Steve Saleen can never keep his hands off of Mustangs, so its no surprise that he's already announced plans for the 2010 Mustang.

Then again, the engine modifications won't be too hard because the mechanical bits of the new Mustang are just a carryover from the previous model. So the 4.6-liter V8 SMS has been working on may have already been in development for quite some time by now. The 2010 Signature Series SMS 460 Mustang will make between 475 to over 650 hp and go on sale in the second quarter of 2009.

The biggest changes to watch out for on SMS car will be how they will handle aerodynamic upgrades to the 2010 'Stang's body.

Press release after the jump.

Press release

Steve Saleen announced today that he and his new company SMS (Steve's initials) will design, engineer, certify and manufacture an all-new family of ultra-high performance Mustangs. Steve's 25 year legacy with the Mustang will continue into the next quarter century with the launch of his 2010 Signature Series SMS 460 Mustangs.

The introduction of the SMS 460 Mustangs keeps Steve Saleen in the saddle with the model that made him famous as a manufacturer of high performance sports cars. Since leaving his former company, Saleen, Inc., Steve has entered exciting new territory with SMS. The first products to wear the new badge - the SMS 570 Challenger and SMS 570X Challenger, will begin shipping in late January.

"After 25 years of rich Mustang heritage, I am excited to begin work on the 2010 model" explains Steve. "Ford has hit the spot with the excellent new Mustang package and has provided me with an outstanding starting point. "The SMS 460 Mustangs will be truly world class performance vehicles and they will be available though the entire Ford dealer network!"

Hinting at the character of his latest creation, Steve says, "We are carrying over a host of performance features and innovations from my SMS Twenty Fifth Anniversary model, which is a stunning performer and an aesthetic beauty!"

The fully-certified and street-legal SMS 460 Mustangs are based on the exciting 2010 Mustang GT platform and will feature an SMS Supercharged 4.6L engine with power ratings from 475 to over 650 horsepower! Both models will feature extensive design refinements and performance innovations, including the patented SMS Red Butterfly Induction™ hood and a full compliment of SMS ultra-high performance components. Look for all-new and upgraded drivetrain, suspension, aerodynamics, tires, wheels and interior.

"The 2010 Mustang already has an exciting and sculptural exterior, as well as new, up-scale interior," notes Phil Frank, SMS Chief Creative Officer. "The SMS 460 Mustangs will evolve our design DNA in a more aggressive and aerodynamic direction."

Each of these limited edition vehicles will be hand signed by Steve Saleen as part of the SMS Signature Series product line, complete with unique badges and graphics. Annual production volume will be restricted, adding to the exclusivity of ownership. Contracts are issued on a first-come first-served basis and deposits are now being accepted for early production numbers scheduled for build in the second quarter of 2009.