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I read in Motor Trend this month that Ford was considering putting a 350hp V-6 in the Mustang. This would be one option. It will not replace the V8. But they claimed this HP rating is short of the 415hp the motor is capable of making. I looked for the article online and didn't find it. But I did find this on the Motor Trend Website:

But here's the shock news: We hear there is a faction at Ford seriously contemplating fitting the new twin turbo EcoBoost V-6 to the 2010 Mustang. As they try to figure out how to meet 35mpg CAFE by 2020, Ford engineers are wondering whether the V-8 has a long term future. The EcoBoost engine, which is currently scheduled to debut in a performance version of the Fusion, could be the more fuel efficient alternative for Mustang in the long term. Depending on spec, the EcoBoost is capable of up to at least 415hp, and has the torque to match a regular V-8.