Jun 21, 2011 09:15 GMT  ·  By

Grand Theft Auto V, the next installment in Rockstar's hugely successful open world franchise, is "well under way" in terms of development, and looks set to appear in 2012, at least according to a new report.

Rockstar is set to debut a new installment in its massively popular Grand Theft Auto series, with the next game, GTA V, being rumored for quite some time, right after the release of the last title, GTA IV, back in 2008.

Seeing as how the previous game sold over 20 million units, it was pretty obvious that Rockstar would already have the next title in development, as hinted at by a few brief teasers and some leaked actor casting calls earlier this year.

Now, GameSpot has published a new report, citing inside sources, which says that the development of Grand Theft Auto V is "well under way" and that it's pretty likely we'll see the game arrive in 2012.

The scale of Grand Theft Auto V is "vast" but it's nearing completion, as the development team only needs to implement the various mini-games that will entertain players while they aren't going around the game's world and causing all sorts of havoc.

Original rumors and opinions for analysts pegged at least the announcement of Grand Theft Auto V to appear this year, most likely at the E3 2011 conference that took place two weeks ago.

That, sadly, hasn't happened, as Rockstar preferred to keep people in the dark until the time is right to unveil Grand Theft Auto V.

While previous speculation said that the action might once again take place in Vice City, the Miami clone seen in a sequel to GTA III, the recent casting calls suggest the game will see players travel around the fictional Los Santos city, the franchise's own Los Angeles clone, which first appeared in GTA: San Andreas.

As of yet, however, Rockstar hasn't commented on all these rumors, so fans of Grand Theft Auto will have to wait and see when the actual announcement appears.