The duo plan to transform a Ford Sierra used by Dick Johnson Racing as a show car from 1987 to 1992 into a special trackday rocket having recently acquired the machine.
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At the time it was reported that Johnson was extracting almost 700 horsepower from the YB turbocharged engine in 1992.
The car, which will be displayed in the classic red Shell colours, will also be fitted with modern upgraded brakes and replicas of the iconic seven spoke gold wheels.
The project is not expected to be completed until next year but it is hoped it will feature during the Shell V-Power Racing Team's ride days, with Story confirming it is not being built to race.
It is not the only restoration project which Johnson and Story are involved in under a new company called Formula Johnson, with the build of a Ford XD Falcon Touring Car Masters race car expected to hit the race tracks next year.
“We've got quite a few little projects on the go,” Story told Speedcafe.com.
“We've obviously got, separate to the Shell V-Power Race Team, we've got our XD Touring Car Masters car which is a Formula Johnson Project, which is a company that Dick and I own.
“And we have a Sierra that's going to be basically an RS500 race car on steroids.
“The Sierra will be a special little project.
“That's an exciting little project for us and we're just starting – that's just in its infancy at the moment, we're just in the process of putting together now just to work out what we're going to do with various parts and things.
“There's a lot of things that we'll be able to do with that that will make it quite a special thing indeed. That won't be built to race, that's built just for fun.
“It might spend a bit of time in the workshop.
“We'll take it around, we'll probably do some ride days with it as well. It's just a fun car to have.”
The Dick Johnson Racing Group A Sierras were regarded as the fastest in the world from the late 1980s to early 1990s with the car, driven by Johnson and John Bowe, famously leading every lap of the 1989 Bathurst 1000.