The game, created by Edinburgh-based company Rockstar North, is the latest in the long-running franchise which sees gamers given the chance to run around lavishly-created virtual cities carrying out all manner of criminal activities.
This latest instalment has earned a place in the Guinness Book of World Records for the highest revenue generated by an entertainment product in 24 hours. In its first day on release the game sold 3.6 million copies and earned more than £150 million.
At the Edinburgh awards, established to recognise innovation and design in video games, it will be up against the revolutionary Wii Fit, the incredibly popular Rock Band game and best-selling Halo 3.
The winner of the Edge Award will be announced on Monday, August 11.