On the surface, the GT500 doesn't look all that much different than a Shelby GT350. It even has the pre-refresh Mustang headlights, though the tail lights are off the updated model. Everything has been refined and boosted ever so slightly. The fenders look a bit wider, the intakes look a bit larger and the front splitter is a little more aggressive. The side skirts just behind the front wheels have some new aero elements, too.
The two most notable changes are the bulging, vented hood and the large exhaust tips. We don't know what exactly is under the hood, but the bump in the center leads us to believe the GT500 may have a supercharger rather than a set of turbos.
Ford has already had an official teaser, but we don't yet know when the full reveal will happen.