A number of sources, including Wedbush industry analyst Michael Pachter, are expecting the new chapter in the Grand Theft Auto franchise to arrive late 2011 or an early 2012 release. Our industry sources confirm to us that the title has been in development for some time.

While Take-Two Interactive and developer Rockstar has yet to make an official announcement, whispers we hear suggest that the announcement is likely to come during E3 in June. The next chapter in the GTA franchise is expected to contend for the title of best selling video game of all time once it is released. Suggestions that the game could sell as many as 20 million copies over the lifetime of the release might not be out of line, according to analysts we spoke with.

While no one really knows exactly how long the title has been in development, the clues suggest that it could have been in development for as long as four years by the time it is released; and may have as many as 200 developers working on the project. The game uses the Rockstar Advanced Game Engine (RAGE) and will be the largest and most advanced title ever powered by this engine.

Of course, Take-Two and Rockstar have nothing to say yet, but from the whispers we hear a later 2011 release for the holiday is what Take-Two might want to do; but they could choose to move it into early 2012, just as the company did with Red Dead Redemption so that the title could face less competition from other publishers.