is of course handling development duties.
Rockstar's press release adds that Grand Theft Auto V will provide a bold new direction in open-world freedom," with multiplayer definitely on the slate.
Grand Theft Auto V is another radical reinvention of the Grand Theft Auto universe, said Rockstar boss Sam Houser. We are incredibly excited to share our new vision with our fans.
Rockstar's still keeping platforms under its hat, but it would be logical to expect PlayStation 3. We wouldn't be surprised if the game somehow ended up on PlayStation Vita too.