It isn't Gran Turismo 7, but Polyphony Digital's first GT title for PlayStation 4 — and the first since 2013's Gran Turismo 6 — has been revealed. Details are slim right now, but Gran Turismo Sport will have everything you expect (ie. sleek cars going fast in a realistic environment) and will additionally introduce an online racing series that will reportedly be "recognized alongside real world motor racing by the FIA" (Fédération Internationale de l'Automobile). And yes, it'll be compatible with PlayStation VR. Also yes, if you look closely, you'll see a Bugatti in the trailer.
Beta testing for Gran Turismo Sport begins early next year for "everyone in the game community."