America’s top selling convertible is about to get another variation with the announcement that Ford and Carroll Shelby will be launching a new GT Mustang drop-top for the 2008 model year. Though the first cars aren’t expected to hit showrooms until August, Mustang fans will be able to get up close and personal with it at the annual Mid-America Ford Performance and Shelby Meet, which opens today in Oklahoma.

Under the hood, the convertible features the same Ford Racing Power Upgrade Package as found in the coupe. Output of the 4.6L V8 is lifted to 319hp and 330lb.-ft. of torque thanks to a high-flow exhaust system with X-pipe crossovers. The Shelby GT comes standard with a five-speed manual transmission featuring a Hurst short-throw shifter, while a five-speed auto is available as an option.

Other features include 18in polished wheels with 235mm BF Goodrich tires, a Ford Racing Handling Pack with special-tuned dampers, unique sway bars and a 3.55:1 ratio rear axle assembly plus a lowered ride-height.

For the 2008 model year, developers have introduced a new color, Vista Blue with Silver stripes, available on both the coupe and convertible.