As you might be aware, Grand Theft Auto V has been officially announced. However, besides a Logo, Rockstar is very quite about the game, but the rumors have started to spread like fire.
Apparently GTA V will be located in a city based on Los Angeles, and will have more than one playable character says "a source with knowledge of the game" according to Kotaku.
If its going to be a switch in character during the gameplay like Call of Duty, separate stories like the GTA expansions, or the character can be chosen from the start, is yet unknown.
Last year Gamereactor revealed a rumor that GTA V might be in a Hollywood setting.