In 1968, the 330 GTC and GTS were discontinued to make way for a revised model. A few subtle changes were all that was necessary to update the outgoing four-litre versions, the 365 going into production in late 1968 after debuting at the Paris Salon. Using a Tipo 592/C chassis, this traditional tubular steel spaceframe was enhanced with reinforced mounting points for the bored out 4.4-litre engine. Designated Tipo 245/C, Ferrari's revised motor had a displacement of 4390cc thanks to a bore and stroke of 81 x 71mm (the former having been raised from 77mm). Compression went unchanged at 8.8:1.

With three new Weber 40 DRI downdraught carburettors, output rose to 320bhp at 6600rpm (20bhp up on the 330) and whilst performance gains were marginal on paper, the additional torque afforded by Ferrari's 4.4 added another dimension. A couple of visual alterations were also made, the 365's all receiving two matt black engine vents between the windscreen base and top of the hood, these instead of the 330's elegant triple louvred extractor panels behind each front wheelarch. Like before, the 365 was manufactured in either Coupe or Spyder body styles and both were available from the outset. Interior changes were limited with two adjustable air vents now situated on the dash top and a pair of additional vertical sliders positioned on the dash facia the only changes of note. Production of the GTS went on until 1969, the Coupe continuing until early 1970. By this time some 170 365's had been completed, 20 as Spyder's (all of which were left-hand drive) and 150 as Coupe's (27 being right-hand drive).