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It's been awhile since a good Grand Theft Auto V hit the Internet. The latest gossip suggests that Rockstar's pinned down a setting for the game.
Eurogamer says they've been told by an "independent source" that Rockstar is researching locations around Hollywood. They don't actually state what game the research is for, though.
VG247, meanwhile, states definitively that the game will be set there. They also speculate that the game will be revealed at an upcoming Max Payne 3 event. At least I think that's what they're saying. The article reads like a rejected McSweeney's piece.
Hollywood previously appeared in last gen's Grand Theft Auto: San Andreas as "Vinewood." Considering GTA IV used the setting of GTA III (Liberty City), it seems plausible that GTA V would return to the site of an older game as well.