Our spy photographers spotted what's believed to be a prototype of the next-gen Mustang GT500.

Unlike other S650 generation Mustang test mules we've seen, this appears to have performance upgrades similar to the outgoing GT500. Those are the robust Brembo brake set-up, exhaust, rear diffuser, wheels and overall stance.

The body also has much more aggressive styling, big front end intakes like on GT models and extra aero poking through the front end camo wrap that's all too similar to what GT500 typically comes with.

But if it's not the GT500, it should at least be a model higher than the GT.
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