Widely regarded as the quickest Mustang to come out of the muscle car era, the 1968 Cobra Jet Mustang will always hold a special place in the heart of any Blue Oval enthusiast. After all, a car capable of accelerating from 0-100km/h in less than 5.5 seconds back in 1968 was no common sight.

Now, more than 40 years later Ford is close to completing development for a limited-edition racer inspired by the original '68 Cobra Jet Mustang that it plans to launch later this year. The new model has been designed from the ground up as a factory-backed drag race package, and as a nod to the original the new car will be called the FR500 ‘CJ’ (Cobra Jet).

Power will come from the same 5.4L V8 found in the GT500, delivering a peak output of around 430hp (321kW) in FR500CJ trim. Limited to a production run of just 50 units, the FR500CJ will be sold for a little under $70,000. The car is sold pre-approved for drag racing by the National Hot Rod Association (NHRA), and will feature a number of racing modifications including a stripped interior and optional roll cage.

Earlier this year, Chrysler launched its own drag package based on the new Dodge Challenger muscle car. Similar to the upcoming FR500CJ Mustang, the Mopar-enhanced Challenger drag car featured a V8 engine, a stripped out body, and met all amalgamation requirements for the NHRA.