According to a recent report, the the Shelby GT500 will be replaced by a new Shelby GT350 which will debut at 2014 New York Auto Show.

New details are starting to about the Ford Mustang Shelby GT500 successor.

Earlier reports had indicated the model would revive the Cobra moniker but Road & Track and Mustangs Daily are both reporting the model will actually be called the Shelby GT350.

As the name suggests, the GT350 will be less powerful than the outgoing GT500 which uses a supercharged 5.8-liter V8 engine that develops 662 bhp (494 kW) and 631 lb-ft (854 Nm) of torque. Nothing is official but Road & Track's sources say the engine will be derived from the 5.0-liter Coyote V8 which resides in the Mustang GT. There's no word on how much it will produce but speculation suggests it will be "substantially more" than 450 bhp (335 kW).

The car is also expected to feature a number of carbon fiber components but rumors are split on whether the cockpit will be luxurious or stripped out.

The Shelby GT350 will reportedly be introduced at the 2014 New York Auto Show as a 2016 model.

Gallery: 2016 Shelby GT350 to replace the Shelby GT500 - report