Witnesses said the driver, Scott Kalitta, was speeding at an estimated 300 mph during the National Hot Rod Association Super Nationals when the engine of his Toyota Solara exploded in a ball of flames.
"The driver was killed after he lost control of his vehicle," said Sgt. Julian Castellanos, a spokesman for the State Police.
He declined to confirm that Kalitta was the victim, saying his family had not yet been notified.
Lynette Davis, a spokeswoman for Raritan Bay Medical Center in Old Bridge confirmed that Kalitta was brought to the hospital at 4:56 p.m., but she would not release further details pending the notification of family members.
Spectators at the track watched as Kalitta's car exploded, hit a sand trap, then vaulted over a protective catch fence. A slow-moving ambulance took the driver away.
Kalitta, 46, of Palmetto, Fla., was a two-time Top Fuel champion (1994-95) had 18 career victories, 17 of them in the Top Fuel class.
His father, Connie Kalitta, the legendary driver/team owner known as "The Bounty Hunter," was his co-crew chief, along with Glenn Mikres. Kalitta's cousin, Doug Kalitta, compete sin the Top Fuel class.
Castellanos said that the event was being taped for ESPN, and police will review the tapes to determine what caused the accident