While Pérez signed a new contract with the team ahead of the Canadian Grand Prix, reporting indicates that the contract allows for Pérez to be moved into an ambassadorial role.

Sergio Perez looks set to be on the way out from Formula One and Red Bull after a torrid 2024 campaign. Various reports after Sunday’s race in Qatar state that Red Bull are set to move on from the 34-year-old after the season finale in Abu Dhabi this weekend,

"At Red Bull, Yuki Tsunoda is currently tipped to replace Sergio Perez. He is currently in the lead when it comes to replacing Checo. “The question at the moment is: Yuki Tsunoda or Liam Lawson? And both Christian Horner and Helmut Marko are leaning towards Tsunoda at the moment.

Perez signed a multi-year contract extension earlier this season, but his new terms did little to boost his deteriorating performances, and after a miserable second half of the campaign, ESPN report that Red Bull have made the decision to move on from the six-time Grand Prix winner.

Sergio Perez’s time at Red Bull Racing appears to be over. According to ESPN, “Red Bull have decided to move on” after this Sunday’s 2024 Formula 1 season finale in Abu Dhabi. Perez failed to finish the Qatar Grand Prix on Sunday after he said his car lost forward drive as he attempted to accelerate for a green flag.

ESPN's Nate Saunders says it's "very likely" that Sergio Perez will leave Red Bull at the conclusion of this year's championship.

Sergio Perez is hoping to finish the 2024 season on a high after struggling in his RB20 for the majority of the year. At the last Grand Prix in Qatar, the Mexican was almost eight-tenths slower than Max Verstappen in qualifying and retired from the race.