The update will likely include a new front fascia for the well-received sports car. More significantly, the company is investigating whether it will offer the option of a 10-speed automatic transmission in the updated pony car. The current Mustang comes fitted with a six-speed manual as standard, and a six-speed automatic as an optional extra.
One of the industry publication's sources also indicated that the company will launch a high performance Mach 1 Edition around that 2017/2018 timeframe, although no specifics were provided about this vehicle; the Mach 1 nameplate was last used in 2004.
So far, the new Mustang has been hot seller in its homeland. From the beginning of the year until the end of June 76,772 Mustangs have found new homes in the USA, up 51 percent on the same time in 2014.
The sixth-generation Ford Mustang (above) will go on sale in Australia late this year, and the local range will include both the fastback coupe and the convertible.
In Australia, the Mustang will be offered with two engine choices: a base model with a 233kW/432Nm 2.3-litre turbocharged four-cylinder engine, and a top-spec GT model with a naturally aspirated 303kW/525Nm 5.0-litre V8.
The 224kW/380Nm 3.7-litre V6 that's available in the US will not be making the trip down under. Australian pricing starts at $44,990 for the 2.3-litre Mustang, with the V8 version kicking off at $54,990.
Check out our feature on the Mustang's pricing and specifications for full details.