The Ferrari 296 Challenge is the track-only, one-make race version of the 296, unveiled at the Finali Mondiali at Mugello in October 2023 for the 2024 Ferrari Challenge season. It is the first six-cylinder car in the history of the Ferrari Challenge, which had always run V8s. The hybrid system is deleted to save weight and simplify servicing, and the 3.0-liter twin-turbo V6 is uprated to 690 hp (700 cv) at 7,500 rpm, a class-leading 231 hp (234 cv) per liter.

It keeps the road car's dual-clutch gearbox (a 7-speed F1 DCT) but drops to a 1,330 kg dry weight, gains fixed race aerodynamics derived from the 296 GT3, and is the first Ferrari to use Brembo's more extreme CCM-R Plus carbon-ceramic brakes. Ferrari says it laps Mugello about two seconds faster than the outgoing 488 Challenge Evo. It is delivered as a race car with no road homologation and races in the Europe, North America, UK and Japan series.