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Well I’m sure Polyphony Digital won’t like to commit to a solid release date, since they're famous for extending development to producethe perfect product. But a Sony executive has revealed that we can expect the game to arrive before the next Christmas. 
I personally expect the title to fall into 2010, but we can always hope. Sony’s Chief Executive in Southern Europe, James Armstrong, outed the news in the Spanish newspaper El Financiero

“For next year, the chief executive of Sony Computer Entertainment for southern Europe said that they are developing a new game thriller, in which the player may be designing their own history, and the new version of Gran Turismo, which will arrive at Christmas.” 

Usually Gran Turismo comes out earlier in Japan, so it could see a summer 2009 release there. What’s more exciting is that Polyphony Digital have openly admitted to making updates available for Gran Turismo 5 Prologue before the release of Gran Turismo 5. 

These updates are said to include a full damage system and even weather effects. If Gran Turismo 5 is set for a late 2009 release, Prologue should get damage modelling much earlier in the year. That is, if PD get over the issues some car makers have with the implementation of car damage in such a realistic game. 
http://www.gamezine.co.uk/news/game-types/driving-and-racing/gran-turismo-5-late-2009-=-prologue-damage-early-2009--$1252251.htm