It'll be a separate new client download instead of an update to the existing client so keep that in mind. Rockstar wants people to have the ability to choose between the old and new clients.Details outlined in a bit more detail, for the details:
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Grand Theft Auto 5 will support Ray Tracing Reflections, Shadows, RTGI & RTAO on PC
The Next-Gen PC Update for GTA5 will bring new Ray Tracing effects that will be exclusive to PC. Plus, it will add support for NVIDIA DLSS 3 and AMD FSR 3.0.www.dsogaming.com
Time to reinstall the game I guess.