Stock rear GT flares are made for a max. of 9" wheels.
I can get 10" slicks under there with absolutely *no* room to spare. You would need the perfect offset wheel for that (or custom spacers) but it's still not advisable for a street car since any bump will cause the tires to rub on the inside.
10" = 25.4cm = 255 tires
So a 265 is too wide for a stock rear flare ...
Now, you can get extra wide fiberglass GT flares that allow you to run up to 11" wheels. You can also modify the stock metal GT flares and widen them to anything you want.
At the end of the day, the wheel offset, wheel width and tire thread width all determine how much flare you actually need.