Well, sort of. According to the trailer, Grand Theft Auto V will take place in Los Santos which is a knock off of Los Angeles - there's even a sign for a place called "Vinewood" which looks very similar to another "-Wood" many of us know.
The game's main character seems to have a very bad past which he wishes to escape from by moving to Los Puertes. However, it seems that some lives just can't be escaped from and his dreams of living a normal life didn't quite work out.
You can check out the rather stylistic trailer below. We expect the game will be on the PS3, Xbox 360 and PC: