While casting calls and web domain registrations have already seemingly peeled back the curtain on the next proper Grand Theft Auto game, a report on GameSpot says that title is a lot further along than you'd think.

According to "sources close to the Take-Two Interactive subsidiary" (that subsidiary being developers Rockstar), development on Grand Theft Auto V is already "well under way", with a 2012 release looking "pretty likely".

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Earlier rumours and reports on the game hint that it'll be taking place in Los Santos, the Grand Theft Auto universe's equivalent of Los Angeles.

We've contacted Rockstar for comment, and will update if we hear back.

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Grand Theft Auto V development 'well under way' [GameSpot]

Click here to visit our Grand Theft Auto V timeline!