The Mexican teased his contract extension after winning the Monaco GP (Photo: Getty)

Sergio Perez has signed a new contract with Red Bull which will keep him at the team until 2024.

The announcement comes in the wake of the Mexican’s Monaco Grand Prix win on Sunday which has put the 32-year-old right in the mix for this year’s title race, with Perez third in the standings – just 15 points behind leader and team-mate Max Verstappen.

Upon penning his new deal, Perez, also known as Checo, told ‘This has been an incredible week, winning the Monaco Grand Prix is a dream for any driver and then to follow that with announcing I will continue with the team just makes me extremely happy. It is the icing on the cake.

‘I am so proud to be a member of this team and I feel completely at home here now. We are working very well together and my relationship with Max, on and off the track, is definitely helping drive us forward even more.

‘We have built tremendous momentum as a team and this season is showing that, I am excited to see where that can take us all in the future.’

Perez’s contract expired at the end of this year, but rumours of an extension were rife after Monaco when footage was captured of Perez jokingly telling Red Bull boss Christian Horner: ‘I probably signed too early!’

‘Time and again he has proved himself to not only be a magnificent team player but as his level of comfort has grown, he has become a real force to be reckoned with at the sharp end of the grid,’ Horner said of the announcement.

Perez is now just 15 points behind Red Bull teammate Max Verstappen (Photo: Getty)

‘This year he has taken another step and the gap to Max has closed significantly, evidenced by his superb pole position in Jeddah [Saudi Arabia] earlier this year and by his wonderful win in Monaco.

‘For us, holding onto his pace, race craft and experience was a no-brainer. In partnership with Max, we believe we have a driver pairing that can bring us the biggest prizes in F1.’

One of the most experienced and consistently quick drivers on the grid, Perez made his debut in 2011 with Sauber and after two impressive years he moved to top team McLaren.

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That proved to be an ill-fated decision and after a single season he joined Force India and would remain there as they changed ownership to become Racing Point, but his career was put in jeopardy when the team decided to drop him ahead of 2021.

But a strong end to the 2020 season, that included a miraculous maiden win at the Sakhir Grand Prix, convinced Horner to sign him for Red Bull where he played a significant role in Verstappen’s title win last year.

However, the deal does put into question the future of Red Bull junior driver Pierre Gasly who was tipped to return to the senior team after a few great years at AlphaTauri, and whose contract expires at the end of this season.

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