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The Ford GT went out of production nearly eight years ago but a new report is indicating a successor is due in 2016.

According to Motor Trend's sources, Ford is preparing an all-new GT to celebrate the 50th anniversary of the GT40's first win at the 24 Hours of Le Mans.

Little is known about the car but it is expected to be a mid-engine supercar with lightweight components and a classic design. There are also rumors of a racing variant that will return to Le Mans and battle the best the world has to offer.

Specifications are still shrouded in secrecy but speculation suggests Le Mans racer will use a 3.5-liter EcoBoost V6 engine. Road-going models are expected to adopt an upgraded version of the 5.2-liter V8 engine that will power the 2016 Mustang GT350. It's probably too early to talk about numbers but the magazine estimates it could produce 625 bhp (466 kW) and 500 lb-ft (677 Nm) of torque.