The announcement, made in Sydney today by Ford global boss Alan Mulally, follows news in May that the company will end local production in 2016, signalling the end of the Falcon.
Surrounded by members of his global management team and Ford Australia boss Bob Graziano, Mulally promised the Falcon's update is on the way - and it will be followed by the all-new Mustang.
Details for the final Falcon update are still under wraps, although representatives at the event confirmed with TMR that the big sedan's refreshed look will be heavily inspired by the new Mondeo range (also due here later next year).
Ford has also confirmed the 2014 Falcon will benefit from "a range of environmental initiatives" to improve fuel use and reduce its CO2 footprint.
Enhanced aerodynamics are promised - meaning we can expect key changes to the Falcon's sheetmetal - along with a new six-speed automatic transmission and the availability of low rolling resistance tyres.
Ford says the "high-tech" new transmission will offer adaptive shifting and deliver better acceleration, thanks to an ability to analyse the driver's style and implement optimal shifting.
New safety and comfort technologies will also be on board, but Ford has not revealed details of these features.
It's unlikely that Ford has sunk VF Commodore levels of cash into this Falcon update, but it seems we can expect a very extensive upgrade for the big sedan's final hoorah.
The updated Falcon will debut in 2014, although exact timing remains unclear.