The next gen versions of the smash hit game will hit shelves on November 18, while PC fans will have to wait till January 17 2015.

The company also revealed the mass of new features to be included, with the expected improvements in resolution and increased draw distances just the tip of the iceberg.

The new release will also boast new weapons, a 100 new songs, improved damage and weather effects, greater wildlife inclusion, and new activities.

Players will be able to compete in shooting range challenges and have the chance to photograph wildlife, while classic vehicles from the series will also make an appearance, with the Dukes and Dodo Seaplane set to be added.

A Rockstar statement revealed: "Rockstar Games is proud to announce that Grand Theft Auto V will arrive on the PlayStation 4 and Xbox One on November 18, 2014 with the PC version to follow January 27, 2015.

"Grand Theft Auto V for PlayStation 4, Xbox One and PC will feature a range of major visual and technical upgrades to make Los Santos and Blaine County more immersive than ever. 

The launch of GTA 5 for the next gen consoles will also give players the chance to cash in on online play, with Rockstar confirming their were big bonuses in store for players who pre-ordered.

"All players who pre-order the game will get $1,000,000 in-game bonus cash to spend across Grand Theft Auto V and Grand Theft Auto Online (GTA$500K each for your Story Mode and for your GTA Online in-game bank accounts)," the statement added.

"Enhancements to Grand Theft Auto Online include an increased player count, with online play now for up to 30 players on PlayStation 4 and Xbox One.

"All existing gameplay upgrades and Rockstar-created content released since the launch of Grand Theft Auto Online will also be available for the PlayStation 4, Xbox One and PC with much more to come.

"Existing players will be able to transfer their Grand Theft Auto Online characters and progression to their choice of PlayStation 4, Xbox One or PC. For more info about gaining access to exclusive content for returning players."