Not everything lasts forever. Previously rumored last April, it has now been confirmed that the Ford Mustang Shelby GT350 will be discontinued for the 2021 model year. Its replacement has already been revealed: the Mustang Mach 1. The top dog Mustang Shelby GT500, meanwhile, isn't going anywhere.

A Ford spokesperson has now confirmed the following to CarBuzz: "With the 760 horsepower Shelby GT500 now in full stride, we will finish production of Shelby GT350 and GT350R this fall as planned. This makes the way for new additions to excite our passionate Mustang fans for 2021 model year - including the limited-edition Mach 1."

The GT350 first arrived on the scene at the 2014 Los Angeles Auto Show and, just a couple of months later at the 2015 Detroit Auto Show, the even more track-focused GT350R debuted. Power comes from a naturally aspirated 5.2-liter flat-plane crank V8, codenamed Voodoo, rated at 526 horsepower and 429 lb-ft of torque and mated to a six-speed manual. The GT350R has the same output but featured numerous aerodynamic and suspension upgrades.

Ford did not specifically state whether it's still accepting GT350 and GT350R orders or if it's merely completing production for ones. Meanwhile, the Heritage Edition (pictured below) is the best-selling version of the GT350 this year. Aside from the Mach 1 taking its place (and of the also discontinued Mustang Bullitt), the GT350's departure makes sense.

The current sixth-generation Mustang has been around since the 2015 model year. The seventh-gen, where a hybrid variant will likely be offered, is due by 2023. As for the future of the Voodoo V8, that still remains up in the air. Ford recently made clear it has no plans to eliminate V8 engines from its lineup, which is especially good news for future Mustangs.

It could be possible the GT350's V8, a modified version of the Coyote 5.0 V8, will remain model-specific. It may never be used again in its current form.