The model, which was previewed in a video (bottom) at the Detroit motor show in January, is being co-engineered by Shelby. The iconic tuning firm's famous Cobra logo and racing stripes will adorn the model.
The super-performance muscle car will revive a model Ford stopped selling in 2015. It will be the most powerful street-legal Mustang offered yet, with more than twice the horsepower of the first-ever V8 performance model of 1967, which is featured in the preview video.
The GT500 uses a further developed and 'charged version of the Mustang GT350's 5.2-litre engine. Although Ford has remained tight-lipped on the car's specifications, rumours suggest the seven-speed dual-clutch gearbox from the Ford GT supercar could be used to channel power to the GT500's rear wheels.