The special pony cars are priced from $68,395, including a $900 destination charge.
"I've always liked the look of the Mustang, and the 2016 model gives us a great base car to work with," said Petty in a statement. "These new King Edition Mustangs are pretty much the way I'd build my own."
There will be three limited-production versions: 243 King models, 43 King Premier and 14 King Premier convertibles.
Petty's Garage starts by adding a Ford Performance supercharger to the stock Mustang GT's 5.0-liter V8, taking the engine's output up to 670 hp. Along with the supercharger come revised engine calibration, a cold-air intake and MagnaFlow exhaust.
Power hits the road through a performance suspension system that includes adjustable front and rear sway bars, an upgraded rear axle and TrakPak Ford Performance halfshafts, as well as custom 20-by-9-inch front wheels and 20-by-10-inch rear wheels with Continental Extreme Performance summer tires.
Petty's Garage appearance features include a custom rear diffuser with center-mounted exhaust, shift knob, sill plates, floor mats, embroidered head restraints and rear spoiler. As a bonus, The King will sign every model on a special dash plate.
The King Premier edition, available in coupe and convertible versions, is priced from $91,395 including the $900 destination charge.
King Premier adds unique wheels, a performance brake system that includes six-piston front and four-piston rear calipers with two-piece rotors, and a custom leather-trimmed interior.
These top-of-the-line models also sport a custom tri-color stripe and body-cladding package with iconic Petty blue, red and white stripes covered in crushed and tumbled glass in the clear coat.
Options for all three editions include performance wheel bushings to minimize wheel hop, a coil-over racing suspension and a Level-2 supercharger upgrade that boosts output to 727 hp.
There's no doubt as to the competition for the Mustang GT King Edition models: "Ford's pony will be hell for some cats," says the automaker, referring to the 707-hp Dodge Challenger and Charger Hellcats.
The official unveiling of the 2016 Ford Mustang GT King Edition will take place at the 2015 SEMA Show in Las Vegas, November 3-6.
Edmunds says: Interested shoppers need to contact their Ford dealer right away to reserve one of these extremely limited-edition Mustang Ford GT King Edition models.