It's not free to upgrade your copy to the current-generation consoles.
Rockstar recently revealed details about how it will upgrade GTA V and GTA Online on the PlayStation 5/Xbox Series consoles but did not mention the price. It was revealed this week that the games would be more costly than other cross-generation upgrades, despite a launch discount.
Pre-orders are open for the PlayStation 5 (and Xbox Series) versions of GTA V, and GTA Online. They launch March 15. Although it is not free, the steep discount lasts until June. Because of the deal Sony made with Rockstar, the PS5 upgrade is less expensive.
GTA Online would be available on PS5 for free until June. Rockstar has now revealed that GTA V will cost $10 for PS5. GTA Online will cost $20 and GTA V, which includes both story mode as well as GTA Online, will cost $40. GTA Online for Xbox Series will be $10 during the discount period and GTA V for $20.
This is in stark contrast to Capcom's recent announcement of Resident Evil VII will be upgraded along with Resident Evil 2 and Resident Evil 3 remakes for PS5, Xbox Series and PC. It is free to upgrade from the previous-generation to the current-generation versions for recent games such as Cyberpunk 2077 and Elden Ring. Sony has agreed to charge $10 for upgrades to in-house games such as Gran Turismo 7 or Horizon Forbidden West.
Rockstar announced last week that the new versions of their games will have higher resolutions, framerates and ray tracing. Players can transfer their progress to the new versions of the games.