We have known for quite some time now that with the new-generation Mustang, Ford will replace the current Shelby GT500 with a new GT350 version. The Shelby moniker will also likely be dropped and replaced by the "Cobra" name.

Until now, everything we knew on the GT350 was pure speculations, but a Mustang fanatic at MustangG6 managed to catch what he claims is the GT350 on open road. If this claim is accurate, than it is the first time anyone has caught the GT350 on video. Even if this is not the GT350, it still bodes well for the upcoming Mustang lineup, because this thing sounds fierce!

There are few details on the new GT350 just yet, but rumors suggest it will drop the current supercharged 5.8-liter, V-8 engine that develops 662 horsepower in the GT500. Instead it will be powered by a 5.0-liter, Coyote V-8 that will deliver about 450 horsepower. Sure, that's a huge drop in output, but it will be more fuel efficient.

No mater what engine it uses, the sound is amazing, so enjoy the video!

Click past the jump to read more on the next-gen Mustang

2015 Ford Mustang

For 2015 -- or maybe as a 2014.5 model -- the Mustang is heading into one of its biggest redesigns this side of the Mustang II. Rumors suggest that it will borrow a lot of styling cues from the Evos concept, and that it will carry a four-banger engine for the first time since the early 1990s -- albeit a turbocharged four-pot with nearly 350 horsepower.

There are multiple venues where the Mustang could make its debut, and Ford has not given us any idea on where or when to expect to see it. The most likely debut site is the New york Auto Show, as it overlaps perfectly with the original debut date of the Mustang -- the Mustang debuted on April 17, 1964 and the press days in New York should be the 16th and 17th of April.