Such a fighter was first conceived in 1939, when Pratt & Whitney first proposed the immense, 3,000 hp (2,200 kW) R-4360,[1] and design work began in early 1944.

Using experience gained building the F4U-1 under license – a variant known as the FG-1 – in early 1944, Goodyear modified seven standard Corsair airframes to take advantage of the 50% increase in take-off power provided by the Pratt and Whitney R-4360 engine.

[4] With all these design modifications, the rate of climb of the F2G was increased to 7,000 feet per minute, which was double that of a standard Corsair and higher than jet fighters in service at that time.

In addition, the Grumman F8F Bearcat – a rival design that had also entered production – had performance comparable to the F2G, even though it was powered with the same engine as the original F4U.

On 7 September 2012, the heavily modified F2G-2 "Race 74", BuNo 88463 and registered N5577N, was destroyed in a fatal crash that occurred when pilot Bob Odegaard was rehearsing for an airshow flight routine at the Barnes County Municipal Airport in Valley City, North Dakota.