The 140 GHz Collective Thomson Scattering (CTS) diagnostics installed on the Frascati Tokamak Upgrade (FTU) has been upgraded. The new system now is ready both to detect the thermal CTS radiation (for the first time with the probe frequency below the 1st harmonic electron cyclotron resonance) and to study the impact of possible parametric decay instability (PDI) processes on the received signals. The EC front-steering antenna and transmission system have been complemented with a receiving line that matches a quasi-optical line feeding the homodyne multi-channel radiometer. The scattering volume can be placed in a wide range of locations by means of fast poloidal and toroidal rotations of the two plasma-facing mirrors that have an up-down symmetry with respect to the equatorial plane of the torus. The data acquisition system has been improved adding a new digitizer, with a bandwidth of 5 GHz and a maximum sampling rate of 12.5 GS/s. The possibility of directly sampling and Fourier transforming the down-converted signals greatly improves the suitability of the new diagnostics to carry out thermal ion temperature measurements and to study the competing PDI processes whenever present. © 2015 EURATOM-ENEA. Published by Elsevier B.V. All rights reserved.