Rockstar Games has made the announcement that GTA 5, Red Dead Redemption 2 and many other older games from Rockstar will have backwards compatibility on the PS5, as well as the Xbox Series X/S consoles. This makes the PS4 and Xbox One versions of GTA 5 and RDR 2 playable on the next-gen consoles.
In-game progress can be brought across through either manual transfer by means of a USB storage device, cloud saves, or LAN/wi-fi transfers for save games. The online components of both games will be carried over through the Rockstar Social Club profile signing in using your account for your PSN/Xbox Live network. Additionally, the most recent version of L.A. Noire and the VR case files on PS4 are also backwards compatible on next-gen consoles.
It was also announced by Rockstar that other games from the developer will also be available to play on the next-gen consoles via backwards compatibility. For the Xbox, these original Xbox & Xbox 360 games will be available: GTA 4, GTA San Andreas, Red Dead Redemption Midnight Club: Los Angeles, Rockstar Games Presents Table Tennis, GTA Episodes from Liberty City and Bully: Scholarship Edition.
For the PS5, these games will be able to carry over vis the PS Store: GTA 3, GTA Vice City, Max Payne, The Warriors, Bully, GTA: San Andreas, Manhunt and Red Dead Revolver.
No information regarding any next-gen editions for these games has been given.