GTA V set within Los Santos, surrounding regions

Take Two and Rockstar have formally announced that development on Grand Theft Auto V is well underway, confirming it will take place in Los Santos and within its surrounding areas.

Following the release of the first trailer yesterday, it was widely thought the locale would be the entire of San Andreas, including San Fierro and Las Venturas. Seems to be not the case.

Not much on the story is mentioned other than it sees you in "the pursuit of the almighty dollar in a re-imagined, present day Southern California."

It's also been announced that flagship studio North in Edinburgh would be handling dev duties. North was mentioned in the trailer yesterday.

GTA V will, according to Take Two's press release, be a "bold new direction in open-world freedom," as well as story-telling, mission-based gameplay and multiplayer.

"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."

Despite the information release, there's still no formal confirmation of platforms or release timeline as yet.