In 1968 Ferrari replaced the 330 GTS with the 365 GTS spider, a model with a very short life. In less than a year of existence Ferrari built only 20 units of the car, becoming one of the rarest Ferrari of the time.
On the exterior the 365 GTS looked almost identical to the 330 GTS; the exception was made by the omission of the exhaust air outlets on the front wing sides, which were replaced by a trapezoidal black plastic louvre panel close to each trailing corner of the bonnet. Also the "330" logo was replaced with only the "Ferrari" badge.
On the interior Ferrari also added two circular directional demister outlets in the centre of the dash top.
Like most of the Ferrari the 365 GTS was built at the Pininfarina works in Turin, then delivered fully trimmed to Ferrari for fitment of the mechanical components.
The 365 GTS was built on a 2400 mm chassis, with all 20 units being built with a left hand drive layout. Under the hood Ferrari placed an enlarged version of the one used in the 330 GTS: a single overhead camshaft per bank V12 unit of 4390cc capacity, with a bore and stroke of 81mm x 71mm and with an output of 320 hp. The engine was mated to a five-speed transaxle transmission.
In 2008 Ferrari 365 GTS was offered for sale at the Gooding & Company auction held in Pebble Beach, California. It was sold for $1,265,000.