Ford has officially announced that its high-performance Shelby GT500 Mustang, which is set to have an official entry at the Detroit Auto Show this month, is to be revealed ahead of its world debut at Motor City in a couple of weeks.

At 540bhp and 510lb ft of torque, the new Ford Mustang GT500 is one of the fastest, most powerful cars ever to wear the Mustang nameplate.

The Shelby GT500's supercharged 5.4-liter V8 has been retuned and boosted to 540 horsepower and 510 pound-feet of torque, and the twin-disc clutch on the six-speed manual gearbox has been upgraded for smoother shifts. The transmission has been re-geared, so the car not only accelerates more quickly, it returns even better highway mileage.

In addition to performance enhancements, the Mustang gets an updated, more muscular exterior and redesigned interior. Although the Shelby is a high-end specialty car, Ford hopes that the pumped up design -- racing stripes that adorn the seats -- and performance help show off the company's commitment to high performance and quality, reports the Associated Press.

Upgrades over the new Mustang include a more aggressive front end, with a functioning air extractor on the bonnet. There's a revamped rear valance, and a larger rear wing, complete with a small Gurney flap.

Shelby didn't have the final veto yet, Ford designers and engineers sought Shelby's sign-off on even minor details, such as the need to move the snake insignia to the opposite side of the grille to make room for the snorkel required to improve engine breathing.

Further details and exact performance figures should be revealed when the car gets its Detroit unveil.

The new GT500 is the result of the partnership between Ford's Special Vehicle Team and Shelby Automobiles, owned by legendary race car driver Carroll Shelby, reports the Detroit News. Both worked together to enhance the car's performance and looks.