Yup, it should.
If you're looking for the ultimate budget wheel, buy the Driving Force GT. It was tailor made for Gran Turismo 5, has buttons laid out for it, and is awesome. It has 95% of the overall quality of the far more expensive G25/27 wheels. Where it shows its price, however, is the cheapish pedals which are still good.
I bought mine in 2009 for £85. If you're from Britain, you can pick it up from Gumtree for £50.
P.S just seen you're from the U.S, £50 is $83. I'm sure you can find it second-hand on ebay. If you want it brand new, wont cost more than $160 I'd have thought