Our spy photographers again spotted Ford engineers testing the 2010 Mustang Shelby GT500 on Michigan roads, perhaps trying to get in some final dry weather runs before the winter season begins. The Shelby GT500 is a relatively new addition to the Mustang family, launched a little over two years ago. But with a redesigned Mustang around the corner, Ford engineers are naturally preparing a new GT500 based on the facelifted bodystyle.

Our photographers spotted both the Shelby GT500 coupe and convertible undergoing testing this morning, with far less camouflage than the last time it was sighted. We’ve got crystal-sharp images showing the grille with mesh detailing under the camouflage. And — in previous shots — with the tape tightly down on the center of the steering wheel – one can even make out the “Cobra” emblem! Lots of interior details are coming through loud and clear — including carbon fiber-look trim.

The unique Shelby grille and hood scoops are clearly visible, as are the headlamps and other previously hidden styling features. A closer look also reveals the SVT-stamped chrome surround detailing the trunk’s keyhole.

Performance details of the updated model remain a mystery. Whether Ford is shooting for a higher horsepower rating in these fuel-conscious times is unknown. Certainly, the current Shelby’s 500 horsepower rating is nothing to sneeze at!

As recently noted, Ford decided to make the new Mustang’s exterior look smaller, even though overall dimensions are the same. “By cleverness in design, we’ve been able to make it look like the wheels are further out, further forward and further rearward,” design chief Peter Horbury said. How this will translate into the GT500 series isn’t hard to imagine — we’re expecting a sleeker, tighter, and more nimble look.

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