The V-507 was Vought's entry into the VFX competition to replace the unsuccessful F-111B aircraft. Unfortunately, the V-507 lost out to the Grumman 303 design that was designated F-14 Tomcat and went into US Navy and Iranian service.
The design featured swing wings, twin engines with a single vertical tail along with a tandem seating arrangement for the crew. Missile load for the V-507 included the AIM-7 Sparrow, AIM-9 Sidewinder, AIM-54 Phoenix and M61 cannon.
In addition to the AWG-9 fire control system the V-507 also had a provision for a retractable IRST/TV under the nose of the aircraft.
Unfortunately, there was not a fly off and nothing more than a mock up was ever built.