Last we heard, GTA V was "well underway". Well, now, according to the "Crystal Ball" in the latest issue of Offical Xbox Magazine, the long awaited next installment in the Grand Theft Auto series is expected to be annouced some time later this summer.
The article reads:
Time's up, says The Ball. Expect Grand Theft Auto V to be announced later this summer.
— Official Xbox Magazine
With the 2011 Gamescom Conference coming up next month in Germany, this would be the most logical spot for a late summer annoucement. We'll just have to wait and see!