Ford will be releasing a modern version of the legendary Boss 302 V8 engine that it’ll sell as a crate engine after its debut at the SEMA Auto Show this week. Although the new motor will be sold under Ford Racing, the Boss name will also be carried over to a new V8 engine codenamed Hurricane. The original Boss 302 debuted in 1969 under the hood of a limited edition Mustang of the same name, and the new version is expected to feature in a 40th anniversary edition of the Mustang in 2009. However, the first production vehicle to see the new engine is likely to be the next-generation F-150 pickup due out in 2008.

The 5.0L V8 crate engine will go on sale early next year and will be available in a variety of configurations with power ranging from 340 to 500hp. The base block will start at $1,759, with prices for complete engines ranging from $4,650 to $10,000. Unlike rival engines from General Motors, the production version of the Boss 302 will feature an overhead-cam and variable valve timing.

As part of Ford’s "Way Forward" strategy, the company expects to launch a new version of the Mustang each year. Next year will see the introduction of the Shelby GT, a cheaper version of the Shelby GT500 and the company has already announced plans to build a Bullitt version in 2008. The new Boss Mustang will follow in 2009 ahead of the all new Mustang in 2010. Ford in Australia has been using the Boss name for several years now in its Falcon sedan. The Aussie version is labeled the Boss 290, with the numerals representing the kilowatt output of the 5.4L V8.