This is a mix of speculation with some details.
L.A. Noire: The VR Case Files

Sydney-based developer Video Games Deluxe, is said to be working on a new "AAA open-world title in VR for Rockstar." Video Games Deluxe is made up of some former devs of Team Bondi. You may recall Team Bondi from their previous (and only) creation L.A. Noire.

Team Bondi had a number of "controversies" during the development of L.A. Noire. This includes but is not limited to having omitted well over 100 names from the credits of L.A. Noire, high turnover rate, excessive crunch, harsh working conditions, and more. Team Bondi was eventually closed in 2011. The studio owed roughly 40 creditors a sum of about $1.4M (AUD), including unpaid wages and employee bonuses that accounted for roughly 75% of that debt.

Thankfully, a phoenix rose from the smoldering ashes that was Team Bondi. That phoenix is Video Games Deluxe. A new posting on LinkedIn suggests that they are hiring for some positions to help create a "AAA open world title in VR for Rockstar."

Having finished the critically well received L.A.Noire: The V.R. Case Files we are now gearing up for a new project, a AAA open world title in VR for Rockstar. 2020 marks our 7th year of working exclusively for Rockstar in Sydney and we are excited to taking on this ground breaking project.

We have a number of job openings in our Sydney studio including Senior Programmers, Engine Programmer, Designer and Animator. If you are interested in one of these positions or would like two speak to someone who works here about VGD please get in touch.
Given that Video Games Deluxe is hiring for several key positions, I would not expect to see the fruits of this potential labor any time soon. This game, whatever it may be, is still very much in the early planning stages.

If you want a small taste of what this small team can do, you can always check out L.A. Noire: The VR Case Files. Video Games Deluxe was just a 10-person team when they developed the 2017 addendum to L.A. Noire. The VR Case Files is available for both PC-based VR devices and PlayStation VR. This release takes a handful of cases and completely remade them for virtual reality.