The folks over at Joystiq received an anonymous tip from "an alleged employee" within Rockstar North, deevelopers of the Grand Theft Auto series. The source's information has revealed that the next iteration of the GTA series will be labeled, Grand Theft Auto: London and will be released on the PlayStation 3.

The "3 Island" system will be replaced by a new "North, East, South, West" system, and the main character will be an ex-gangster starting off in the "rough-and-tumble east end of London." Unlocked regions are to include the North End, South End, and West End, in order. The game is supposed to be about 60% finished, with the graphics and physics engines both completed. The focus is now mainly on the game's story component.

The game is set to be a PlayStation 3 launch game in North America and Europe in Q4 2006.

Rumor - Grand Theft Auto: London for PS3 in Q4 2006 [Joystiq]