It's only been a couple of months since the seventh-generation Ford Mustang was revealed, but a rumor from Ford Authority claims that the all-new Mustang Shelby GT500 is already undergoing testing by Ford.

So far, the most powerful S650 Mustang to be revealed has been the Mustang Dark Horse which was confirmed to produce 500 horsepower and 418 lb-ft of torque late last year. Even though that makes it the most powerful naturally-aspirated 5.0-liter V8 Mustang ever, it's some way off the older Shelby GT500's 760 hp and 625 lb-ft, courtesy of the latter's larger 5.2-liter engine and supercharger.

But besides the fact that the all-new GT500 may not be as far off as we thought, it's suggested that Ford is not only testing a coupe but also a convertible model. This is a pleasant surprise in light of the fact that Ford once said that a GT500 drop-top was out of the question, but that comment was made in reference to the S550 generation.

For the S550 generation, the most power you could get from a Mustang drop-top was the GT which made 460 horses. It meant that the Blue Oval never had a direct alternative to the 650-hp Chevrolet Camaro ZL1 Convertible, but that looks likely to change for the S650.

The S550 Shelby GT500 was already a monster, able to hit 60 mph in roughly 3.3 seconds. It also looked the part with its aggro bodywork and handled well, considering it sent all its power to the rear wheels alone. But as quick as it was, Dodge has raised the muscle car game to unfathomable heights with its new Challenger SRT Demon 170, a 1,025-hp bruiser with an astonishing 0-60 time of 1.66 seconds.

While we don't think that Ford will necessarily be chasing that record - the Mustang is more of an all-rounder than the Challenger, which mostly shines when the road is straight and the surface prepped - the Demon 170 does show that there is an appetite for even more powerful pony and muscle cars.

A GT500 convertible will probably sacrifice some performance, but it would be a cool addition to the new-generation Mustang lineup, and all the better to enjoy the sound of a supercharged V8 - that's if Ford sticks with the same type of engine, of course.

Ford Authority reports that the two test mules both sit low to the ground and have wider tracks than even the Dark Horse, along with quad exhausts and what are likely optional carbon fiber wheels.

While Mustang fans wanting the full-fat GT500 had to wait roughly five years for the S550's range-topping version to arrive (following the debut of the less powerful Mustangs), the S650 GT500 might arrive sooner. It is expected to be coming out in 2025 as a 2026 model, and the timing for that seems perfect as an all-out celebration of high-performance Ford combustion engines before electrification takes over more of the brand's lineup.