With the 2012 Ford Mustang Boss in the works, word is that this little beauty will be available with two ignition keys. Presumably, this is an attempt by the Aussie automaker to make this iconic classic the ultimate split personality race unit.

Reportedly there will be a black Boss-branded key and a second, red key known as a “TracKey”. The former when turned, will set free a generous 331kW of power. The latter however takes the Mustang to new heights, transforming it into a race-savvy beast ready to take on some serious track action.

Conceptualized initially a year and a half ago, the project has been jointly undertaken by Ford Racing and the Mustang engineers. According to several confirmed sources, the end product is the result of some serious “garage brainstorming”, stringent development, and approved testing.

The amendments and updates do not end there though. Other considerable changes include increased torque and a two-stage launch control system.

Though it isn’t typically intended for street use, the deceleration has been configured to preserve brakes and maintain an aggressive throttle response.

According to Mr. Seaman from Mustang, “A skilled driver on a closed course will really appreciate the benefits.”

The 2012 Mustang Boss 302 with the TracKey feature will initially be available to United States customers through local Ford Racing dealers, and Down Under – who knows. Official pricing, specs, launch details and other info will be announced at a future, unspecified date.