Despite the news circulating on the web over the last few days, our sources whisper to us that many have it wrong and there likely will not be a Grand Theft Auto 5 release in 2011. While some speculate that it will be released yet this year, it apparently does not seem that this is going to happen despite the fact that it has been three years since the last major release in the franchise.

While Rockstar did release two major content additions for GTA IV, the company has been very quiet about the future of the franchise, other than sort of admitting that a new installment is in development. The major reason for speculation that a holiday release this year is the goal is due to the fact that contracts of some key personnel responsible for the GTA franchise expire in January 2012, and it would be favorable to their negotiating position to deliver GTA 5 before their contracts end.

Some of our sources say that the lack of any information about Max Payne 3 might also be a clue that resources are being directed toward the development of GTA 5. This seems to agree with what industry analyst, Michael Pachter, believes is the case.

In any event, all seem to be in agreement that we will likely hear about GTA 5 in June at E3 when Rockstar is expected to make an announcement. Still, you never know what the future might hold; but rest assured our crystal ball says that we will see another release in the Grand Theft Auto franchise at some point very early next year.