Mark Winterbottom and Chaz Mostert could soon be driving the iconic Mustang coupe in the V8 Supercars Championship if negotiations between Ford Performance Racing and the blue oval for a sponsorship extension are successful.

FPR is actively investigating racing the Mustang, has discussed the proposition with Ford and gained in-principle support for the move from V8 Supercars.

"The opportunity is there for a V8 Supercar to be a two-door," FPR co-owner Rod Nash told v8supercars.com.au. "If we want to do a two-door vehicle going forward then that will be part of it.

"It's all part of manufacturers going forward and being able to accommodate what they want to do."

Ford re-committed to its factory racing team for only one year late in 2013, as question marks swirled around the future structure of its business in Australia following the confirmation it would cease local manufacture and kill off the locally-designed and built Falcon no later than October 2016.

A last iteration of the Falcon is due for release late in 2014 and it seems likely to take over as FPR's racing car from the current FG II if a new sponsorship deal is done.

In the longer term though, the new sixth generation Mustang arrives in Australia in the second half of 2015 and will become Ford's V8 performance hero.

The arrival of the Mustang and the demise of the locally-built Australian sedan, with the Holden Commodore also due to bow out no later than 2017, has prompted a review of the current technical regulations within V8 Supercars.

As reported last week, the adoption of the two-door coupe body style alongside or in place of the traditional sedan is one of many issues up for consideration in a white paper being formulated by V8 Supercars CEO James Warburton.

That could mean not only Mustang, but pony car rivals such as the Chev Camaro and Dodge Challenger joining the grid.

Nash said such considerations were important for the category to stay in tune with the marketing plans of automotive brands.

"If Ford, through their strategies, have ... a Mustang two-door and felt that was good for a driving brand awareness program well then we need to be there on the front foot to be able to supply that."

Nash qualified the support offered by V8 Supercars, confirming that if FPR did nominate a Mustang to race it would still have to go through the official homologation and mandate process.

"Nothing is granted until you put it up through the V8 Supercars Commission," he explained. "Any subject has to go up so it's not mandated that you just go out and do it."

Nash said discussions with Ford on which vehicle to race in the future were preliminary.

"That gets loosely discussed at the moment, but that is just in the pecking order," he said. "We are looking at it ourselves regardless, but of course we are going to be guided by any deal we do. It's all part of the DNA of the marketing going forward, so that's yet to be determined."

He described the negotiations for a renewal with Ford and its dealer council as "heavy, engaged talks" but refused to give any indication of which way they might be headed.

"We can't put any spin on it either way because we know where we are at but it would be unfair to make any comment," he said. "Equally with Ford, they don't make any comment from their side and there has been an understanding of parameters that we would all work to and work towards and I have to say both sides are adhering to exactly that."

Nash said the work of Warburton and his marketing director John Casey to create closer relations with car manufacturers and canvas their views on the category and its future was a positive that would aid the chances of Ford staying involved.

"I am not speaking out of school saying that James and V8 Supercars know Ford has to be part of what we (the category) do. So one way or another we would be running - or someone - will be running Fords."

The V8 Supercars will be on-track this weekend at the Castrol Townsville 500 - Driven by TAFE Queensland this weekend.